The Hon'ble Finance Minister in his
budget speech for 2015-16 had proposed introduction of Black Money Bill in the
Parliament. The Bill was passed by the Parliament in its budget session. The
Bill received the assent of the President on May 26, 2015 and it became the
law. It is to be called as "The Black Money (Undisclosed Foreign Income
and Assets) and Imposition of Tax Act, 2015" ("the Black Money
Act"). It has been clarified by the Government that such Black Money Act
would be applicable from July 1, 2015.
Compliance window under Black Money Act
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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
copy of circular can be find under link below
Circular
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A note on DUTY DRAWBACK
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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.
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.
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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
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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:
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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 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:-
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