Daily Archives: October 26, 2015

on Divorce Lump sum payment received are Tax free and monthly payments received are taxable

By | October 26, 2015

Facts of the case  During the previous year relevant to the assessment year 2008-09, the assessee received lump sum payments from her ex-husband ‘P’, a national of Germany. She did not admit any tax liability on the said amount. Assessee’s View :- She stated that (i) there was an agreement between her and ‘P’ for custody,… Read More »

NOTIFICATION NO 82/2015

By | October 26, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI (INCOME-TAX) NOTIFICATION NO 82/2015 New Delhi, Dated -19th October, 2015 S.O.   (E) – In the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, number S.O.2914(E), dated the 13th… Read More »

No Revision of return under GST

By | October 26, 2015

As per para 3.12 of Report of The Joint Committee on Business Process For GST on GST it is not possible to revise GST return filed under proposed GST Regime and all adjustment can be made for difference in invoice amount and Input Tax Credit (ITC) by way of Debit/Credit Note in GST return of… Read More »

Category: GST

Guidelines for Arrest and Bail in relation to offences punishable under Customs Act

By | October 26, 2015

Circular No. 28/2015-Customs F.No.394/68/2013-Cus (AS) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Anti-Smuggling Unit) New Delhi, dated 23.10.2015 To All Chief Commissioners of Customs, All Chief Commissioners of Customs (Preventive), All Chief Commissioners of Customs , Central Excise and Service Tax, All Chief Commissioners of Central Excise… Read More »

Depreciation on Increased cost of Asset due to Withdrawal of exemption of Custom duty certificate has to be computed from Year of Withdrawal

By | October 26, 2015

Facts of the Case :- Assessee imported hospital equipments during years 1988-89 and 1992-93, without payment of custom duty on basis of a Customs Duty Exemption Certificate (CDEC). Imported equipment was capitalized by assessee on actual value of equipment paid by it. Subsequently, CDEC granted to assessee was withdrawn on . Later, by an order dated… Read More »

Risk management for Regional Commodity Derivatives Exchanges

By | October 26, 2015

Securities and Exchange Board of India CIRCULAR CIR/CDMRD/DRMP/2/2015 October 21, 2015 To, The Managing Directors / Chief Executive Officers Regional Commodity Derivatives Exchanges Sir / Madam, Sub.: Risk management for Regional Commodity Derivatives Exchanges 1. Pursuant to Section 131 of the Finance Act, 2015 and Central Government notification F.No. 1/9/SM/2015 dated August 28, 2015, all… Read More »

FAQS FOR MEMBERS OF COMMODITY DERIVATIVES EXCHANGES

By | October 26, 2015

FAQS ON COMMODITY DERIVATIVES EXCHANGES Q1. What are the registration requirements for existing members of commodity derivatives exchanges? Ans: Existing members of commodity derivatives exchanges are required to satisfy the registration related requirements of the exchange of which it holds membership, at the time of making an application for registration to SEBI. They can apply… Read More »

SEBI created Divisions for Regulation of Commodity Derivatives Market

By | October 26, 2015

PR No. 249/2015 Regulation of Commodity Derivatives Market The provisions of Part I (excluding Section 132) and Part II of Chapter VIII of the Finance Act, 2015 came into force w.e.f. September 28, 2015 and the provisions of Section 132 of the Act came into force w.e.f. September 29, 2015 in terms of Central government… Read More »

11 Companies Bank Account to be attached by SEBI for violation of norms

By | October 26, 2015

Markets watchdog Sebi has ordered attachment of banks and demat accounts of 11 entities to recover dues worth nearly Rs 22 lakh imposed on them for violation of norms. The firms against which Sebi has passed orders are Hind Developers, Munak Galva Sheets, Navin Chemicals Manufacturing and Trading Company, Cepham Pharmaceuticals, Cepham Organics, Intercraft, Sanjay… Read More »