See our Privacy Policy and User Agreement for details. The board's corporate governance. Adjunct - A thing which is added or attached as a. A situation in which loans for businesses and individuals. Recommendation: It is suggested that there should be a prescribed time limit for granting the remission of Excise duty under Rule 21 of Central Excise Rules, We offer loans to individuals for the following purposes and much more. Deed Of Partnership - A legal document which sets out how a.




PROP ITR OFFRS SITEMAP. Monday, January 30, With complete washout of Winter Session of the Parliament in the awake of demonetisation issue coupled with tug of war on dual control issue which finally got the consensus in 9th GST Council meeting held on January 16,all eyes are now on the Budget session of the Parliament, where the Model GST Laws are likely to be placed for approval of forex trading accumulation and distribution and warehousing watehousing Houses of Parliament, commencing from January 31, Further, for the first time, the Railways Budget will not be a separate event, instead it will be merged with the Union Budget.

Apart from these, for bringing the trend of cashless transactions, certain benefit measures can be taken in form of incentives for digital payments. The government has already taken a number of steps to encourage electronic payments like Service tax on payments made through debit and credit cards upto Rs. Amidst expectation of this Budget to be the last Budget for present Indirect tax regime and July 1, marking GST advent, gist of the key anticipations which could be addressed are as follows:.

PART I: SERVICE TAX. Double taxation on Ocean freight paid for import of goods:. Ocean freight paid for import of goods suffers from double taxation. Firstly, it is included in the assessable ane for calculating Basic Customs duty which is done on CIF basis. Accordingly, service recipient who engages foreign shipping line is liable to pay Service tax under reverse charge w. Recommendation: It is recommended to keep ocean freight on import of goods, out of the Service tax net.

Amendment in the Place of Provision of Services Rules, in case of intermediary services:. Recommendation: Amendment in Rule 9 of the POP Rules is required in case of intermediaries providing services to foreign companies, as, they are often unable to collect Service tax from foreign service importer and tax becomes their cost, which, reduces the competitiveness and profit margin.

Clarification on manner to register under Service tax of a person located in a non-taxable territory in India. Recent amendments have been made in Service tax w. December 1,whereby Service tax exemption on cross border B2C online information and database access or retrieval OIDAR services, has been withdrawn. January 22,in respect of services provided or agreed to be foreex by a person located in non-taxable territory to a person located in non-taxable territory, by way of transportation of goods by a vessel from a forex trading accumulation and distribution and warehousing outside India up to the customs station of clearance in India, person liable for paying Service tax other than the service provider, shall be the person in India who complies with Sections 29 Arrival of vessels and aircrafts in India30 Delivery of import manifest or import anf or 38 Power to require production of documents and ask questions read with Section Liability of agent appointed by the person in charge of a conveyance of the Customs Act, i.

Recommendations: Clarification is required with respect to registration of a person located in distributiion non-taxable territory in India under Service tax legislations in India. Clarification on Point of taxation and manner of availment of Cenvat credit in case of services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory, by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.

With the recent amendment w. January 22,in respect of services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory, by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India discussed suprawhere a foreign consignor has engaged a foreign shipping line for transportation of goods by vessel from a place outside India upto Indian Port, the person in charge of the vessel or his agent in India is liable to pay Service tax.

But, such person liable to pay Service tax is neither the Service provider nor the Service receiver. Recommendations: Clarification is required with respect to the point of taxation in such cases and availment of Cenvat credit thereof. Exemption from Service tax for specified tradibg provided by Special Economic Zone SEZ :. In terms of Rule 4 of the POP Rules, place of provision of the services is determined on the basis of place of performance. Further, as per Rule 7 of the POP Rules, where any service referred to in Rules 4 Place of provision of performance based services5 Place of provision of services relating to immovable propertyor 6 Place of provision of services relating to eventsis provided at more than one location, including a location in the taxable territory, its place of provision shall be the location in the taxable territory where the greatest proportion of the service is provided.

Recommendation: Exemption from Service tax to be provided for the services provided by Tradung units to recipients located outside India but who are taxable in India under Rule 4 or Rule 7 of the POP Rules. However, the tradingg between parties for sharing common storage facilities is not chargeable to Service tax.

PART II: EXCISE DUTY. In case of excess Excise duty paid, option for adjustment against future liability:. Recommendation: In line with Service tax provisions, an option should be introduced under Central Excise for adjustment of excess Excise duty paid against the future liability, rather than claiming refund of the same. Inverted duty structure on Pharmaceutical products:. Forex trading accumulation and distribution and warehousing industry faces the brunt of inverted duty structure.

This inverted duty structure results in accumulation of credit as the complete amount of duty paid on inputs cannot be set off against the output tax liability. Amount of Pre-deposit for filling appeals:. Recommendation: The Pre deposit for filling of appeal should be brought down as pre-deposit leads to significant cash blockage. Recommendation: The activity of change in label of the product without altering its MRP and thus providing only additional information on the product should distributoin be considered as manufacturing activity liable to Excise duty.

Further, in case of reduction in prices, as duty andd already deposited on MRP value, there should not be any additional duty liability by considering it to be manufacture. Prescribed time limit for granting remission of duty:. As per Rule 21 of the Central Excise Rules,remission of duty can be granted by the forex trading accumulation and distribution and warehousing authority of Central Excise, in case of goods lost or destroyed by natural causes or by unavoidable accident or are claimed by the manufacturer as unfit for consumption or for marketing, at any time before removal.

Recommendation: It is suggested that there should be a prescribed time limit for granting the remission of Excise duty under Rule 21 of Central Excise Rules, PART III: CENVAT CREDIT. Levy of EC and SHEC was subsumed in Excise duty w. March 1, and under Service tax w. However, the manufacturers and Service providers are left with balances of these cesses as on March 1, and June 1,in their Cenvat accounts which remains unutilized.

Recommendation: It is suggested that necessary amendments be made to allow the utilization of Cenvat credit on EC and SHEC availed on goods and services received before March 1, for payment of Excise duty and June 1, for payment of Service tax. Input services consumed by employee during employment:. Recommendation: Clarity is required on the availability of Cenvat credit with respect to the input services consumed by an employee in relation to the business during his employment like lunch trrading to employees etc.

Cenvat credit of Swachh Bharat Cess for payment of Service tax and Excise duty:. Cenvat credit of SB Cess is neither available to a manufacturer nor to a service provider. Recommendation: It is suggested that Cenvat credit of SB Cess be made available to manufacturers and service providers for the payment of Excise and Service tax dues to reduce the cost. Cenvat credit of KKC is available to a service provider for adjusting against the liability of KKC only.

However, no credit is available to a manufacturer. Recommendation: It is suggested that Cenvat credit of KKC be made available for the payment of Excise or Service tax dues to reduce the cost. Clarification What is the secret to successful forex trading Cenvat credit reversal on the sale of securities. As seen in recent times, the Department usually demands reversal of Cenvat credit on sale of securities considering the same as trading activity in terms of Rule 6 of the Credit Rules.

Recommendation: Clarification on the requirement for reversal of Ahd credit on the sale of securities, may be issued, specifically where the assessee does not trade in such securities. Accumulation of Cenvat credit:. An inverted duty structure refers to a situation where manufacturers have to pay a higher duty on raw material while the resultant finished product attracts lower duty. In the absence of a duty refund mechanism, the same results in accumulation of credits over a period of time.

Recommendation: A legal provision be introduced for refund of unutilized credit at the end of every options trading tracking software 182 year in case of inverted duty structure which will bring relief to all the manufacturers and will act as a catalyst for encouraging investments in setting up manufacturing facilities in India. PART IV: CUSTOMS DUTY.

Basic Customs Duty on Goods of Chapter 84 and In Budget,Tariff rate of BCD was increased from 7. The EC and SHEC on Excise duty have been subsumed w. March 1,whereas EC and SHEC paid on imported material continues to be levied. Hence, there is no scope for the assessee to take credit of EC and SHEC on Import duty. Recommendation: EC and SHEC levied on Import duty charged on imported material should be abolished.

Clarification on the inclusion in value for imported goods to avoid double taxation:. Inclusions required in valuation of imported goods leads to double taxation in certain cases, like, ocean freight discussed above. Recommendation: Clarification is required on the inclusion of value of services and intangible rights distributiom in relation to imported goods so as to avoid double taxation under forex trading accumulation and distribution and warehousing Customs Act, and the Finance Act, Increase in the interest-free warehousing period for imported goods:.

The facility of warehousing of imported goods in Customs Bonded Warehouses, without payment of Customs duty otherwise leviable on import, is permitted under the Customs Act, and Rules made thereunder. Didtribution, goods after landing are permitted to be removed to a warehouse accumulatioh payment of duty and duty is collected at the time of clearance from the warehouse.

The law lays down the time period upto which the goods may remain in a warehouse, without incurring any interest liability and with interest liability. Recommendation: It is suggested to increase the interest free warehousing period for the goods which are imported. Guidelines for faster closure of Special Valuation Branch procedures:. Recommendation: Proper guidelines should be provided for reducing multiple procedural compliances by introduction of a single window co-ordination for faster closure of SVB procedures.

DUE DATE TO FILE INCOME TAX RETURN AY FY TDS RATES CHART FY AY TDS DEPOSIT DUE DATES INTEREST PENALTY. KNOW YOUR PAN NAME VERIFY PAN FREE CHECK NAME BY PAN. TDS-RATES CHART FY AY TDS DEPOSIT-RETURN-DUE DATES INTEREST PENALTY. SERVICE TAX REVERSE CHARGE CHART WEF KNOW YOUR PAN,VERIFY PAN,NAME BY PAN,PAN CARD STATUS ONLINE. INCLUDES THESE INCOME Distribtion YOUR INCOME TAX RETURN. GOODS AND SERVICES Fotex — Distribugion OVERVIEW. GOODS AND SERVICE TAX GST IN EASY TERMS.

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Rob Hoffman Trader Discusses How To Identify Professional Accumulation And Distribution


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