The word Levy in the common parlance means charge or imposition or collection of tax by authority. For the purpose of collecting tax, the authority should have powers to levy such tax. The Constitution of India in Article 265 sets out that no tax shall be collected without authority of law.1
In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015- 2020, the Director General of Foreign Trade hereby amends para 2.14(A) of the Handbook of Procedure (2015-20) as well as the provision in the Public Notice No.58 dated 1.2.2016 and Appendix 2K of FTP(2015-20) as under:
AGGREGATE TURNOVER Section 2(6)- aggregate turnover means the aggregate value of all:- i. taxable and non-taxable supplies, ii. exempt supplies and iii. exports of goods and/or services of a person, Having the same PAN, to be computed on all India basis
Electronic commerce in general parlance is defined as commercial transactions conducted electronically. As simple as it may seem in this definition, electronic commerce began traditionally as online retail in the stock-and-sell model, but has now transformed the entire way of doing business
Section 61(1) of the Maharashtra Value Added Tax Act, 2002 provides that all eligible dealers shall submit the Audit Report in Form- 704. As provided under rule 17A (1) of the Maharashtra Value Added Tax Rules, 2005, this form is to be uploaded electronically.
Whether the assessee is entitled to depreciation under Section 32 of the Income Tax Act even when the assessee was not the owner of the property in question and was in possession thereof as a lessee during the year under consideration?
Valuation provisions under section 15(3) of revised Draft Model GST Law lays down conditions to be adhered in relation to exclusion of discounts.
First we required to understand the meaning of the Relative: With reference to the Section 2(77): i. They are member of a Hindu Undivided family; ii. They are husband and wife; iii. One person is related to the other in such manner as may be prescribed;
Excise Duty on Plain (Un-modified) Tamarind Kernel Powder falling under heading 1302 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) (hereinafter referred to as the said goods), was not being levied according to the said practice, during the period commencing on the 19th day of July, 2011 and ending with the 18th day of July, 2016;
Seeks to levy provisional ant-dumping duty on ‘Colour coated/pre-painted flat products of alloy or non-alloy steel’ originating in or exported from People’s Republic of China and European Union for a period of six months (unless revoked, superseded or amended earlier).
