HDFC Retirement Saving Fund Eligible for Section 80C Deduction from AY 2016-17
Notification No 91/2015 Dated 08th December 2015 HDFC Retirement Saving Fund eligible for Deduction u/s 80C from AY 2016-17 and Subsequent Years
Monthly Archives: December 2015
How many Directors allowed in a Company ?
As per Articles of Association, the maximum number of Directors of a company is 9. The Board of Directors of the aforesaid company proposes to increase the number of Directors to 15. Advice, whether under the provisions of the Companies Act, 2013, the Board of Directors can do so? As per Section 149 of Companies… Read More »
Presumptive Taxation can not be applied by AO If there is Loss as per books of accounts
In Sanyasi Rao , the Supreme Court was interpreting Section 44AC which provides for taxation of presumptive income based on the gross receipts. The Supreme Court in the said case held that even where Section 44AC is sought to be applied to a trader, it was only a machinery provision and could not deny the… Read More »
Anti-dumping duty on Gliclazide exported from China
Seeks to levy definitive anti-dumping duty on Gliclazide, originating in, or exported from the Peoples Republic of China for a period of five year [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 59/2015-Customs (ADD) New Delhi, the… Read More »
Anti-dumping duty on Methylene Chloride exported from China and Russia
Seeks to levy provisional anti-dumping duty on Methylene Chloride originating in, or exported from the Peoples Republic of China and Russia for a period not exceeding six months [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 58/2015-Customs… Read More »
Janoli-Bhagola, Tehsil Palwal Haryana for Unloading of imported goods and loading of export goods.
Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Notification No.137/ 2015-Customs (N.T.) New Delhi, the 7th December, 2015 G.S.R . (E). In exercise of the powers… Read More »
Bulk Milk Cooler classified under 8418
B.9 – Vadodara Zone – Classification – Classification of “Milking Machines and Dairy Machines”- Whether Classifiable Under Tariff Item 84.18 or 84.19: Issue: The Bulk Milk Cooler is described as an insulated tank made up of SS 304 stainless steel sheets with evaporators, direct expansion condensing unit and smooth agitation, which is installed at village… Read More »
TASLA to be classified under tariff item 82019000
B.8 – Lucknow Zone – Classification – Classification of Goods Known as TASLA Issue: An item by the name of ‘TASLA’ of Iron and Steel is being manufactured in this zone and the assessee is classifying the same under tariff item 82019000 as “other Hand Tools of a kind used in agriculture, horticulture or Forestry”.… Read More »
Fruit juices or juice based drinks attract same rate of duty @ 6%
B.7 – Kolkata Zone – Classification – Description of Goods under Tariff Item No 22029020 being “Fruit-Pulp or Fruit Juice Based Drinks” Issue: The sponsoring zone pointed out that tariff item 22029020 provides description of goods as “fruit-Pulp or fruit Juice based drinks” but this description of goods seems incomplete as no percentage of fruit… Read More »
Edible Coconut Oil in retail packing of 200 ml or less is classifiable under Chapter 15 covering Animal or Vegetable Fats and Oils and not under Chapter 33 covering Cosmetics and Toilet Preparation
B.6 – Hyderabad Zone – Classification – Classification of Coconut Oil Packed in Packages up to Sizes of 200ml: Issue: This issue relates to classification of Coconut Oil. There are two contending classifications of Coconut Oil under the Central Excise Tariff. Chapter 15 covers various types of Vegetable Oils including Coconut Oil and Chapter 33… Read More »