CIRCULAR NO. 16/2015-Customs, Dated: May 19, 2015 Requests have been received from the UN World Food Program (UNWFP), Government of Bangladesh and Government of Sri Lanka for facilitating transit movement of relief supplies to Nepal for the people affected by the earthquake. Relief supplies are also expected from other countries and international relief organizations.
CIRCULAR NO. 15/2015-Customs., Dated: May 18, 2015 As per the extant provisions, an exporter is required to submit the SDF form along with Shipping Bills for export of goods. RBI has recently dispensed with the SDF in case of exports taking place through the EDI ports
CIRCULAR NO.10 of 2015-16 I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2014-15, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures /enclosures to 22/05/2015
Please refer to para 5 (A) of our circular UBD.BPD.(PCB).Cir. No.53/13.05.000/2013-14 dated March 28, 2014 wherein it was stipulated that if the sale is for a value higher than the Net Book Value (NBV), the excess provision will not be reversed, but will be utilised to meet the shortfall/loss on account of sale of other financial assets.
Existing provision: Schedule I, appended to the PT Act provides for rates of tax for different classes of persons. Entry 1 in this Schedule contains slab-wise rates of tax, applicable to salary and wage earners. Entry 1 in Schedule I was amended last year w.e.f. 1St July 2014 to increase the exemption limit for salary/wage earners to rupees 7,500 per month.
Circular No. 8/2015 The CBDT vide Instruction No. 4 of 2014 dated 7th April, 2014, inter-alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or uploaded by AOs in CPC Demand Portal. Further a facility has been made available to taxpayers on the E-filing website (www.incometaxindiaefiling.gov.in) to provide online responses to such demands.
In order to facilitate the reduction of time involved in delivering the shares to the buying broker, in case of default by selling broker, it has been decided to provide flexibility to Clearing Corporations to decide the time for conducting the settlement of Auction session on or before T+3 day.
To further liberalise and simplify the procedure, it has been decided to dispense with the requirement of declaring the export of Goods /Software in the SDF in case of exports taking place through the EDI ports, as the mandatory statutory requirements contained in the SDF have been subsumed in the Shipping Bill format.
It is clarified that A2 form is to be filed at the time of purchase of foreign exchange using rupee funds and hence is not applicable while remitting FCNR (B) funds. Further, banks, with the help of technology, will have to devise better alternatives/ methods for ensuring bonafides of the transaction rather than insisting on physical presence of the account holder, in order to ensure hassle free remittance of funds to the account holder.
The facility of co-location or proximity hosting (or by whatever name called) is offered by the stock exchanges to stock brokers and data vendors whereby their trading or data-vending systems are allowed to be located within or at close proximity to the premises of the stock exchanges, and are allowed to connect to the trading platform of stock exchanges through direct and private network.
