Open tender for hiring of internal auditors for Mangalore Refinery and Petrochemicals Limited (MRPL)

MRPL/TENDERS/3300002743                                               DATE: 15.01.2015 TO Dear Sirs, SUBJECT: Hiring of internal Auditors for MRPL as per tender. A. MRPL, invites sealed tenders for the above jobs as follows: The Tender documents are available for sale as per the schedule/details. The interested parties are requested to submit the Tender fee through DD (non-refundable as indicated below). Sale … Read more

Form AOC-5 is notified for giving full address of books of accounts if kept at other place other than register office

As per section 128 (1), every company shall prepare and keep at its register office all the books of accounts and other relevant documents along with financial statement. If the Board of Directors decides by passing the resolution to keep all or any of the books of account at any other place in India other … Read more

How to determine the residential status of individual under Income Tax Act 1961?

Levy of Income Tax of an assessee depends on his residential status as per Indian Income-tax Act, 1961. In the case of Indian citizen, whether an income earn by a person outside India, is taxable in India depends upon the residential status of the person in India. Similarly, whether an income earned by a foreign … Read more

Any person, resident in India may take outside India or may bring into India, the currency notes of Government of India up to Rs.25, 000

F.  No 520/23/2013- Cus. VI Government of India  Department of Revenue  *****           Subject : Export and Import of Currency –reg Attention is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013 and A.P. (DIR Series) … Read more

GSM mobile handsets with duplicate or fake IMEI & CDMA mobile handsets with duplicate or fake ESN/MEID are added to the list of Prohibited items for import

To be published in the Gazette of India Extraordinary Part-II, Section -3, Sub Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi   Subject: Amendment in import policy conditions under ITC (HS) 4 digit code 8517. S.O. (E): In exercise of powers conferred by Section 3 of … Read more

Export documentation is now simplified – Commercial invoice and packing list is merged together

Circular No. 01/15-Customs   F. No. 450/25/2013-Cus IV (Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs *** New Delhi, dated 12.01.2015 To All Chief Commissioners of Customs / Customs (Preventive) All Chief Commissioners of Customs and Central Excise All Commissioners of Customs / Customs (Preventive) All Commissioners … Read more

Ministry of Finance Invites Suggestions from Public at Large for Union Budget 2015-16

In order to infuse more transparency into Budget making exercise and to have people as partners to the process of budget making, the Ministry of Finance, Government of India has decided to invite suggestions from public at large for Union Budget 2015-16.  Those desirous of sending suggestions for Budget 2015-16, may send their Budget suggestions … Read more

Guidelines for Banks undertaking Insurance Broking and Agency Business

RBI/2014-2015/409DBR.No.FSD.BC.62/24.01.018/2014-15 January 15, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Entry of Banks into Insurance Business Please refer to our Circular DBOD.No.FSC.BC.16/24.01.018/2000-2001 dated August 9, 2000 which, inter alia, permitted banks to set up insurance joint ventures on risk participation basis and also to undertake insurance business as agents of insurance companies on fee basis, without any … Read more

How to handle the notice under section 245 of Income Tax regarding refund amount is adjusted against outstanding demand?

What is the provision section 245? Section 245 of Income Tax Act empowers the Assessing Officer to adjust the amount of refund against tax remaining payable. If a refund is due to taxpayer, the Assessing Officer, in lieu of payment of the refunds, set off the amount against previous outstanding dues. But Assessing Officer can … Read more

Guidelines for Compounding of Offences under Direct Tax Laws, 2014 – Applicable for all application received on or after 01.01.2015

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, /New Delhi-110055 F.No. Tech/Misc/2014-DGIT(S) 17396 Dated: 06.01 .2015 To, The Director of Income Tax (Systems)-IV, New Delhi.  Respected Madam, Sub: Guidelines for Compounding of Offences under Direct Tax Laws, 2014 -reg. I have been directed to enclose herewith a letter F.No. 285/35/2013-IT (Inv. … Read more