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Type Archives - Page 93 of 124 - All About Finance

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Doubtful cases of Delay in Utilization of Advance Received for Exports, may be referred to Directorate of Enforcement for further investigation

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RBI/2014-15/461A. P. (DIR Series) Circular No.74 February 09, 2015 To All Category-I Authorised Dealer Banks Madam / Sir, Delay in Utilization of Advance Received for Exports Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the sub-regulation (1) of Regulation 16 of the Foreign Exchange Management (Export of Goods … Read more

Minimum Export Price of edible oils in branded consumer packs of upto 5 Kgs is reduced to $900 per MT from $1100 per MT

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(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         2.                  Effect of this notification: MEP on export of edible oils in branded consumer packs of upto 5 Kgs has been reduced to … Read more

The minimum import price of Cardamom is fixed at Rs.500/-per Kg

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  Notification No. 109 /(RE-2013)/2009-2014  Subject: Amendment in import policy conditions of cardamoms under ITC (HS) 0908 31 of Chapter 09 of ITC (HS), 2012 – Schedule – 1 (Import Policy). S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.3 and 2.1 of the Foreign … Read more

Import of Shark fins is Prohibited

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  Notification No. 111/(RE-2013)/2009-2014       Exim Code Item Description Existing Policy Revised Policy Shark fins Prohibited     [Issued from File No.01/89/180/118/AM-02/PC-2 (A)]  

New format for e-IEC certificate is published by DGFT

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To be published in the Gazette of India Extraordinary Government of India Department of Commerce  Udyog Bhawan, New Delhi -110 011  New Delhi, dated the 10th February, 2015 Subject: New format for e-IEC- introduction of Appendix 18B -1 (Format of e-IEC) in Handbook of Procedure Vol. I (Appendices and Aayat Niryat Forms), 2009-2014. In exercise … Read more

No interest under section 234A of the Act is chargeable on the amount of self-assessment tax paid by the assessee before the due date of filing of return of income

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Circular 2/2015 F. No. 385/ 03 /2015-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (CBDT) North Block, New Delhi 10th February, 2015 Subject: Chargeability of Interest under Section 234A of the Income—tax Act, 1961 on self-assessment tax paid before the due date of filing of return of income- … Read more

Export of Shark fins of all species of Shark has been prohibited

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(To be published in the Gazette of India Extraordinary Part-II, Section – 3, Sub-Section (ii))   Notification No 110 (RE – 2013)/2009-2014 New Delhi, Dated: 6 February, 2015   Fish and Crustaceans, Molluscs and other Aquatic Invertebrates Tariff Item HS Code Item Description Nature of Restriction 03057100 Shark fins  of  all species of shark Not permitted … Read more

Concealment penalty proceedings u/s 271(1)(c) have been initiated on undisclosed income of Rs.3150 crore of deposits made in unreported foreign bank accounts

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Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage;  Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of … Read more

How to save tax under section 80C by paying life insurance premium – FAQ

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February and March are the tax planning months for the taxpayers. Every taxpayer thinks how to reduce his tax liability.  Life insurance premium is the one of the most well-known and easily available instrument for saving the tax under section 80C of the Income Tax Act.  General FAQ regarding the tax saving through insurance premium … Read more

Procedure of early redemption in inflation Indexed National Savings Securities

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RBI/2014-15/456IDMD(DGBA).CDD.No. 3476/13.01.999/2014-15 February 06, 2015 The Chairman & Managing Director Head Office (Government Accounts Department)State Bank of India & Associate Banks All Nationalised Banks ICICI Bank Ltd., HDFC Bank Ltd, Axis Bank Ltd., andStock Holding Corporation of India Ltd (SHCIL). Dear Sir/Madam, Inflation Indexed National Savings Securities- Cumulative, 2013 – Early repayment/redemption Please refer to our circular DGBA.CDD.No.2589/13.01.999/2014-2015 dated December … Read more