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Showing posts from September 23, 2015

Updates of the day....

Updates Of the Day
1.ICAI Membership and COP Fee for the year 2015-2016 is payable on or before 30th September, 2015.
2.The Central Govt. has notified the Mines and minerals (contribution to district mineral foundation) rules, 2015, wef 12.01.2015.
3.Goods imported without valid licence liable to confiscation & redemption fine : Supreme Court : CCI, Raigad vs. Finacord chemcals (P) ltd.
4.Amended section 11B applicable in cases where implementation of order under un-amended section 11B is pending – CCE vs. Dalmia Cement (Bharat) Ltd.: Supreme Court of India.
5.Extended period invoked cannot be more than what is specified in Act– Dharampal Lalchand Chug vs CCE: Bombay High Court.
6.Disallowance u/s. 40(a) (ia) justified for deduction of TDS under wrong section : Kerala High Court : CIT vs. P V S Memorial Hospital Ltd.
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RBI to Issue Enhanced Rs. 500 Rs.1k Bank Notes

The Reserve Bank will issue Rs. 500 and Rs. 1,000 bank notes with additional features to aid the visually impaired in identification. The RBI had recently put into circulation Rs. 500 bank notes with numerals in ascending size in number panels but without bleed lines and enlarged identification mark. “It has now added two more features to aid visually impaired in easy identification of bank notes apart from securing them against counterfeiting,“ RBI said in a release. The central bank said the new Rs. 500 de Rs. 1,000 and nomination bank notes will have numerals in both the numbering panels. The Economic Times, New Delhi, 23rd Sept. 2015

Industrial Licence Validity for Defence Raised to 15 years

The government has extended the validity of industrial licence for defence sector for the second time this year, increasing it to 15 years with provision for a further extension of three years to promote defence manufacturing and ease of doing business. In April, the government had increased the validity of the licence to seven years, with provision for extending it up to 10 years. “This is being done as a measure to further promote ease of doing business, in view of the long gestation period of defence contracts to mature,“ the Department of Industrial Policy and Promotion (DIPP) said in a press note. In case a licence has already expired the licensee will have to apply for a fresh licence, the note said. Stepping up defence production in India to make do with minimum imports is a crucial element of the Narendra Modi government's `Make in India' campaign. Since assuming office in May last year, the government has in a series of measures aimed at freeing up the sector raised the fo…

No deadline extension to disclose foreign assets

The government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, the expiry date of the threemonth compliance window to avoid punitive action, V Anandarajan, joint secretary, Central Board of Direct Taxes said on Tuesday. Business Standard, New Delhi, 23rd Sept. 2015