With regard to calculation of indigenous sales turnover, it is clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculating the turnover.
Authorisation holders shall file monthly returns regarding imports made by them, to the concerned Regional Authority of DGFT by the 15th of each succeeding month in which authorisation is obtained (for example if a authorisation is obtained on 13th September, the authorisation holder will file monthly return by 15th of October and for each month thereafter). This is a mandatory requirement.
Narendra Sharma (1) Ratio Decidendi: It is settled law that broadly, every judgment of a superior court has three segments, viz. (i) the facts and the point at issue; (ii) the reasons for the decision; and (iii) the final order containing the decision. The principle on the basis whereof a legal issue is answered forms […]
Accordingly, the government has set-up a Tax Administration Reform Commission (TARC). The term of the Commission will be 18 months. The Chairman of the Commission is Dr. Parthasarathy Shome and will be in the rank of Minister of State.
Steps Taken for Tiding Over the Existing Shortage of Manpower in Serious Fraud Investigation Office The Government has said that the Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has 53 officials in position compared to 95 technical posts. Manpower requirements are in areas like forensic audit, tax, capital market frauds […]
Damodaran Panel’s Report on Business Climate The Chairman of the Committee (Damodaran Panel) has circulated the draft report for comments, if any, by 26th August, 2013. The report will be submitted to the Government soon thereafter. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of […]
The fact is not in dispute that in the case on hand, the return has been filed electronically for the A.Y 2010-11 wherein, the petitioner has made a claim for deduction of TDS as per Form 26AS under section 203AA of the Act.
Placement Portal The portal provides free of cost online platform for Corporates seeking CS and Members seeking jobs. Corporates looking for Company Secretaries can register themselves and post their requirements through the placement portal. Members searching for jobs can apply directly to the Corporates.The portal will work “24X7” for the benefit of Corporates and […]
Accordingly, banks may reduce the interest rate chargeable to the exporters as per Base Rate system in the existing sectors eligible for export credit subvention by the amount of subvention available subject to a floor rate of 7%. Banks may ensure to pass on the benefit of 3% interest subvention completely to the eligible exporters.
Case of the assessee is covered by sub-clause (b) of clause 2 of Circular No. 7 dated 23-10-2007 and it is also covered by clause 2(b) of Circular No. 790 dated 20.04.2000. In para 2.1 of Circular 7 dated 23-10-2007, it is clearly provided that once the amount already remitted in pursuance
