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NO TDS on payments made to corporations whose income is exempt u/s-10(26BBB) of the Income Tax Act,1961

The CBDT has issued Circular No. 07 dated 23.04.2015 stating that the CBDT has decided that since corporations covered under Section 10(26BBB) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, therefore any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to such corporations since their income is anyway exempted under the Act.
copy of circular can be find under link below
Circular

A note on DUTY DRAWBACK



DEFINITION AND OBJECTIVES
The term drawback is applied to a certain amount of duties of Customs/central excise, some times the whole, some times only a part remitted or paid by Government on the exportation of the commodities on which they were levied. To entitle goods to drawback, they must be exported to a foreign port, the object of the relief afforded by the Drawback being to enable the goods to be disposed of in the foreign market as if they had never been taxed at all. For Customs purpose drawback means the refund of duty of customs and duty of central Excise that are chargeable on imported and indigenous materials used in the manufacture of Exported goods.
GOODS ELIGIBLE FOR DRAWBACK
This scheme applies to
a.       export goods imported into India as such
b.      export goods imported into India after having been taken for use
c.       export goods manufactured / produced out of imported material
d.      export goods manufactured / produced out of indigenous material
e.       Export goods manufactured /produced out of imported or and indigenous materials.

it is not open to the assessee to bifurcate Depreciation into current & C/F depreciation to claim u/s 32 of I.T.Act

S. 32: The assessee has the right to disclaim depreciation in its entirety. However, it cannot claim depreciation for the current year and disclaim unabsorbed depreciation
The assessee claimed the depreciation allowance insofar as it pertained to the current year. At the same time, it did not want to claim the set off of the unabsorbed depreciation allowance of the previous years. The Supreme Court had to consider whether it is open to the assessee to invoke the provisions of Section 32 of the Act by claiming depreciation of the current year, but at the same time choose not to make a claim of set off of unabsorbed depreciation allowance of the previous years. HELD by the Supreme Court rejecting the plea:

Gold Monetization Scheme

The Finance Minister in his budget speech for the Union Budget 2015 - 16 made the following announcement:
"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold".

For the purpose, a draft of the Scheme has been prepared and released on Tuesday and comments & suggestions have been invited by the government on the draft and same can be posted by accessing the link below:-

http://mygov.nic.in(External Website that opens in a new window) Portal. 

The main objective of the Scheme is to mobilize gold held by the households in lieu of interest and to make it available to the gems and jewellery sector as raw material on loan. This scheme aims at reducing reliance on import of gold to meet the domestic demand. A brief FAQ is given below to understand the scheme:-

New Rate of Service Tax will be effective from 01st June 2015

Notification notifying the applicability of new service tax rate has been issued.
New Rate of Service Tax i.e @14% (including Education Cess) will be effective from 1st June, 2015 as per Notification No. 14/2015 issued on 19th May, 2015. Swach Bharat cess @ 2 % will not applicable form 01 st, June, 2015. Date of applicability of Swach Bharat Cess will notified soon.

Indirect Taxes-Budget 2015-Changes Effective from 14th May 2015

Changes which are become effective from 14th May 2015 (i.e. the date on which Finance Bill received Presidential Assent) are summarised below:-

Amendments in the Central Excise Act, 1944
  1. Section 11A stands amended as follows:
(i) category of cases where extended period of time applies but the transactions are recorded in the specified record, will be removed from the statute,
(ii) provision relating to relevant date also amended to provide definition of relevant date in respect of cases where a return is not filed on the due date and where only interest is required to be recovered,
(iii) provisions of section 11A will not apply to cases where the non-payment or short payment of duty is reflected in the periodic returns filed and that in such cases recovery of duty will be made in such manner as may be prescribed in the rules.