Each year, Budget is presented by Union Finance Minister in the Parliament normally on 28thFebruary. From Customs /Central Excise officer‘s interest point of view, it, inter alia, contains proposal for amendments of Statutory provisions of Indirect Tax laws, namely, Customs Act, 1962; Customs Tariff Act, 1975; Central Excise Act, 1944;
In this article, attempts have been made to explain some basics about how to draft a good Show Cause Notice (SCN).
In Budget 2015, Central Government introduced Swachh Bharat Cess. The statutory authority for new levy is contained in Section 119 (Chapter VI) of Finance Act, 2015.
Lets take a very popular example of taking one glass with a half filled by water. If u say that glass is half empty then as per the popular and general thinking, people will think you are a negative person. Now, think here outside the box !! How?? If you think glass is half empty, then you can think ahead to fill that empty part of the glass with something. Now, this is something interesting. Is it not??
Total commodities collateral for any clearing member shall not exceed 30% of the total liquid assets of the clearing member, out of which non-bullion collateral shall not exceed 15% of the total liquid assets of the clearing member
The Ministry of Corporate Affairs (MCA) as part of the process for implementing the Insolvency and Bankruptcy Code, 2016 (Code) had set-up a working group consisting of practitioners and experts for making recommendations for drafting rules and regulations for the insolvency resolution and liquidation of insolvent corporate persons.
In exercise of the powers conferred by sub-sections (1) and (2)(x)-(zk) of Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Board hereby makes the following Regulations to provide a framework for liquidation of insolvent corporate persons in terms hereof
In exercise of the powers conferred under sub-sections (13) and (16) of section 5, sub-section (3) of section 7, sub-section (3) of section 9, sub-section (3) of section 10, sub-section (2) of section 14, sub-section (2) of section 15, sub-section (2) of section 17, sub-sections (a) and (g) of section 18, sub-sections (7) and (8) of section 21, sub-sections (1), (7) and (8) of section 24, sub-section (2) of section 25
Hence it is directed to request that it may be ensured that the data of all the appeals pending before CIT(A) as on 29.02.2016 is uploaded on ITBA module for CIT(A) latest by 21.10.2016. This may kindly be treated as Most Urgent.
In the present case, the ld.AO has granted depreciation at the rate of 15% without examining relevant provisions. It appears that his finding is based upon his experience and past impression. He was of the opinion that once Board has not granted higher rate of depreciation to cars, which are put in the business of hiring, or in public transportation, then how a partner, who used motor car for the purpose of business can be granted at a such rate.
