Daily Archives: June 11, 2016

Procedure for Haryana Amnesty Scheme 2016

By | June 11, 2016

Procedure for Haryana Amnesty Scheme, 2016 Effective Date: 27th May, 2016 The Haryana Amnesty Scheme, 2016 is an arrangement for dealers affected during the reservation agitation in the month of February, 2016 to provide relief in respect of tax, interest, penalty or other dues payable for the period from the 01.01.2016 to 31.03.2016. Following are… Read More »

HVAT : Registration fees increased to Rs 500

By | June 11, 2016

Amendments in Rule 11, 13 & 14 of Haryana Value Added Tax 2003 Effective Date: 25th May, 2016 Following amendments have been made vide Notification No. 15/ST-1/H.A. 6/2003/S.60/2016 dated 25th May, 2016 in Haryana Value Added Tax Rules, 2003: Rule 11 (Procedure for Registration) A proof of deposit of Rs. 500 to the appropriate Government… Read More »

RVAT : Form EL-1 for E Commerce

By | June 11, 2016

Only Form EL-1 to be filed within 15 days from the end of the relevant month Effective Date: 31st May, 2016 The Rajasthan Government has specified that the following persons effecting transactions within the State of Rajasthan through electronic media, shall furnish the information for every month or part thereof in Form EL-1 (earlier it… Read More »

No rejection of registration application u/s 12AA because ITR not filed

By | June 11, 2016

 Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs. CIT(Exemptions), I.T.A. No. 692/CHD/2015, Date of Pronouncement: 08.06.2016, ITAT – Chandigarh Issue: Whether CIT (Exemptions) can reject the application for registration u/s 12AA of the Income Tax Act,1961 on the grounds that the assessee has not filed any ITR and the clause of memorandum provide absolute powers… Read More »

No TDS on reimbursement of bank guarantee commission u/s 194A

By | June 11, 2016

Held The impugned receipt would be in the nature of reimbursement of expenses incurred by it. In view of the above discussion, we do not find any merit in the order passed u/s.263 in respect of one of the possible view taken by the AO. Even on merit, we found that bank guarantee commission does… Read More »

Service Tax Interest Rates w.e.f 14.05.2016 (India)

By | June 11, 2016

Service Tax Interest Rates w.e.f 14.05.2016 Analysis of Service Tax Interest Rates w.e.f 14.05.2016 Service Tax Interest Rates  w.e.f 14.05.2016 in case of Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due : Simple Interest… Read More »

Section 80EE of Income Tax Act

By | June 11, 2016

Section 80EE of Income Tax Act Section – 38 of  Finance Acts – 2016 Substituted new section for section 80EE. 38. For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:— ’80EE. Deduction in respect of interest on loan taken for residential house… Read More »

Airlines to Pay 200% to 400% in case of flight delays/ cancellation

By | June 11, 2016

Ministry of Civil Aviation Announces Proposed Passenger Centric Amendments The Minister for Civil Aviation Shri  Ashok Gajapathi Raju said that his Ministry was committed not only to the growth of the Airline industry  but also to ensure that flying for most Indians becomes a pleasant experience.  In keeping with this commitment he along with MOS… Read More »

CA providing accommodation entries ,debarred from practice for life time

By | June 11, 2016

CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Reference No. 5 of 2012 (O&M) Date of decision: 18.3.2016 Institute of Chartered Accountants of India .. Petitioner v. Vivek Kapoor and others .. Respondents

Rule 26C ,evidence of claims by employee for TDS u/s 192

By | June 11, 2016

Rule – 26C Income-tax Rules Rule 26C inserted by the Income-tax (Eleventh Amendment) Rules, 2016, w.e.f. 1-6-2016. Furnishing of evidence of claims by employee for deduction of tax under section 192. 26C. (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars… Read More »

SEBI brings Strict KYC norms for ODI subscribers

By | June 11, 2016

Securities and Exchange Board of India CIRCULAR CIR/IMD/FPI&C/59/2016 June 10, 2016 To, All Foreign Portfolio Investors (FPIs) (Through their Designated Depository Participants/Custodians of Securities) Dear Sir/Madam, Subject: Know Your Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format. 1. In terms of… Read More »

FPS benefits to Other Cast Articles of Iron & Steel : Clarification

By | June 11, 2016

Clarification regarding FPS benifits to “Other Cast Articles of Iron & Steel”-ITC(HS) code-7325 under SI. No. 279 of Appendix 37 D as revised vide Public Notice 52 dated 25.02.2014. Government of India Ministry of Commerce & Industry Department of commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 08/2016 Dated 09th… Read More »

Govt constitutes 3rd pay Revision Committee for executive of CPSUs

By | June 11, 2016

Government constitutes 3rd pay Revision Committee for the executive of CPSUs The Ministry of Heavy Industry & Public Enterprises has constituted the 3rd Pay Revision Committee for the executives of the Central Public Sector Undertakings under the chairmanship of Justice Satish Chandra (Retd.). The other members of the committee will be Shri Jugal Mohapatra, Ex-IAS… Read More »

Procedure for import of gold/silver/platinum by nominated agencies

By | June 11, 2016

Circular No. 27/2016-Customs F. No 484/31/2016 – LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs ******** New Delhi, dated 10th June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners of Customs… Read More »

Central Port Authorities Act 2016 to replace Major Port Trust Act 1963

By | June 11, 2016

The Central Port Authorities Act 2016 to replace the  Major Port Trust Act 1963 The Ministry of Shipping has prepared a draft bill ‘The Central Port Authorities Act’ 2016 ’ to replace the ‘Major Port Trust Act, 1963’. This step is being taken keeping in view the need to give more autonomy and flexibility to… Read More »

Fresh panel of CBEC to handle Indirect tax litigation in various High courts

By | June 11, 2016

F.No.278A/21/2015-Legal Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs (Legal Cell) New Delhi 9th June 2016 Related Post Litigation Management and Dispute Resolution measures of CBEC CBDT clarifies provisions of the Income tax for reducing litigation and easing burden of compliance Committee Recommendation to curb litigation of Income… Read More »