Daily Archives: February 29, 2016

Change in rate of interest on goods warehoused for export, when cleared to DTA

By | February 29, 2016

Circular No. 1019/7/2016-CX F. No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner / Chief Commissioner of Central Excise and Service Tax (All), Principal Commissioner of… Read More »

Pay 15% for Stay of Income at demand at CIT (A) : Office Memorandum No 404/72/93 ITCC DATED 29-2-2016

By | February 29, 2016

SECTION 220 OF THE INCOME-TAX ACT, 1961 – COLLECTION AND RECOVERY OF TAX – WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT – AMENDMENT OF INSTRUCTION NO.1914, DATED 21-3-1996 TO PROVIDE FOR GUIDELINES FOR STAY OF DEMAND AT FIRST APPEAL STAGE OFFICE MEMORANDUM [F.NO.404/72/93-ITCC], DATED 29-2-2016 Instruction No. 1914 dated 21-3-1996 contains guidelines issued by… Read More »

Govt to withdraw Prosecution cases of Excise of 15 Years older

By | February 29, 2016

Withdrawal from prosecution in Central Excise cases older than 15 years involving duty less than rupees five lakhs   Circular No. 1018/6/2016-CX F. No. 96/54/2014-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, dated the 29th February, 2016 To, Principal Chief Commissioners/Chief Commissioners of Central Excise… Read More »

Govt to isssue Certificate of payment of Central Excise duty to all Industries

By | February 29, 2016

Certificate evidencing payment of Central Excise duty Circular No. 1017/5/2016-CX F.No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner / Chief Commissioner of Central Excise… Read More »

Registration of two or more premises as one registrant in Central Excise

By | February 29, 2016

Registration of two or more premises as one registrant in Central Excise Circular No. 1016/4/2016-CX F.No. 96/18/2016-CX.1 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, dated the 29th February, 2016 To Principal Chief Commissioner / Chief Commissioner of Central Excise (All), Principal Chief Commissioner /… Read More »

Govt prescribe interest rate under section 75 of the Finance Act, 1994

By | February 29, 2016

Seeks to prescribe interest rate under section 75 of the Finance Act, 1994 Notification No 13/2016-Service Tax dt. 01-03-2016 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 -Rate of simple interest-… Read More »

CIRCULAR NO 6/2016 : Tax on Sale of Shares as Business Income or Capital Gain ? Clarified

By | February 29, 2016

CIRCULAR NO 6/2016 [ Income Tax ] SECTION 45, READ WITH SECTION 28(i), OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS, ISSUE OF TAXABILITY OF SURPLUS ON SALE OF SHARES AND SECURITIES CHARGEBALE AS CAPITAL GAINS OR BUSINESS INCOME  INSTRUCTIONS IN ORDER TO REDUCE LITIGATION CIRCULAR NO 6/2016 [F.NO.225/12/2016-ITA-II], DATED 29-2-2016 Sub-section (14) of section 2 of the… Read More »

Construction of Civil Structure will attract higher Service Tax as Govt Amended notification No. 26/2012

By | February 29, 2016

Seeks to amend notification No. 26/2012-Service Tax, dated 20th June 2012, so as to make necessary amendments in the specified entries prescribing taxable portion and the conditions for availing the exemption therein [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

Indian Army Invites Application from MBBS Candidates

By | February 29, 2016

Indian Army Invites Application from MBBS Candidates for Short Service Commission in Armed Forces Medical Services The Indian Army has invited applications from Indian citizens, both males and females, who have passed their final MBBS (Part-I&II) examination in first or second attempt and completed/completing internship for grant of Short Service Commission in the Armed Forces… Read More »

Govt will remove Plan – Non Plan Classification in Budget

By | February 29, 2016

Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18 The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit… Read More »

100 Crore set up by govt for Birth Anniversary of Guru Gobind Singh : Budget 2016-17

By | February 29, 2016

100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh General Budget 2016-17 has proposed allocation of initial sums of Rs. 100 Crore each allocated for celebrating Birth Centenary of Pt Deen Dayal Upadhyay and 350th Birth Anniversary of Guru Gobind Singh. While presenting… Read More »

Key Announcements of Finance minister in Budget speech 2016-17

By | February 29, 2016

Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17   Big Focus on Agriculture and Farmer’ Welfare (i)            Farmer’s income to be doubled by 2022. (ii)            28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai… Read More »

Budget 2016 Agenda is to Transform India

By | February 29, 2016

FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’             While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year.  This was possible notwithstanding the contraction of global exports by… Read More »

Finance Minister clarify aims of Tax Proposals

By | February 29, 2016

FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote… Read More »

3 Steps for disbursement of Govt subsidies in Budget 2016

By | February 29, 2016

Initiatives to Ensure Targetted Disbursement of Government Subsidies and Financial Assistance to Actual Beneficiaries Three specific initiatives have been proposed to achieve the objective of targeted disbursement of Government subsidies and financial assistance to the actual beneficiaries. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »

Govt to pay EPS contribution of 8.33% for all new employees : Budget 2016

By | February 29, 2016

1500 Multi Skill Training Institutes to be set-up across the country, Rs.1,700 crore provided in the Budget 2016-17 Government to pay EPS contribution of 8.33% for all new employees for first three years of employment; Rs 1,000 crore earmarked in the Budget 100 Model Career Centres to be made operational by end of 2016-17 State… Read More »

Govt Steps for Financial Sector reforms in Budget 2016

By | February 29, 2016

Comprehensive Code on Resolution of Financial Firms to be Enacted Allocation of Rs. 25,000 Crore Towards Recapitalisation of PSBS Target of Amount Sanctioned Under Pradhan Mantri Mudra Yojana is Proposed to be Increased to Rs 1,80,000 Crore While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »