Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified 

Customs

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs(CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of…

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Auction for Sale (Re-Issue) of ‘Government Stocks

Misc. Items

The Government of India have announced the Sale (issue/re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of  Rs. 3,000 crore (nominal) through price based auction, (ii) “7.72 per cent Government Stock 2025” for a notified amount of  Rs. 6,000 crore (nominal) through price based auction, (ii) “8.24 per cent Government Stock  2033”…

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No Direct demand from deductee in case of Non deposit of TDS by Deductor

Income Tax, Income Tax Circulars/ Notification

275/29/2014-IT-(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated New Delhi, the 1st June, 2015 To, The CCsIT (CCA) Subject: Non-deposit of Tax Deducted at Source – regarding. Sir/Madam, Grievances have been received by the Board from many taxpayers that in their cases the deductor has deducted tax at source from…

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Extension of Due Date for filing of Income Tax Return for AY 2015-16

Income Tax, Income Tax Circulars/ Notification

SECTION 119 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES – EXTENSION OF DUE DATE OF FILING RETURN OF INCOME FOR ASSESSMENT YEAR 2015-16 ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015 The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the…

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India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information (AEOI)

Income Tax, Income Tax Circulars/ Notification

India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on 3rd June, 2015, in Paris, France, alongwith Australia, Canada, Costa Rica, Indonesia and New Zealand. On our behalf, the Declaration to comply with the provisions of the MCAA was signed by H.E. Mr. Mohan Kumar, Ambassador of the Republic of…

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Clarifications on Rollback Provisions of Advance Pricing Agreement Scheme

Income Tax, Income Tax Circulars/ Notification

The Advance Pricing Agreement provisions were introduced in 2012 through insertion of sections 92CC and 92CD in the Income-tax Act, 1961 by the Finance Act, 2012. Subsequently, the Advance Pricing Agreement Scheme was notified vide S.O. 2005 (E), dated 30/8/2012, thereby inserting Rules 10F to 10T and Rule 44GA in the Income-tax Rules, 1962.  Rollback…

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Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – additional documents for the limited purpose of ‘proof of address’

RBI Notifications/ Circulars/ Press Release

The Government has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 providing additional relaxations for the purpose of proof of address in addition to the relaxations in proof of identity under ‘simplified measures’ as contained in paragraph 2(d) of PML Rules. Thus, for the limited purpose of proof of address the following…

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Draft IIM Bill 2015 – Comments invited

Misc. Items

The proposed IIM Bill 2015 proposes to grant statutory status to thirteen existing Indian Institutes of Management (IIMs) at Ahmedabad, Kolkata, Bengaluru, Lucknow, Indore, Kozhikode, Shillong, Raipur, Ranchi, Rohtak, Kashipur, Tiruchirapalli and Udaipur, and declare them as Institutions of National Importance, to enable them to grant degrees to their students in the academic courses conducted…

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Proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015

Bank Accounts, Investment and Savings

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015.  The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138…

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