Proposed Amendments to the Shipbreaking Code, 2013: Stakeholders Comments Called for In pursuance of the directions of the Hon’ble Supreme Court in CWP 657 of 1995, in the matter of Research Foundation for Science Vs Union of India and another, Government of India in the Ministry of Steel had formulated and notified the comprehensive code… Read More »
Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.80/2016-CUSTOMS (N.T.), dated 2nd June, 2016, except as respects things done… Read More »
Tax Rebate under section 87A of Income Tax Act Salient Features of Tax Rebate under section 87A of Income Tax Act Tax Rebate under section 87A of Income Tax Act is available to Individuals having total income is less than Rs 5 Lakh. Total Income Means =[Gross Total Income Less Deductions u/s ( e.g LIC PPF etc… Read More »
GST on E commerce ‘Aggregator’ means a person, who owns and manages an electronic platform, and by means of the application and a communication device, enables a potential customer to connect with the persons providing service of a particular kind under the brand name or trade name of the said aggregator; ‘Electronic commerce’ shall mean… Read More »
Refund claims under rule 5 of the CENVAT Credit Rules, 2004 Circular No. 195/05/2016-Service Tax F. No. 137/62/2015-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing *** New Delhi, dated 15th June, 2016 To All Principal Chief Commissioners of Central Excise All Chief Commissioners… Read More »
Income computation and disclosure standards Separate Books of Accounts not required as per ICDS As per Explanatory Memorandum to Finance (No. 2) Bill, 2014 ” ……The Central Board of Direct Taxes (CBDT) had constituted an Accounting Standard Committee in 2010. The Committee has submitted its Final Report in August, 2012. The Committee recommended that the AS… Read More »
Income computation and disclosure standards Income computation and disclosure standards are mandatory from AY 2016-17 as per Notification NO.32/2015 [F. NO. 134/48/2010-TPL]/SO 892(E) Dated 31.03.2015 Central Government notified the income computation and disclosure standards to be followed by all assessees, following the mercantile system of accounting, for the purposes of computation of income chargeable to income-tax… Read More »
Cabinet approves of 4/6 laning of Kharar-Ludhiana Section of NH-95 (New NH-05) in Punjab The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the development of 4/6 laning of Kharar-Ludhiana Section of NH-95 (New NH-05) in Punjab. The cost is estimated to be Rs.2069.70 crore including cost of… Read More »
Cabinet approves enhancement of age of superannuation of Non-Teaching, Public Health Specialists and General Duty Medical Officers sub-cadre of Central Health Service to 65 years The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for enhancement of the age of superannuation of (i) Non-Teaching and Public Health Specialists of… Read More »
Cabinet approves Civil Aviation Policy The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the Civil Aviation Policy. This is the first time since Independence that an integrated Civil Aviation Policy has been brought out by the Ministry of Civil Aviation. Highlights The Policy aims at: … Read More »