Sukanya Samariddhi Yojna

P.M.Shree Narendra Modi with a vision to provide for education and marriage expenses of a girl child, has announced a scheme i.e. “Sukanya Samriddhi Yojna’.

Under this scheme an account shall be allowed to get open with Banks or post office and amount deposited such accounts will be eligible for deduction U/S 80C of the Income Tax Act,1961

As it is new announcement and financial year is near to close, many of the taxpayers are rushing to invest under various schemes eligible for deduction to save tax.

I have just tried to sum up FAQs for clarification on the scheme based on Notification and rules notified so far.

Mandatory Documents Required For Export And Import Reduced To Three Each

India took a leap forward in improving 'Ease of Doing Business' today by reducing the mandatory documents required for import and export of goods to three documents each. The Directorate General of Foreign Trade (DGFT) issued a Notification to this effect today (Notification Link below).

Date extended for filing of online DVAT Return for third quarter of 2014-15

Due date for filing Return under DVAT has been extended further upto 15-02-2015 from 02-02-2015.

Originally it is due on 25th of Jan-2015.

 Extract of Circular by the Department

Advance by Partner to Firm & Section 269SS

Whether advances given by partner of a partnership firm to the firm violates the provisions of section 269SS and liable to penalty u/s 271-D? 

Held: No. 

Clarifications regarding Mandatory pre-deposit of duty or penalty for filing appeal

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Clarifications regarding Mandatory pre-deposit of duty or penalty for filing appeal
Section 35FF of the Central Excise Act, 1944 and Section 129EE of the Customs Act, 1962 prescribe mandatory pre-deposit as a percentage of the duty demanded where duty demanded is in dispute or where duty demanded and penalty levied are in dispute.In this regard, CBEC vide Circular No. 993/17/2014-CX., Dated: January 05, 2015 has provided the following: