Daily Archives: August 22, 2015

Custom Duty Free Allowance to Rs.45000

Notification No.76/2015 CBEC has made Custom Duty Free Allowance to Rs.45000 for passengers of Indian origin and foreigners of over 10 year of age residing in India.  Duty free limit of Indian Currency that can be brought in India has been increased from Rs.10000 to 25000 in FORM 1. [To be published in the Gazette… Read More »

No recovery during pendency of adjudication

No recovery during pendency of adjudication Q ; Whether recovery can be made if the adjudication proceedings are pending ? Service Tax : During pendency of adjudication proceedings, only provisional attachment under section 73C (service tax) can be made; recovery under section 87 would apply only after adjudication order is passed under section 73 Section 87,… Read More »

Payment banks Questions and Answers

How payment banks will affect our life ? On August 19, 2015 the RBI had granted in principle approval to 11 entities for establishment of payment banks, which include established ones like Reliance Industries, Aditya Birla, Tech Mahindra, Airtel and Vodafone. The ‘in-principle’ approval shall be valid for a period of 18 months during which… Read More »

Packaging of fertilizer not liable to service tax

Packaging of fertilizer not liable to service tax Q : Whether Packaging of fertilizer is liable to service-tax ? Since fertiliser cannot be marketed without packaging, packaging of fertiliser as per Fertiliser (Control) Order, 1985 would be an integral part of manufacture and, therefore, it would not be taxable under Packaging Activity Services CESTAT, MUMBAI BENCH New… Read More »

COMPANIES INDIAN ACCOUNTING STANDARDS RULES 2015

COMPANIES INDIAN ACCOUNTING STANDARDS RULES 2015 COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013) and sub-section (1) of section 210A of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the… Read More »

Ind AS 2 (Indian Accounting Standard )

COMPANIES (INDIAN ACCOUNTING STANDARDS) RULES, 2015 NOTIFICATION [F.NO.01/01/2009/CL-V(PART)], DATED 16-2-2015 They shall come into force on the 1st day of April, 2015 Indian Accounting Standard (Ind AS 2) Inventories (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.)… Read More »

Oral partition of property not justified

Q; Can the Assessee claim that there was oral partition of Property and hence capital gains should be apportioned among the members ? Assessee filed his return of income declaring certain capital gains apportioned amongst himself and his three sons stating that there was an oral partition  Assessing Officer completed assessment accepting income declared by… Read More »