Daily Archives: November 25, 2015

55/2015-Customs Enable EOUs to become eligible for duty exemption

55/2015-Cus,dt. 24-11-2015 Seeks to further amend notification No. 52/2003-Customs dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty [TO BE PUBLISHED IN THE… Read More »

No. 54/2015-Customs removing requirement of manufacturing of ships/vessels in a custom bonded warehouse

54/2015-Cus,dt. 24-11-2015 Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012 so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions… Read More »

NOTIFICATION No. 44/2015-Central Excise ,exemption from excise duty on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition

Following Notification seeks to further amend notification No. 12/2012-CE dated 17.3.2012 so as to provide exemption from excise duty on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions… Read More »

Duty exemption to EOUs on raw material consumed in manufacture of ships/vessels cleared to DTA

Following Notification Seeks to further amend notification No. 22/2003-CE dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty. [TO BE PUBLISHED IN THE… Read More »

Govt of India Schemes for Handicrafts

How many schemes are formulated by Govt of India for Indian Handicrafts  ? 1. Baba Sahab Ambedkar Hastshilp Vikas yojna. 2. Design & Technology up-gradation scheme. 3. Marketing Support & Services Scheme. 4. Human Resources Development Scheme. 5. Handicrafts Artisan comprehensive Welfare Scheme. 6. Research & Development Scheme. How are the schemes being implemented? Proposals… Read More »

Do’s and Don’ts for Indian Emigrants

Do’s: • Do ensure that you have a valid passport. The passport should preferably be valid at least for the next six months so that no immediate inconvenience is caused to you on your reaching the country of employment. • Do ensure that you are recruited through an authorized Recruiting Agent. Insist on seeing his… Read More »

Government strategy to address price rise of raw jute

Ministry of Textiles, Govt of India on 25-November, 2015 Government formulates strategy to address price rise of raw jute Government decides to take de-hoarding measures to tackle rising raw jute prices Matter of ban on export of raw jute by Bangladesh to be taken up Declining trend in jute cultivation to be checked Hon’ble Minister… Read More »

PRAVASI BHARATIYA BIMA YOJANA

INSURANCE POLICY PRAVASI BHARATIYA BIMA YOJANA In an effort to safeguard the interests of the emigrant workers, the Government of India had initially introduced the “Pravasi Bharatiya Bima Yojana, 2003”, an insurance scheme compulsory for those emigrants who need Emigration Clearance from POEs. After considering the effectiveness of the scheme, the Pravasi Bharatiya Bima Yojana… Read More »

Emigration from India : FAQ’s

What is Emigration ? Emigration means the departure of any person from India for employment (whether or not under an agreement, with or without the assistance of a registered Recruiting Agent or employer) in any country or place outside India. The Indian Emigrant  Emigration of Indian workers to other countries has been an ongoing process… Read More »

Domain name Frequently Asked Questions

What is Domain name ? Domain names are used to identify one or more IP addresses. For example, the domain name microsoft.com represents about a IP addresses (IP address is a 32-bit numeric address written as four numbers separated by periods. Each number can be zero to 255. For example, 1.160.10.240 could be an IP… Read More »

Interest on NPA taxable on receipt basis : kolkata ITAT

IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Hon’ble Sri M.Balaganesh, AM] ITA No.464/Kol/2008 Assessment Year : 2001-02 A.C.I.T., Circle-6, Vs West Bengal Infrastructure Development Finance Corporation, Kolkata Facts of the Case The assessee had not recognized as income interest that has to receive on loans that it… Read More »

Assessee can claim deduction without filing revised return before appellet authority

  IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Hon’ble Sri M.Balaganesh, AM] ITA No.388/Kol/2008 Assessment Year : 2001-02 West Bengal Infrastructure Development Finance Corporation, Kolkata  -vs- A.C.I.T., Circle-6, Facts of the case The assessee is a Government company wholly owned by the Government of West Bengal. It… Read More »

No reopening of case after 4 years if there is no fresh material

  Reopening based on retrospective amendment after 4 years not permissible in absence of failure in disclosure of material facts by assessee IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI M/s.Golden Tobacco Limited Vs  The Jt.Commissioner of Income-tax Date of Pronouncement :28. 10.2015 The perusal of `Reasons’ would show that, again, these `Reasons’… Read More »

clinical research company not comparable with software development services provider

A company involved in clinical research and manufacture of bio-products could not be accepted as valid comparable in case of software development services Provider IN THE ITAT BANGALORE BENCH ‘A’ Mindteck (India) Ltd. v. Income-tax Officer, Circle 12 (1), Bangalore N.V. VASUDEVAN, JUDICIAL MEMBER AND ABRAHAM P. GEORGE, ACCOUNTANT MEMBER IT (TP) APPEAL NO. 1082 (BANG.)… Read More »

Issue date of Sovereign Gold Bonds shifted to 30th Nov 2015

RBI/2015-16/245 IDMD.CDD.No. 1157/14.04.050/2015-16 November 24, 2015 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Sovereign Gold Bonds, 2015-16 A reference is invited to circular IDMD.CDD.No. 939/14.04.050/2015-16 dated October 30, 2015 on Sovereign Gold Bond scheme. 2. It has been decided to shift the issue date of the Sovereign Gold Bond… Read More »

Travel insurance :All you needs to know before buying

Travel insurance What is Travel Insurance Policy ? Travel Insurance offers insurance protection while you travel. Travel Insurance may be called by different names by insurance companies. It is important for you to check and understand whether the policy covers domestic travel or overseas travel or both. Travel Insurance protects you and/or family against travel… Read More »