Daily Archives: July 27, 2016

RBI penalises 13 Banks for violating KYC Norms

The Reserve Bank of India has imposed monetary penalty on the following banks for violation of regulatory directions / instructions / guidelines, among other things, on KYC norms. The details of the penalty are: S. No. Name of the bank Penalty Amount (in ₹ million) 1. Allahabad Bank 20 2. Bank of India 10 3.… Read More »

Insolvency and Bankruptcy Board of India (Terms and Conditions of Chairperson and Members) Rules 2016

Insolvency and Bankruptcy Board of India (Terms and    Conditions of Chairperson and Members) Rules 2016. Ministry of Corporate Affairs The Insolvency and Bankruptcy Board of India ( Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2016 [ approved by the Competent Authority yet to be legislatively vetted ] 1. Short… Read More »

FAQ’s on Maharashtra Settlement of Arrears in Disputes Act 2016

8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8 dated 19th July 2016. Trade Cir. No. 20T of 2016 Subject : FAQ’s on Settlement of Arrears in Disputes Act, 2016 Ref. (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circular No. 10T of 2016 dated 3rd May 2016… Read More »

Procedure for export of certified organic products

To be published in the Gazette of India Extraordinary Part-I, Section-I Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 73 (RE-2013)/2009-2014 New Delhi, Dated the 18 November, 2014 Sub: Procedure for export of certified organic products. In exercise of the powers conferred under Paragraph… Read More »

Anti-dumping duty on imports of Rubber Chemicals-PX13 & TDQ

seeks to amend notification No.67/2011-Customs dated the 26th July, 2011 so as to to extend the levy of anti-dumping duty on imports of certain Rubber Chemicals, namely PX13 and TDQ originating in, or exported from, European Union and MOR originating in, or exported from, People’s Republic of China, (imposed vide notification No. 67/2011-Customs, dated 28th… Read More »

Increase in SSI Exemption & Eligibility limit for articles of jewellery

Seeks to amend notification No. 8/2003-Central Excise dated 1st March, 2003, so as to increase the SSI Exemption limit and the SSI Eligibility limit for articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE… Read More »

Excise duty on Jewellery – Tariff values for articles of jewellery (heading 7113)

Seeks to notify the tariff values for articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY… Read More »

Articles of Jewellery (Collection of Duty) Rules 2016

 Articles of Jewellery (Collection of Duty) Rules 2016 Seeks to notify the Articles of Jewellery (Collection of Duty) Rules, 2016, applicable to articles of jewellery or parts of articles of jewellery or both falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986). [TO BE PUBLISHED IN THE GAZETTE OF INDIA,… Read More »

Notification for exemption from excise registration to Jewelers upto full exemption limit

Seeks to amend notification No. 36/2001-Central Excise (N.T.) dated 26th June, 2001, so as to exempt a manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) from taking central excise registration upto the full… Read More »

Excise duty on jewellery -Eligibility & Exemption limits for SSI exemption

Clarification on computation of exemption and eligibility and exemption limits and other related issues for small scale industries [SSI] exemption under Notification No. 8/2003-CE dated 1st March 2003 in respect manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both Circular No. 1040/28/2016 – CX F. No. 354/25/2016 –… Read More »

Guidelines for Excise Audit of Jewellers issued by CBEC

Circular No. 1041/29/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Procedures for excise duty on jewellery issued by CBEC

Circular No. 1043/31/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Guidelines for search or arrest of jewellers issued by CBEC

Circular No. 1044/32/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Taxability of stock of jewellery on February 29, 2016 : CBEC Clarify

Circular No. 1045/33/2016 – CX F. No. 354/25/2016 – TRU (Pt.-I) Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, the 26th July, 2016 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All); Principal Chief Commissioners / Chief Commissioners of Customs & Central Excise (All); All Director… Read More »

Assessing Officer can view CIB, AIR of cases selected under scrutiny

CASS – Instruction No. 2 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. System/ITBA/Instruction/Assessment/ CASS Cycle 2/2016-17/ Dated: 25/07/2016 The Principal Chief Commissioner of Income-Tax/ CCsIT (By Name) Ahmadabad / Allahabad / Amritsar / Bangalore / Baroda / Bhopal / Bhubaneswar/ Bareilly / Chandigarh / Chennai / Cochin / Coimbatore… Read More »

Revised Template Letter to communicate transactions without valid PAN

F.No. 225/193/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, the 25th of July, 2016 To All Principal Chief Commissioners of Income-tax Sir/Madam Subject: Corrigendum regarding the ‘Letter Template’ issued vide letter of Board dated 22.07.2016 in connection with handling of AIR transactions without valid PAN-regd.- Please refer to the above communique… Read More »

Paperless PAN and TAN application process

Paperless PAN and TAN application process: The CBDT announced a digital signature certificate-based application procedure to companies to apply via portals of Permanent Account Number (PAN) service providers. Under the new process, PAN and TAN will be assigned within one day after completion of a valid on-line application. Read a July 2016 report of KPMG

Cross-charge transactions under GST

Cross-charge transactions under GST: An update on the draft GST law concerns: (1) the taxability of typical transactions between a head office and its branch offices; and (2) credit optimisation in situations of centralised billing from the head office when the branch offices are located at multiple locations and credit of common expenses incurred by the head… Read More »

Taxability of reimbursements for Mobilisation / demobilisation of vessels used in exploration for oil and gas

Mobilisation / demobilisation of vessels used in exploration for oil and gas: The Delhi Bench of the Income-tax Appellate Tribunal held that reimbursements paid by customers for the mobilisation / demobilisation of vessels used by the taxpayer in exploration for oil and gas and attributable to the distance travelled outside India are taxable. The case is: Western… Read More »

Payment for purchase of software is not royalty/ fees for Technical Services, hence no TDS u/s 195

Held AO/DRP have erred in treating the acquisition of software under the head ‘fee for technical services/royalty’ requiring the assessee to pay the tax on the same. [para 30] IN THE ITAT DELHI BENCH ‘I-1’ SAIC India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 7(1), New Delhi KULDIP SINGH, JUDICIAL MEMBER AND N. K.… Read More »

Sale of Trademark registered in India not taxable as owned by Australian company

Held An, by its very nature, does not have any physical form. Therefore, it does not exist in a physical form at any particular location. The legislature could have, through a deeming fiction, provided for the location of an intangible capital asset, such as intellectual property rights, but, it has not done so insofar as… Read More »