SEZ Act provides exemption of duties of customs, central excise and service tax for operations within SEZs subject to certain conditions. In this article we have discussed issues in Compliance by SEZs of Service Tax Related provisions and problems in monitoring of misuse of such exemptions :- 1. Absence of mechanism for accounting of Service […]
Attention is invited to Circular No 984/08/2014-CX dated 16th September, 2014 on the captioned subject. While para 6 of this Circular laid down the procedure and manner of refund, para 7.2 clearly directed that the Commissionerates should maintain a database of the record of deposits made so as to facilitate seamless verification of the deposits at the time of processing the refund claims made in case of favourable order from the Appellate Authority.
Revision in rates of Basic Customs Duty of specified goods imported from Republic of Singapore
Dated – 5th January, 2015 – ORDER NO. 5 OF 2015- The following transfer / posting (local changes) in the grade of Commissioner of Income Tax / Director of Income Tax are, hereby, ordered with immediate effect and until further orders:-
Summary of Recommendations by Comptroller and Auditor General of India on Administration of Prosecution and Penalties in Central Excise and Service Tax vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissioners at field level to ensure adequacy of action taken to satisfy the Court about existence of sufficient grounds for permitting withdrawal of complaint where warranted. […]
1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign currency remittances’ into India is the underlying intent spelt out in section 10A, section 10B and […]
Present Government has taken Number of Bold Steps like Introduction of Constitution Amendment Bill on Goods and Services Tax (GST), Amendment of Land Acquisition Act to Revive Infrastructure Growth: FM The Union Finance Minister Shri Arun Jaitley said that the present Government has taken number of bold steps like Goods and services Tax (GST). He […]
The present article deals with audit issues relating to deficiencies in applying the provisions of the Act and relevant Rules/Judicial pronouncements by the Assessing Officers (AOs) during assessments.
Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country.
There is no mechanism available in the ITD to verify the veracity of claim of the assessees for depreciation in respect of additions made to the block of assets in previous year.
