Daily Archives: November 25, 2015

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

By | November 25, 2015

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

By | November 25, 2015

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

By | November 25, 2015

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

By | November 25, 2015

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

By | November 25, 2015

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 »

Government strategy to address price rise of raw jute

By | November 25, 2015

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

By | November 25, 2015

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

By | November 25, 2015

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 »

“ Bharat Ko Janiye ” Online Quiz launched for the Indian Diaspora

By | November 25, 2015

Ministry of Overseas Indian Affairs Govt of India on 25-November, 2015 “ Bharat Ko Janiye ” Online Quiz launched for the Indian Diaspora The Union Minister for the Ministry of Overseas Indian Affairs (MoIA) and the Ministry of External Affairs (MEA) Smt. Sushma Swaraj today launched the “ Bharat Ko Janiye ” an online quiz… Read More »

Interest on NPA taxable on receipt basis : kolkata ITAT

By | November 25, 2015

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

By | November 25, 2015

  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

By | November 25, 2015

  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 »

Revaluation gain loss to be adjusted with book value of Individual Assets

By | November 25, 2015

A company (ABC Ltd.) is engaged in the business of manufacturing of packing materials. It owns heavy plant & machineries and other fixed assets. Recently it has revalued its fixed assets and adjusted the resulted gain or loss with total book value of fixed assets, instead of book value of individual asset. Whether accounting treatment… Read More »

clinical research company not comparable with software development services provider

By | November 25, 2015

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 »

RBI “in-principle” approval for Trade Receivables Discounting System (TReDS)

By | November 25, 2015

Date : Nov 24, 2015 RBI grants “in-principle” approval to three applicants for setting up Trade Receivables Discounting System (TReDS) In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS… Read More »

RBI grants ‘in-principle’ approval to NPCI for Bharat Bill Payment Systems (BBPS

By | November 25, 2015

RBI grants ‘in-principle’ approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS) Date : Nov 24, 2015 The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in… Read More »

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

By | November 25, 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

By | November 25, 2015

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 »