DELHI VAT VAT deduction at source in respect of works contract- advisory to Govt. deptt. All the government departments have been advised to deduct tax at the source and deposit the same with the Trade & Taxes Department. This Circular has been issued considering the fact that some of the Government Departments are carrying out… Read More »
CUSTOMS Prevention of use of non-genuine transferable duty credit scrips or DFIA (Duty Free Import Authorizations) In order to maintain a balance between common prudence, trade facilitation and enforcement and to curb the use of non-genuine transferable duty credit scrips or duty free import authorizations by unscrupulous persons, CBEC vide Circular No. 12/2016-CUS, dated March… Read More »
HIMACHAL PRADESH VAT Electronic Declaration of tax invoices/ bills/ cash memos for intra-State movement of goods – Amendment in Rule 61B of Himachal Pradesh Value Added Tax Rules, 2005 Himachal Pradesh Government vide Notification No. EXN-F(10)-7/2011- Vol I dated 28thMarch, 2016 has made it mandatory for e-declaration in Form VAT-XXVI by dealers before dispatching taxable… Read More »
NAGALAND VAT Compulsory filing of e-return w.e.f. 01.04.2016 Nagaland Government has provided for mandatory e-filing of VAT return through ‘Tax Soft’ for all the registered dealers w.e.f. 01.04.2016. [Notification NO.CT/LEG/CR/128/2006 dated 29th March, 2016]
Form No 15CA/ 15 CB Form No 15CA / 15 CB : -The CBDT has amended Rule 37 BB of the Income-tax Rules and made following changes relating to form No 15CA and 15CB which are applicable from today itself i.e. 1st April 2016: Sec 195(6) states that The person responsible for paying to a non-resident,… Read More »
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 »