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Showing posts from April, 2015

Circular on Goods cleared from DTA to SEZ treated as Exports

Goods cleared from DTA to SEZ treated as Exports
CBEC vide Circular No. 1001/8/2015-CX, Dated: April 28, 2015 has clarified that Benefit of rebate of duty under Rule 18 of Central Excise Rules, 2002 and Refund of accumulated CENVAT credit under Rule 5 of CENVAT Credit Rules, 2004 will continue to be available on goods cleared from Domestic Tariff Area (DTA) to Special Economic Zone (SEZ).
As per the provisions of SEZ Act, supply of goods from DTA to the SEZ is treated as export; as a SEZ is treated as a territory outside the customs territory of India. The DTA supplier supplying goods to the SEZ shall clear the goods either under bond or as duty paid goods under claim of rebate on the cover of ARE-1. Thus, any licit clearances of goods to an SEZ from the DTA will continue to be treated as export only.[Circular No. 1001/8/2015-CX, Dated: April 28, 2015]

Changed in Notified ITR-1, ITR-2 & itr-4s for A. Y. 2015-16

Changed in Notified ITR-1, ITR-2 & itr-4s for A. Y. 2015-16CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.  A brief summary of Changes is as follows :- General
1)      ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by individual who has earned any income from source outside India.
2)      Introduction of EVC for verification of return of income filed as an option to send ITR-V to CPC, Bangalore.
3)      Super Senior citizen are now allowed to file  ROI in paper form even though their income exceed Rs 5 lakhs subject to other conditions. ITR-1
1)      Introduction of furnishing Aadhar Card Number in ROI. Which will be used for EVC system introduced as mentioned above.
2)      Details of all bank accounts with Bank name, IFSC Code, Name of …

CBDT notifies amendment to Rul

vide  [Notification No. 39/2015/F. No.142/02/2015-TPL] Dt.13/04/2015,New Delhi
CBDT notifies amendment to Rule 2BB specifying transport allowance exemption u/s 10(14) w.e.f. April 1; Increases transport allowance exemption from Rs 800 to Rs 1600 per month; Also, doubles the exemption limit for 'blind or orthopaedically handicapped employees' from Rs 1,600 per month to Rs 3,200 per month

CARO

Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013

ICAI has hosted an announcement on its website on 'Announcement on CARO, 2003 and additional reporting under the Companies Act, 2013', which is as follows:

"We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year 2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013. However, at this juncture, to bring more clarity, this Announcement is re…

ANNOUNCEMENT ON CARO, 2003 AND ADDITIONAL REPORTING UNDER THE COMPANIES ACT, 2013

ANNOUNCEMENT ON CARO, 2003 AND ADDITIONAL REPORTING UNDER THE COMPANIES ACT, 2013We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors’ Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year 2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013. However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. The Companies Act, 1956 has ceased to have effect from 01st April, 2014. As a corollary, the Companies (Auditor’s Report) Order, 2003 issued under…