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Minimum Export Price (MEP) revised to US$ 400 F.O.B. per MT.

December 11, 2015 937 Views 0 comment Print

Notification No. 26/2015-20 The Minimum Export Price (MEP) for export of all varieties of onions as described above is revised from US$ 700 F.O.B. per MT to US$ 400 F.O.B. per MT.

Notification No. 56/2015-Customs Dated-11th December, 2015

December 11, 2015 1251 Views 0 comment Print

NOTIFICATION No. 56/2015-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.39/96-Customs, dated the 23rd July, 1996, published in the Gazette of India, Extraordinary, vide number G.S.R. 291(E), dated the 23rd July, 1996, namely:-

Service Tax Payment due Date Extended for Tamilnadu State

December 9, 2015 1499 Views 0 comment Print

For all Service Tax assessees in the State of Tamil Nadu, the date for payment of Service Tax for November 2015 is extended to 20th December 2015 vide Notification No. 26/2015-Service Tax dated 09th December 2015.

Sec. 80C deduction on Investment in HDFC Retirement Saving Fund eligible from AY 2016-17

December 8, 2015 3125 Views 0 comment Print

Notification No. 91/2015 – Income Tax Central Government hereby specifies the HDFC Retirement Savings Fund, set up by the HDFC Mutual Fund registered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 having registration No. MF/044/00/6, dated the 30th June 2000, as a pension fund for the purposes of the said section for the assessment year 2016-17 and subsequent assessment years.

Income-tax (19th Amendment) Rules, 2015 related to specified domestic transaction

December 8, 2015 2866 Views 0 comment Print

Notification No. 90/2015 – Income Tax In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10D, for sub-rule (2A), the following sub-rule shall be substituted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic transaction referred to in rule 10 THB , shall apply in a case of an eligible assessee mentioned in rule 10 THA and-

Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit

December 4, 2015 5461 Views 0 comment Print

The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit to eligible exporters. The scheme is effective from April 1, 2015. The details of the scheme are enclosed.

Govt notifies rules for granting mining lease to Government companies

December 3, 2015 4892 Views 0 comment Print

G.S.R. 927(E).—In exercise of the powers conferred by section 13 of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.– (1) These rules may be called the Mineral (Mining by Government Company) Rules, 2015.

CBDT allows Service of notice, summons, requisition, order etc. by Email

December 2, 2015 2654 Views 0 comment Print

Notification No. 89/2015 – Income Tax For the purposes of sub-section (1) of section 282, the addresses (including the address for electronic mail or electronic mail message) to which a notice or summons or requisition or order or any other communication under the Act (hereafter in this rule referred to as “communication”) may be delivered or transmitted shall be as per sub-rule (2).

RBI allowed to prescribe or amend norms related to issue of FCCBs/ FCEBs

December 2, 2015 723 Views 0 comment Print

Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India,change / prescribe for the automatic as well as the approval route of FCCBs, any provision or proviso for issuance of FCCBs.

RBI allowed to can prescribe norms on borrowing or lending foreign exchange under automatic/approval route

December 2, 2015 912 Views 0 comment Print

Provided that under these Regulations, the Reserve Bank may, in consultation with the Government of India, prescribe for the automatic route, any provision or proviso regarding various parameters listed in paragraphs 1 to 3 above of this Schedule or any other parameter as prescribed by the Reserve Bank and also prescribe the date from which any or all of the existing proviso will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition / deletion of borrowers eligible to raise such borrowings, overseas lenders / investors, purposes of such borrowings, change in amount, maturity and all-in­cost, norms regarding security, pre-payment, parking of ECB proceeds, reporting and drawal of loan, refinancing, debt servicing, etc.

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