Daily Archives: June 3, 2016

Solvency Certificate equal to duty amount for storage in private bonded warehouse required :CBEC

By | June 3, 2016

Requirement of Solvency Certificate for the purposes of Private Warehouse Licensing Regulations 2016 Circular No. 24 /2016 – Customs F. No. 484 / 03 / 2015 – LC (Vol II) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ****** New Delhi, the 2 nd June 2016 To, All… Read More »

New ports to allow import/export under EP schemes

By | June 3, 2016

Adds new ports in EP notifications to allow import/export under EP schemes from these ports 36/2016-Cus,dt. 01-06-2016 Related Post Security under section 59 (3) of the Customs Act 14 New Airports in India Railways for Port Connectivity to Boost Country’s Imports and Exports Govt Notify Land Ports Authority of India (Fees and Other Charges) Regulations,… Read More »

Draft National Water Framework Bill ; suggestions invited

By | June 3, 2016

Suggestions invited on Draft National Water Framework Bill and Draft Model Bill for Conservation, Protection, Regulation and Management of Ground Water Ministry of Water Resources, River Development and Ganga Rejuvenation has uploaded the draft national water framework bill and draft model bill for conservation, protection, regulation and management of ground water on its website (http://mowr.gov.in).… Read More »

Enemy Property (Amendment and Validation) Third Ordinance, 2016

By | June 3, 2016

Republication of Enemy Property (Amendment and Validation) Third Ordinance, 2016 (6 of 2016) in the State Gazettes Law & Justice Ministry has informed the State Governments that the Enemy Property (Amendment and Validation) Third Ordinance, 2016 (6 of 2016) has been promulgated by the President on 31st May, 2016 and published in the Gazette of… Read More »

Designated authority under Direct Tax Dispute Resolution Scheme

By | June 3, 2016

LETTER [F.NO.279/MISC/M-61/2016, DATED 1-6-2016 The Direct Tax Dispute Resolution Scheme 2016 (hereinafter referred to as the Scheme) introduced vide Finance Act, 2016 (28 of 2016), provides to the “declarant” a mechanism to resolve disputes pending before Commissioners of Income Tax (Appeals) as on 29-2-2016 and pertaining to “disputed tax”and/or “specified tax”. 2. The Scheme also… Read More »

Due date for filing of TDS return under Section 194IA

By | June 3, 2016

CBDT aligns Due date for filing of TDS return  with due date of deposit of TDS under Sec. 194-IA.(deduction of TDS on Payment on transfer of certain immovable property other than agricultural land of Rs 50 Lakh or more) Also read TDS on Property , Govt revised timeline to Deposit As per the Following amendment in Rule… Read More »

Interest on accident compensation is Tax free

By | June 3, 2016

IN THE ITAT AHMEDABAD BENCH, ‘A’ Urvi Chirag Sheth v. Income-tax Officer, Ward 5(2)(3), Ahmedabad PRAMOD KUMAR, ACCOUNTANT MEMBER AND S.S. GODARA, JUDICIAL MEMBER IT APPEAL NO. 630 (AHD.) OF 2016 [ASSESSMENT YEAR 2012-13] MAY  31, 2016 Hiren Trivedi for the Appellant. Anita Hardasani for the Respondent. ORDER Pramod Kumar, Accountant Member – The short… Read More »

10 Additional Pre-Shipment Inspection Agencies notified

By | June 3, 2016

Ten additional Pre-Shipment Inspection Agencies are notified as PSIAs in terms of Para 2.55(d) of HBP 2015-20 in Appendix 2G. PUBLIC NOTICE NO 15/2015 DATED 31.05.2016   Related Post Amendment in Appendix -6H Claim under MEIS for shipments, Single Application Landing Certificate shall not required under MEIS Marking of tick are mandatory in EDI shipping… Read More »

Indirect Tax Dispute Resolution Scheme 2016 Instructions

By | June 3, 2016

F No 1080/06/DLA/IDRS/2016 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Directorate of Legal Affairs New Delhi the 01st June 2016 Instruction To All Chief Commissioners, Customs, Central Excise and Service Tax All Principal Commissioners/ Commissioners, Customs, Central Excise and Service Tax Sir, Subject: Indirect Tax Dispute Resolution… Read More »

Banks to implement Relief Measures in areas affected by Natural Calamities : RBI

By | June 3, 2016

RBI/2015-16/416 FIDD.FSD.BC.No.25/05.10.001/2015-16 June 2, 2016 The Chairman/ Managing Director / Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Madam / Sir Implementation of Supreme Court Orders in Writ Petition by Swaraj Abhiyan against Union of India and others- Guidelines on Relief Measures by banks in areas affected by Natural Calamities During the… Read More »

Refinancing of Project Loans by NBFC : RBI Guidelines

By | June 3, 2016

RBI/2015-16/417 DNBR.CC.PD.No.082/03.10.001/2015-16 June 02, 2016 To All Non-Banking Financial Companies Dear Sirs, Refinancing of Project Loans Please refer to circular DNBS.(PD).CC.No.371/03.05.02/2013-14 dated March 21, 2014, issued by Department of Non-Banking Supervision on Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy. 2.… Read More »

Cyber Security Framework in Banks is must : RBI

By | June 3, 2016

RBI/2015-16/418 DBS.CO/CSITE/BC.11/33.01.001/2015-16 Jyeshtha 12, 1938 (saka) June 2, 2016 To The Chairman/ Managing Director /Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Cyber Security Framework in Banks Introduction Use of Information Technology by banks and their constituents has grown rapidly and is now an integral part of the… Read More »

Return in Form CR-II for FY 2015-16 by 16th june 16 under Delhi Vat

By | June 3, 2016

GOVERNMENT OF THE NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES NOTIFICATION Delhi, the 19th May, 2016 No. F.3( 628) /Policy/VAT/2016/238-50.—In exercise of the powers conferred on me under section 27 of the Delhi Value Added Tax Act, 2004 and in partial modification to the notification number F. 3(628)/Policy/ VAT/2016/1424-36 dated 11th February,… Read More »

Guidelines for evaluating/awarding tenders for shipbuilding, dry-docking and ship repair works

By | June 3, 2016

Guidelines for evaluating/awarding tenders for shipbuilding, dry-docking and ship repair works The Government has issued guidelines for evaluating and awarding tenders for shipbuilding, dry-docking and ship repair works for Government departments or agencies including Public Sector Undertakings. As a step towards supporting Indian shipbuilding and ship-repair industry, the Union Cabinet had, on December 9, 2015,… Read More »

Foreign Currency Exchange Rate Notified

By | June 3, 2016

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.77/2016-CUSTOMS (N.T.), dated 19th May, 2016, except as respects things done… Read More »