editor's Posts - Page 4

CBIC to issue comprehensive circular on Electronic Sealing

Circular- 25/2020-Customs (18/05/2020)

a comprehensive circular on' Electronic Sealing-Deposit in and removal of goods from Customs Bonded Warehouses' is under consideration and shall be soon placed in public domain...

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Notification No. 43/2020-Customs (N.T.), Dated : 18.05.2020

Notification No. 43/2020-Customs (N.T.) [S.O. 1515(E)] (18/05/2020)

Appointment of Common Adjudicating Authority (CAA) in case of M/s L & T Hydrocarbon Engineering Ltd & ors. vide Notification No. 43/2020-Customs (N.T.), Dated : 18.05.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 18th May, 2020 Notification No. 43/2020-Cu...

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Foreign Investment in insurance intermediaries

IRDA/INT/CIR/MISC/119/05/20 (18/05/2020)

Attention of the insurance intermediaries is drawn to Notification of the Foreign Exchange Management (Non-Debt Instruments) (Second Amendment) Rules, 2020 issued by Department of Economic Affairs, Ministry of Finance, GOI (copy enclosed as Annexure - II)....

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GST on sub-contract of landscape development & maintenance of garden work for Govt dept

In re Nurserymen Cooperative Society Ltd (GST AAAR Karnataka)

In re M/s. Nurserymen Cooperative Society Ltd (GST AAAR Karnataka) Appellant has received contract from Government departments like BBMP and KSRTC for undertaking gardening and landscaping activities. In order to execute the work, the Appellant has engaged sub-contractors. The sub-contractors bill the Appellant for the gardening and lands...

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GST on development of land and sale of plots

In re M/s Maarq Spaces Private Limited (GST AAAR Karnataka)

In the instant case there are two activities involved, viz: development of land and sale of plots. The transaction relating to the sale of land is not a supply of either goods or service under GST (entry 5 of Schedule III of the CGST Act refers)....

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Effective Implementation of RERA can Restore Trust Between Buyer & Seller

Primary Aim is to Address Concerns of Homebuyers to Ensure Completion of Projects: Durga Shanker Mishra More Than 52,000 Real Estate Projects &40,517 Real Estate Agents Registered Under RERA RERA Day Organized...

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Posted Under: Custom Duty |

Big victory for CBI and big jolt for Vijay mallya

In a major development today i.e.14th May 2020, the High Court of Justice, London, UK has rejected the application dated 29.04.2020 of Mr. Vijay Mallya seeking permission to appeal to the UK Supreme Court against its order dated 20.04.2020....

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Posted Under: Custom Duty |

Income Tax Rates for Financial Year 2020-21 / AY 2021-22

Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes. This write-up will provide you the information on tax rates applicable to vari...

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Tariff Notification No. 42/2020-Customs (N.T.), Dated: 15.05.2020

Notification No. 42/2020-Customs (N.T.) (15/05/2020)

Tariff Notification No. 42/2020-Customs (N.T.), Dated: 15.05.2020 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 42/2020-CUSTOMS (N.T.) New Delhi, 15th...

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Authority for Advance Ruling under Income Tax

1. Are the Advance ruling, binding on taxpayers or tax authorities?  An advance ruling pronounced by the Authority is binding on the follows :- -The Applicant. -The Commissioner. -Commissioner of Income-tax (Appeals). -Income-tax authorities who are subordinate to Commissioner -In respect of transaction for which ruling had been soughtâ€...

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Posted Under: Custom Duty |