Daily Archives: July 6, 2016

Duty Free Shops at airports ; Passengers allowed to purchase upto Rs 25000 in Indian Currency

Circular No.31/2016-Customs F.No: 473 / 05 / 2015 – LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 6th July 2016 All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners… Read More »

Interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds from 01.07.2016 to 30.09.16

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 30th June, 2016 F. No. 5(4)-B(PD)/2016.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75, dated 30th June, 1975, shall with effect… Read More »

Concession certificate to physically challenged persons (Divyang) by Railway

Railway Streamline procedure for issue of concession certificate to physically challenged persons (Divyang) Ministry of Railways has decided to streamline the procedure for issuing of concessional certificate to physically challenged persons (Divyang) in case of change of residence and also in some other cases for the convenience of the passengers. Indian Railways has already facilitated… Read More »

Exchange Rate of Foreign Currency w.e.f -07.07.2016

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.87/2016-CUSTOMS (N.T.), dated 16th  June, 2016, except as respects things done… Read More »

ICDS deferred by Govt , Now to apply from AY 2017-18

Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment… Read More »

Upfront payment of interest allowable in the year of payment , No Spreading required over the years : SC

[2015] 372 ITR 605 (SC) SUPREME COURT OF INDIA Taparia Tools Ltd. v. Joint Commissioner of Income-tax, Nasik A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6366 – 6368 OF 2003 AND 6946 – 6948 OF 2004 MARCH  23, 2015 K. Radhakrishnan, Sr. Adv., Sanjay M. Shah, Rustom B. Hathikhanawala, Ms. Niranjana Singh,… Read More »

Stamp duty payment allowed as revenue expenditure

Stamp duty payment allowed as revenue expenditure The Gujarat High Court held that the amount of stamp duty is allowed as revenue expenditure because the stamp duty paid by the taxpayer during the year was a compulsory statutory levy; would not restrict the profits of the future years; and was an ordinarily revenue expenditure incurred… Read More »