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Showing posts from October 15, 2015

Updates Of the Day.......

Updates Of the Day
1.Delhi VAT authorities have extended the last date of filing of online return for 1st and 2nd quarter of 2015-16 for assessee engaged in the business of e-commerce to 16.11.2015.
2.Modification of Import Export Code (IEC) to be online only from 21.09.2015. NOTICE NO. 36/2015-20, Dated: September 14, 2015.
3.Rebate of Excise duty admissible on both inputs and final products. [Supreme Court: Spentex Industries Ltd. vs CCE]
4.TDS non-deduction notification has an automatic effect and deductor is not under an obligation to specifically apply for claiming it.[HP High Court : CIT vs. State Bank of Patiala]
5.ITAT can consider the plea not raised before CIT (A) u/s 254 of the Income Tax Act. [Delhi High Court : Fast Booking (I) Pvt. Ltd. vs. DCIT]
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Claiming Tax Benefits on Serious Ailment Gets Easy

Finance ministry has made it easier to claim tax benefit on expenditure with regard to seri ous ailments like thalassaemia, cancer, AIDS and haemophilia by doing away with the requirement of obtaining a certificate from a government hospital. Central Board of Direct Taxes has issued a notification amending Rule 11DD of the Income Tax Act to facilitate this.The amended rule relaxes the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments from a specialist working in a government hospital, the finance ministry said. The Economic Times, New Delhi, 15th Oct. 2015

Aadhaar More Secure than Social Media Apps & Phones Centre to SC

Aadhaar is far more secure in ensuring privacy than some social media apps and mobile phones in today's digital world, the government told the Supreme Court, as it wants the top court to permit wider use of the databank containing citizens' biometric information. The court has so far permitted “voluntary“ use of the Aadhaar identification number allotted to citizens only for the purpose of dispensing LPG, kerosene and PDS subsidies. The government wants to use Aadhaar for the purpose of authenticating the identity of citizens in banks, stock markets and for availing of services. Critics of Aadhaar say it is inherently intrusive of the citizen's right to privacy.A three-judge SC bench had disallowed any further use of Aadhaar, while referring the issue of the legality of a scheme to a larger bench. The government then moved a plea for vacating that stay . On Wednesday, when the proceedings got underway before a bench comprising Chief Justice HL Dattu and Justices MY Eqbal, C N…

Swachh Cess Likely on Fuel Telecom

Centre may issue Swachh bonds and impose cess on petrol, diesel, telecom services and waste produced by industries to fund Prime Minister Narendra Modi's pet project Swachh Bharat Abhiyan The government may issue Swachh Bharat bonds and impose a cess on automobile fuels, telecom services and mineral waste to fund Prime Minister Narendra Modi's pet national cleanliness project. A group of chief ministers headed by Andhra Pradesh chief minister Chandrababu Naidu submitted a report to Modi on Wednesday outlining ways to mobilise funds for the Swachh Bharat Abhiyaan initiative. “Swachh Bharat bonds may be issued and a Swachh Bharat cess may be levied by the central government on petrol, diesel, telecom services and also on accumulated waste produced by plants generating mineral waste like coal, aluminum and iron ore,“ the Prime Minister's Office said in a statement, citing the report. “Given the scale and importance of the programme, it has been suggested that the sharing pattern …

NSE incentives to boost ETFs

Inducements to be computed and settled on a monthly basis The National Stock Exchange of India (NSE) has started incentives for market makers to boost liquidity in exchange- traded funds (ETFs) listed on it. The exchange has started aliquidity enchancement scheme. The incentives will be computed and settled on a monthly basis. One condition is that participants should provide quotes within specified limits for 80 per cent of the trading time, for 80 per cent of the trading days in a month. The scheme began on September 15 and is open till March 31, 2016. (An ETF is a marketable security that tracks an index, acommodity, bonds, or a basket of assets. Unlike mutual funds, an ETF trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold.) For equity ETFs, participants get varying incentives, depending on the counterparty, according to the exchange. For liquid ETFs, the participants get a waiver on transaction charges on the entire trade…