The memorandum to Finance Bill, 2017, explained that the exemption on long-term capital gains tax, provided in section 10(38) of ITA was misutilised to declare unaccounted income . CBDT has issued a draft notification on 3 April , 2017 and provided that the amendment would not apply to any transactions except mentioned in the Notification. Analysis of the Notification and possible implications are discussed.
Attention of all Exporters/Customs brokers/members of Trade is invited to the fact that at times errors exist in the bank account number, IFSC etc., given by exporters, which leads to rejection of claim for payment of duty drawback by the local bank authorities. Similarly, even a single such error leads to rejection of entire scroll in the Public Financial Management System (PFMS) during the processing of claims for Rebate of State Levies (RoSL).
Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus.
Vide the above circular, it was clarified that in case raw materials/ capital goods etc., procured from indigenous sources by EOUs/EPZ/SEZ/EHTP/STP units are transferred/ sold back to DTA except for the purpose of replacement, the deemed export benefits already availed of against such goods shall be required to be refunded back and that the export benefits shall be deposited through TR in the designated bank.
The fixed deposits accepted from non-banks by the IBUs cannot be repaid pre-maturely within the first year. However, fixed deposits accepted as collateral from non-banks for availing credit facilities from IBUs or deposited as margin in favour of an exchange, can be adjusted prematurely in the event of default in repayment of the loan or meeting a margin call.
Request For Proposal (RFP) For Engagement Of Consultant For Implementation Of Goods And Services Tax (GST) in Indian Bank. Last date of submission of Applications : 25.04.2017
Request For Proposal (RFP) for Appointment of Consultant for Implementation of Goods and Service Tax (GST) and Advisory Services Relating to Periodical Compliances in CENTRAL BANK OF INDIA
The present income tax appeal under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as the Act) has been filed by the assessee against the order dated 2.3.2009 of the Income Tax Appellate Tribunal, Delhi Bench, New Delhi for the assessment year 1997-98.
1st proviso to Sec.68 of the Act inserted by the Finance Act, 2012 w.e.f. 1-4.2013 was only prospective in operation, we are of the view that since section 68 covers `any sum credited’ in the books without any exception
THE MOTOR VEHICLES (AMENDMENT) BILL, 2017 A BILL further to amend the Motor Vehicles Act, 1988. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shal be construed as a reference to the coming into force of that provision.
