It has been decided that all agency banks shall keep the counters of their designated branches conducting government business open for full day on March 30, 2016 and till 8.00 p.m. on March 31, 2016. All electronic transactions would, however, continue till midnight on March 31, 2016. Banks may give adequate publicity to the special arrangements made.
As per the provisions of Section 129A (2) or Section 129D of the Customs Act, 1962, Section 35B (2) or Section 35E of the Central Excise Act, 1944 and Section 86 (2A) or Section 86 (2) of Finance Act, 1994 power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests with the Committee of Commissioners and Committee of Chief Commissioners respectively and there is no provision for reviewing the same order twice.
Section 133 of the Finance Act, 2015 had amended Securities Contracts (Regulation) Act, 1956 to include Commodity Derivatives as securities. Further, the sub-clause (vi) of Clause 7 of IFSC Guidelines, 2015 provides that Such other securities as may be specified by the Board. Accordingly, it is hereby specified that the “Commodity Derivatives” shall be eligible as securities for trading and the stock exchanges operating in IFSC may permit dealing in Commodity Derivatives.
CBEC determines rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa, shall, with effect from 18th March, 2016
SIONs of the above export products falling under the Chemicals and Allied Products Group bearing numbers A-3645, A-3646,A-3647.A-3648,A-3649,A-3650,A-3651,A-3652,A-3653,A-3654,A-3655,A-3656,A-3657,A-3658,A-3659,A-3660,A-3661,A-3662,A-3663,A-3664,A-3665,A-3666,A-3667,A-3668,A-3669,A-3670,A-3671,A-3672,A-3673,A-3674,A-3675,A-3676 and A-3677 are being notified.
(i) An Audit objection should be accepted and remedial action should be taken in a case where the audit objection relating to an error of facts or an issue of law is found to be correct. (ii) Appropriate remedial action should invariable be initiated within two months of the receipt of the Local Audit Report, and necessary orders should be passed within six months thereafter.
In the case of a capital asset, being a share or debenture of a company, which becomes the property of the assessee due to conversion, there shall be included the period for which the bond, debenture, debenture-stock or deposit certificate, as the case may be, was held by the assessee prior to the conversion.
Section 60 of the Delhi Value Added Tax Act, 2004 empowers the Commissioner to enter premises and seize records and goods of any person during surveys. The surveys are to be conducted on the premises of a dealer to detect tax evasion. The survey teams are headed by an officer of the level of Assistant Commissioner/VATO and comprises of AVATOs & VATIs. The size of the team depends upon the number of premises and size of the dealer to be surveyed.
The agreement provides for detachment, totalisation and portability. Under the detachment clause, the employees of one country deputed by their employers to the other country on short –term assignment are exempted from Social Security contribution in that country up to a period of 60 months. However, such exemption can be availed on the basis of Certificates of Coverage.
Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried out through an eligible fund manager in India by an eligible investment fund does not constitute business connection in India of the fund and also does not lead to the residence of the fund in India.
