The deadline to exchange pre-2005 currency notes, including those of Rs 500 and Rs 1,000 denominations at banks, has been extended to December 31, 2015. The earlier deadline was June 30.This is the second time the RBI has extended the deadline. Seeking cooperation for withdrawing pre-2005 currency notes from circulation, the RBI had asked the public … Continue reading RBI extends deadline for exchanging pre-2005 currency notes by six months
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Freight and other costs is included in value of goods
The Hon’ble Apex Court in the matter of Commissioner, Customs and Central Excise, Aurangabad v. Roofit Industries Ltd (Civil Appeal No. 5541 of 2004) has held that the freight and other costs to be included in the valuation of the goods for the purpose of excise duty where the place of removal of finished goods … Continue reading Freight and other costs is included in value of goods
New Rate of Service Tax_Effective from June 01, 2015
Finance Act, 2015 As we all know the Hon’ble President has given his assent to the Finance Bill, 2015 on May 14, 2015 and consequently, the Finance Act, 2015 (No. 20 of 2015) has been notified in the official gazette. New Rate of Service Tax The Central Government vide Notification No. 14/2015-ST dated May 19, … Continue reading New Rate of Service Tax_Effective from June 01, 2015
Clarification on rebate of duty on goods cleared from Domestic Tariff Area (DTA) to Special Economic Zone (SEZ)
Background Vide Notification No. 06/2015-CE (NT) dated March 01, 2015, the term ‘export goods’ has been defined as under: “(1A) "export goods" means any goods which are to be taken out of India to a place outside India.”[1] Similarly, vide Notification No. 08/2015-CE (NT) dated March 01, 2015, the existing explanation under Rule 18 of … Continue reading Clarification on rebate of duty on goods cleared from Domestic Tariff Area (DTA) to Special Economic Zone (SEZ)
No separate application is required for obtaining PAN/TAN of new company- File E-form INC-7 only
The Central Board of Direct Taxes has amended the Income Tax Rules, 1962 vide Notification No. 38/2015 dated April 10, 2015. The said Notification provides that the proposed companies which have not been incorporated/registered under the Companies Act, 2013, the application for allotment of a Permanent Account Number (PAN) and Tax deduction and collection Account … Continue reading No separate application is required for obtaining PAN/TAN of new company- File E-form INC-7 only
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