Request to Taxpayers to Avail Facility for Online Rectification Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectification requests. Taxpayers who are not… Read More »
Tax avoidance V/s Tax evasion Introduction There is a clear-cut difference between tax avoidance and tax evasion. One is legally acceptable and the other is an offense. Unfortunately however many consultants even in this country do not understand the difference between tax avoidance and tax evasion. Most of the planning aspects that have been suggested… Read More »
Facts of the Case The assessee was engaging services of contractor/s for harvesting, cutting and transporting Sugarcane from the Farmers’ fields to its factory. The amount paid to those contractors was bifurcated under different heads namely cane cutting charges, harvesters’ bonus, transportation charges and transportation commission. Payments made on those amounts were booked as expenditure.… Read More »
RBI/2015-16/352 DBS.CO.PPD.10887/11.01.005/2015-16 March 31, 2016 The Chairman/ The Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Risk Based Supervision – Follow up of Risk Management Systems in Banks We invite your kind attention to the provisions contained in our Circular No. DBS.CO.PPD.BC/14//11.01.005/2003-04 dated June 26, 2004, in terms of which, banks are… Read More »
RBI/2015-16/350 A.P. (DIR Series) Circular No.58 March 31, 2016 To All Authorised Dealer Category – I Banks Madam/Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More »
RBI/2015-16/351 A.P. (DIR Series) Circular No.57 March 31, 2016 To, All Authorised Dealer Category – I Banks Madam/ Sir, Import of Rough, Cut and Polished Diamonds Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P.(DIR Series) Circular No.2 dated July 7, 2014 and para no C.12.1(a) ofMaster… Read More »
RBI/2015-16/353 DBR.IBD.BC.89/23.67.001/2015-16 March 31, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Gold Monetisation Scheme, 2015 In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Reserve Bank of India (Gold Monetisation Scheme, 2015) Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22,… Read More »
Attestation form for verification of character and antecedents prior to appointment in Government service The Department of Personnel & Training (DoPT), Ministry of Personnel, Public Grievances and Pensions has examined the matter related to the proposal for making attestation process citizen friendly. In this regard, it has been decided to place a note on the… Read More »
Revised Child Fare Rule becomes applicable for train journey from 21st April, 2016 onwards. Advance booking of reserved tickets under this revised child fare rule has already started in December 2015 for journey date 21st April, 2016 onwards. Ministry of Railways has decided to revise the child fare rule. Under the revised provision, full… Read More »
Change in Tariff value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold And Silver Notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »