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'Compliance Window' under New Black Money Act - CBDT notifies Sept 30 as deadline for making declaration and Dec 31, 2015 as last date for making payment with penalty Najib Shah gets Addl Charge of CBEC Chairman (See 'Service News' in Pitara) PM to launch programme on digital empowernment of citizens today (See 'Mixed Buzz') Whether developers entering into agreements for sale of constructed apartments or flats prior to or during construction would be covered under term 'works contract' and hence were chargeable to VAT (See '2015-TIOL-1521-HC') New post-2020 climate change targets add up to 60% of global emissions (See 'Mixed Buzz') CBEC grants NFSG benefits to 113 JCs (See 'Promotion' in Pitara) Income tax - Whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land - YES: ITAT (See 'Breaking News') Audit: Frequently Asked Questions (See 'DDT' Column) CBEC promotes 100 officers as JCs + promotes 177 Superintendent of Central Excise + Customs + Jai Prakash transferred from Bhopal to ADG (Inspection), Chennai + CC, Bhubaneswar gets addl charge of Kolkata (See 'Pitara') CX - Erroneous payment of duty on exempted goods does not make them non-exempted - No error in order of Tribunal in allowing exemption under Notification 89/95 to waste and scrap arising in manufacture of such goods: HC (See 'Breaking News') Income Tax e-filing is ready (See 'DDT') Core Sector growth doubles in May (See 'Mixed Buzz') Cus - Brokers Licencing Regulations - Under Regulation 20(1), notice to be issued within 90 days from date of receipt of offence report - SCN issued beyond 90 days is invalid and is quashed: HC (See 'Breaking News') Monitoring of effluents: 920 out of 2800 industries begin 24x7 vigil (See 'Mixed Buzz') Najib Shah - New Chairman of CBEC - Please clarify Education Cess (See 'DDT') Transfer Pricing - CBDT signs first APA in IT/ITes industry MAT on FII - Bombay HC stay on demand to continue as Revenue expresses desire to wait for Apex Court verdict in two pending cases Nagpur Airport Customs seizes 3 kg gold concealed in music system CBEC reduces tariff value across the board, including that of gold and silver (See 'What's New') ACC okays several JS-level Appointments, including that of two IRS officers (See 'Mixed Buzz') CBDT promotes 23 CCITs as Principal CCITs (See 'Promotion' in Pitara) CBDT issues Addl Charge order for CCITs (See 'Service News' in Pitara) Coal Scam: Former MoS(Coal) says all decisions relating to allocation of coal blocks were taken by Dr Manmohan Singh Committee of Secretaries recommends Najib Shah's name for CBEC New Chairman + two names for posts of Members Bombay HC permits Nestle to export Maggi Noodles CX - Availment of fraudulent CENVAT credit of Rs.5.64 crores without receipt of inputs & showing purported clearance of inputs as such - it cannot be said that credit has been reversed as buyers would have taken credit - Pre-deposit ordered of 7.5%: CESTAT (See 'Breaking News') What GST brought to Malaysia(See 'DDT' Column) I-T - Whether if property is sold under duress at lesser value as it was under litigation, provisions of Sec 50C cannot be mechanically applied to tax capital gains - YES: ITAT (See 'Breaking News') Proposed GST scenario for State of Jammu & Kashmir (See 'ST se GST tak' Column) ST - Construction Service - Notification 1/2006 - There is no specific bar in notification to disallow CENVAT credit of tax paid on Input services for previous period - Tax paid on Input services received prior to 01.03.2006 and credit taken on 01.04.2006 is legal and proper: CESTAT (See 'Breaking News') It is unfortunate that law enforcing/implementing agency chooses to ignore the law; somehow deny refund, without even considering legal options (See 'DDT') 'Compliance Window' under New Black Money Act - CBDT notifies Sept 30 as deadline for making declaration and Dec 31, 2015 as last date for making payment with penalty Najib Shah gets Addl Charge of CBEC Chairman (See 'Service News' in Pitara) PM to launch programme on digital empowernment of citizens today (See 'Mixed Buzz') Whether developers entering into agreements for sale of constructed apartments or flats prior to or during construction would be covered under term 'works contract' and hence were chargeable to VAT (See '2015-TIOL-1521-HC') New post-2020 climate change targets add up to 60% of global emissions (See 'Mixed Buzz') CBEC grants NFSG benefits to 113 JCs (See 'Promotion' in Pitara) Income tax - Whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land - YES: ITAT (See 'Breaking News') Audit: Frequently Asked Questions (See 'DDT' Column) CBEC promotes 100 officers as JCs + promotes 177 Superintendent of Central Excise + Customs + Jai Prakash transferred from Bhopal to ADG (Inspection), Chennai + CC, Bhubaneswar gets addl charge of Kolkata (See 'Pitara') CX - Erroneous payment of duty on exempted goods does not make them non-exempted - No error in order of Tribunal in allowing exemption under Notification 89/95 to waste and scrap arising in manufacture of such goods: HC (See 'Breaking News') Income Tax e-filing is ready (See 'DDT') Core Sector growth doubles in May (See 'Mixed Buzz') Cus - Brokers Licencing Regulations - Under Regulation 20(1), notice to be issued within 90 days from date of receipt of offence report - SCN issued beyond 90 days is invalid and is quashed: HC (See 'Breaking News') Monitoring of effluents: 920 out of 2800 industries begin 24x7 vigil (See 'Mixed Buzz') Najib Shah - New Chairman of CBEC - Please clarify Education Cess (See 'DDT') Transfer Pricing - CBDT signs first APA in IT/ITes industry MAT on FII - Bombay HC stay on demand to continue as Revenue expresses desire to wait for Apex Court verdict in two pending cases Nagpur Airport Customs seizes 3 kg gold concealed in music system CBEC reduces tariff value across the board, including that of gold and silver (See 'What's New') ACC okays several JS-level Appointments, including that of two IRS officers (See 'Mixed Buzz') CBDT promotes 23 CCITs as Principal CCITs (See 'Promotion' in Pitara) CBDT issues Addl Charge order for CCITs (See 'Service News' in Pitara) Coal Scam: Former MoS(Coal) says all decisions relating to allocation of coal blocks were taken by Dr Manmohan Singh Committee of Secretaries recommends Najib Shah's name for CBEC New Chairman + two names for posts of Members Bombay HC permits Nestle to export Maggi Noodles CX - Availment of fraudulent CENVAT credit of Rs.5.64 crores without receipt of inputs & showing purported clearance of inputs as such - it cannot be said that credit has been reversed as buyers would have taken credit - Pre-deposit ordered of 7.5%: CESTAT (See 'Breaking News') What GST brought to Malaysia(See 'DDT' Column) I-T - Whether if property is sold under duress at lesser value as it was under litigation, provisions of Sec 50C cannot be mechanically applied to tax capital gains - YES: ITAT (See 'Breaking News') Proposed GST scenario for State of Jammu & Kashmir (See 'ST se GST tak' Column) ST - Construction Service - Notification 1/2006 - There is no specific bar in notification to disallow CENVAT credit of tax paid on Input services for previous period - Tax paid on Input services received prior to 01.03.2006 and credit taken on 01.04.2006 is legal and proper: CESTAT (See 'Breaking News') It is unfortunate that law enforcing/implementing agency chooses to ignore the law; somehow deny refund, without even considering legal options (See 'DDT')
 
   
It's Raining Black!
DDT (Daily Dose of Taxation)

Audit: Frequently Asked Questions

With VIJAY KUMAR

Audit: Frequently Asked Questions
Published: July 01, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 39 NT 65 Cir 19
ADD
:
Not 30 SG: 01  
EX
:
Not 33 NT 17 Cir 1003
S.TAX
:
Not 17 Cir 184 JS TRU
I-T
:
Not 50-51 Cir 10,11  
DGFT
:
Not 14 PN 23 Cir02
RBI
:
Cir 112 Notif  
BREAKING NEWS

Mumbai, July 01
Income tax - Whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land - YES: ITAT

Chennai, July 01
CX - Erroneous payment of duty on exempted goods does not make them non-exempted - No error in order of Tribunal in allowing exemption under Notification No 89/95 to waste & scrap arising in manufacture of such goods: HC

Chennai, July 01
Cus - Brokers Licencing Regulations - Under Regulation 20(1), notice to be issued within 90 days from date of receipt of offence report - SCN issued beyond 90 days is invalid and is quashed: HC

Mumbai, June 30
CX - Availment of fraudulent CENVAT credit of Rs.5.64 crores without receipt of inputs & showing purported clearance of inputs as such - it cannot be said that credit has been reversed as buyers would have taken credit - Pre-deposit ordered of 7.5%: CESTAT

Panaji, June 30
I-T - Whether if property is sold under duress at lesser value as it was under litigation, provisions of Sec 50C cannot be mechanically applied to tax capital gains - YES: ITAT

MIXED BUZZ
XCuSE Updates
XCuSE
THE COB (WEB)
Tax Havens - A Creation of Geopolitics ... And realpolitik continues!by SHAILENDRA KUMAR

Tax Havens - A Creation of Geopolitics ... And realpolitik continues!
Published: June 25, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
FM should clean the Centre's financial mess as identified by CAGby TIOL EDIT TEAM

Ensure that Gold does not glitter for money launders
Published: June 28, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Time to stand up & crave for the good side of 1975 Emergency!

Time to stand up & crave for the good side of 1975 Emergency!
Published: June 25, 2015

View previous ICE CUBEs »

GUEST COLUMN

With Monsoon Tail Wind, will GST Bill sail through?by SUMIT DUTT MAJUMDER

With Monsoon Tail Wind, will GST Bill sail through?
Published: June 29, 2015

View previous Guest Column(s);

ST se GST tak

Proposed GST scenario for State of Jammu & Kashmir by R K HASIJA

Proposed GST scenario for State of Jammu & Kashmir
Published: June 30, 2015

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
 
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    In its endeavour to constantly innovate, TIOL presents TIOL Tube, an online Video channel to satisfy the growing expectations of netizens for eye-ball friendly content.

    simply inTAXicating - Making & Faking of Indian Rupee

    Rupee is the currency in as many as six countries. India happens to be the second largest producer of currency after China in the world. Since India is a cash-driven economy, its requirement of various denominations of bank notes is very high. What adds to the problem of our dependence on import of raw materials is the exceptionally high wear and tear process whereby out of 80 billion bank notes in circulation at any given point of time, RBI needs to replace almost 45% of such notes every year. And printing money costs lots of money. For instance, RBI spent over Rs 11000 Crore on currency printing in 2014. Then comes the problem of fake notes. To debate the issues of whether India can print its own currency requirement and whether there is room for us to export our printing services to other economies and what are the solutions to the problem of fake notes being pumped from across the border and whether either the Central Government or the RBI should undertake a currency empowerment drive for the common man TIOL spoke to the RBI Executive Director and the Chief General Manager besides inviting two experts to the studio to throw more light on these issues. The Making & The Faking of Indian Rupee was anchored by TIOL TUBE's Founder Editor Shailendra Kumar.

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