Daily Archives: November 11, 2015

80% refund to exporter within 5 working days

F. No.296/07/2015-CX.9 Govt. of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, the 10 th November, 2015 PRESS RELEASE Exporters of services today accumulate CENVAT credit on both input services and input goods as they are unable to set-off their input levies. Speedy grant of refund of accumulated… Read More »

Disbursal of pending refund claims of exporters of services under rule 5

Circular No. 187/6/2015-Service Tax F. No. 137/62/2015-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing New Delhi, dated 10th November, 2015 To All Principal Chief Commissioners of Central Excise All Chief Commissioners of Central Excise/Service Tax Principal Directors General of Goods & Services Tax/Systems/… Read More »

Internship Scheme of DGFT apply before 15th Nov 2015

I. Aim / Objectives of the Scheme Directorate General of Foreign Trade (DGFT) formulates and implements Foreign Trade Policy (FTP). These functions entail close interaction with the related arms of the Government, economists, trade bodies, exporters as well as keep track of the changing scenario in International Trade. The need for an Internship Programme for… Read More »

Legal documents before buying property in India

It is always advisable to have a thorough meeting with the owner or the title holder of the property. Sometimes it happens that the original owners is already died and the property is being purchased or sold through middlemen. Following is the tentative list of Legal documents :- 1.  The property card or title certificate. 2.… Read More »

COMPANIES (SHARE CAPITAL AND DEBENTURES) THIRD AMENDMENT RULES, 2015

COMPANIES (SHARE CAPITAL AND DEBENTURES) THIRD AMENDMENT RULES, 2015 – AMENDMENT IN RULE 18 NOTIFICATION NO. GSR 841(E)[F.NO.1/4/2013 CL-V], DATED 6-11-2015 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the… Read More »

SC suo motu PIL to consider Suffering by Muslim women due to “arbitrary” divorce rules

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.7217 OF 2013 PRAKASH & ORS. …APPELLANTS VERSUS PHULAVATI & ORS. …RESPONDENT The Supreme Court has ordered registration of a PIL and urged Chief Justice H L Dattu to set up a Special Bench to consider gender discrimination suffered by Muslim women owing to “arbitrary… Read More »

No TDS on Interest on FCCB issued to foreign investors and utilized for verseas business

Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands of non-resident investors and, therefore, no TDS was deductible IN THE ITAT AHMEDABAD BENCH ‘A’ Assistant Director of Income-tax… Read More »

Courses which entail the students to seek employment or to undertake self-employment are Vocational Courses and hence not liable for service tax

The appellant herein is conducting fifteen courses in their educational institutes. Issue : Revenue entertained a belief that the courses conducted by the appellant would be liable for service tax under the category of “commercial training or coaching centres”. Assessee Claim :- Appellant contested the show-cause notice before the adjudicating authority on the ground that… Read More »

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Draft Interpretation on Uncertainty over Income Tax Treatments

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Retro amendment in section 115JA can not be deemed as reasons to believe that income has escaped assessment

Retro amendment in section 115JA can not be deemed as reasons to believe that income has escaped assessment HIGH COURT OF BOMBAY Godrej Industries Ltd. v. B.S. Singh, Deputy Commissioner of Income-tax, Range 10(2) M.S. SANKLECHA AND N.M. JAMDAR, JJ. WRIT PETITION NO. 2664 OF 2007 JULY  21, 2015 Farrokh Irani, Jitendra Jain and Atul… Read More »

ICAI issues Draft Guidance Note on Depreciation under the Companies Act, 2013

Institute of Chartered Accountants of India (ICAI) has recently withdrawn 5 Guidance Notes, including Guidance Note on Accounting for Depreciation in Companies as per the Companies Act, 1956. Under the Companies Act, 1956, Schedule XIV was dealing with provisions of depreciation. Now, the said Schedule XIV of Companies Act, 1956 has been replaced by Schedule… Read More »

Payment of agency commission, Certification of claims by external auditors

RBI/2015-16/233 DGBA.GAD.No. 1636/31.12.010/2015-16 November 10, 2015 The Chairman / Chief Executive Officer All agency banks Dear Sir / Madam Payment of agency commission – Certification of claims by external auditors Please refer to our circulars DGBA.GAD.No.2528/31.12.010(C)/2012-13 and DGBA.GAD.No.H-2995/31.12.010/2014-15 dated October 31, 2012 and January 7, 2015 respectively prescribing the format for certification of agency commission… Read More »

India’s GSAT 15 Communication Satellite Launched Successfully

GSAT 15, India’s latest communications satellite, was launched successfully by the European Ariane 5 VA-227 launch Vehicle in the early morning hours of today (November 11, 2015). The 3164 kg GSAT 15 carries communication transponders in Ku-band as well as a GPS Aided GEO Augmented Navigation (GAGAN) payload operating in L1 and L5 bands.After a… Read More »