Goods and Services Tax (GST), the 122nd Constitutional Amendment Bill, 2014 tabled by Finance Minister Arun Jaitley has already passed in the Lok Sabha. However, due to conflicts between the States and Centre and the reason that the Centre is not having majority in Rajya Sabha;
♠ Separate registration for each state. ♠ Threshold for registration on all India Basis Including Exports and Exempted supplies. ♠ Mandatorily register within 30 days of applicability otherwise no credit for prior period. ♠ Can take voluntary registration even if below threshold limit and once opted would be part of credit chain
In light of these circumstances and to address the matter, in exercise of powers conferred under paragraph 1.03 of the Foreign Trade Policy (2015-2020) read with reference to para 3.14 of Handbook of Procedures of FTP 2015-20, the Director General of Foreign Trade hereby allows the following procedure to be followed where exports have been made between 1.4.2015 to 31.5.2015, and where the exporter has inadvertently marked N in the reward item box and wishes to seek MEIS benefits
ITAT Chennai held In the case of M/s. M.R.M. Plantations P. Ltd. vs. DCIT that u/s 57 only expenditure incurred in connection with earning of income was allowable as deduction. The assessee admitted that the entire income is by way of interest from the bank deposits.
The Officers of DGCEI, Bangalore Zonal Unit, Bengaluru arrested Shri. Sagar B. Muthappa, Managing Director of M/s. Vasoo Builders Pvt. Ltd. on 09.10.2015. M/ s. Vasoo Builders Pvt. Ltd is a company providing Works Contract Service, which had collected Service Tax to the tune of Rs.3.24 Crores and not remitted the same to the Government Account. Even though the assessee was collecting the Service Tax from his customers/clients, they had failed to remit the same to the Government Account.
ITAT Held in ITO vs Tara Chand Jain that the amendment in sec 50C which inculcates word assessable would have prospective effect from the date of its insertion i.e from 01-10-2009 and would not have retrospective effect on the sale of property before 01-10-2009
ITAT Jaipur held In case of ACIT vs. Shri M.R. Seetharam that it is mandatory that Assessing Officer should furnish the copy of the reasons recorded for initiation of re-assessment proceedings under Section 147 exactly as it is recorded by the Assessing Officer.
ITAT Jaipur held In the case of Seema Singh Beniwal vs. DCIT that there is no restriction that what percentage of the size of flat should be used for residential purposes under the Income Tax Act. It is clarified by the CBDT that purchase of plot of land is a part of residential house for claiming of deduction U/s 54F.
Indirect Tax Revenue (Provisional) Collections Increase to Rs. 61,284 crore in September 2015 from Rs. 46,224 crore in Spetember 2014 ; Thus an Increase of 32.6% has been Registered in Collections During September 2015 over the Corresponding Period in the Previous Year
Notification No. 24/2015-2020 In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the Policy Condition 1 of Chapter 88 of ITC (HS), 2012 – Schedule – 1 (Import Policy) as under.
