Claim of refund amount on account of double-payment of Customs Duty -Reg

Claim of refund amount on account of double-payment of Customs Duty -RegOFFICE OF THE COMMISSIONER OF CUSTOMS, NS-III
JAWAHARLAL NEHRU CUSTOM HOUSE, SHEVA, TAL. – URAN,
DIST. – RAIGAD, MAHARASHTRA – 400 707
Ph: 022-27244709
F. No. S/22-Misc-51/2018-19/CRC-I/NS-III
Date :11.10.2019
PUBLIC NOTICE NO. 92/2019
Sub: Claim of refund amount on account of double-payment of Customs Duty -Reg.
It is hereby brought to the notice of the Importers, Exporters and all other stakeholders that Public Notice No. 117/2017 dated 08.09.2017 issued by Commissioner (NS-III) JNCH on the above subject is hereby modified as under ;
2. Para 5 of Facility Notice No.62/2012 dated 19.11.2012 provides that on receiving the Refund claim (refund in cases of double/multiple payment of Customs Duty), the proper officer will verify the claim and will cross check the claim in following manner:
(a) Verification from the PAO/e-PAO office regarding double/multiple payments for the same Bill of Entry of the amount to ..

Income Tax Department conducts searches on business group in Goa

Income Tax Department conducts searches on business group in GoaGovernment of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 12th October, 2019
PRESS RELEASE
Income Tax Department conducts searches on business group in Goa
The Income Tax Department carried out search operation on 10/10/2019 covering six premises of two groups involved in the sale-purchase of hotel resort at Goa.
One of the groups covered currently owns a large property at Goa on which a 5 star resort project is being built. The group is engaged primarily in Hotels & Hospitality, real estate and construction. The buyer, a Delhi Based group of companies is into catering, restaurant and hotel business.
Search operations have been concluded. The search resulted in seizure of undisclosed assets of Rs. 4.39 crore comprising undisclosed cash of Rs 2.55 crore and jewellery/valuables worth Rs 1.84 crore. The group made a disclosure of a total amount of Rs 124.41 crore representin..

Income Tax Department conducts searches on coaching institutes

Income Tax Department conducts searches on coaching institutesGovernment of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 12th October, 2019
PRESS RELEASE
Income Tax Department conducts searches on coaching institutes in Namakkal, Tamil Nadu
The Income Tax Department, conducted a search action on 11th October, 2019 in the case of a business group based in Namakkal, Tamil Nadu. The group is mainly into running of educational institutions, and coaching institutes for competitive exams like NEET, etc. The group comprises several partnership firms and a trust controlled by a closely knit group of individuals. The search action covered 17 premises including residential premises of the group’s promoters. The premises are located in Namakkal, Perundurai, Karur and Chennai in Tamil Nadu.
The search was undertaken on the basis of intelligence that the group was indulging in substantial tax evasion by suppression of fee receipts received from stude..

Taxation of Gift under Income Tax Act 1961

Taxation of Gift under Income Tax Act 1961
Introduction
Gift is transfer of certain movable or immovable property from one person to another without consideration. Gift tax was introduced in India in the year 1958 and continued for more than 40 years. It was by the Finance Act, 1998 that the Gift Tax Act, 1958 was abolished. The Finance Minister then in the course of his budget speech stated that the collection of gift tax was insignificant. It was also conceded that Gift Tax Act had not been successful as an instrument to curb tax evasion and avoidance. As a result Gift Tax was abolished. At the same time, to ensure that there are no leakages of income tax revenue through the mechanism of gifts, the Income Tax Act was proposed to be amended to tax gifts as income in the hands of the recipient. Therefore the Finance Minister had by Finance Act, 1998 made a proposal to tax the properties – movable or immovable – without consideration in money or monies worth as income on or after 1st ..

5 Steps to Becoming a Successful Forex Trader

5 Steps to Becoming a Successful Forex TraderWorking as a trader for a living is something most of the millennials today aspire to. You could be your boss, work on your schedule and set your own goals. Not just that, you could work from anywhere with a stable internet connection. What else could one wish for?
However, if forex trading is your only source of income, the pressure of attaining results constantly is always there and could become quite overwhelming. If not checked this could take a toll on your mental health and reduce your chances of achieving a profitable outcome. This article would offer insight into how you can become a successful Forex trader. Listed below are some actionable advice for beginners a well as pros alike. Without any further ado, let’s dive right in.
1. Define trading risk profile
Before getting into any commitments, it’s advisable to get a good understanding of the market’ fundamentals. Assess the capital at hand, research the markets and currency pair..

5 common hurdles to overcome while availing a business loan

5 common hurdles to overcome while availing a business loanA business loan is a highly effective credit product availed by entrepreneurs for establishing and expanding their business. Business loans are usually secured loans and hence borrowers are required to pledge collaterals while availing a small business loan. Nowadays, with increasing financial institutions and online loan providers, availing a business loan has become far more convenient. Moreover, leading banks and Non- Banking Financial Companies (NBFCs) also provide you the option of customizing your loans according to your requirements. There are certain aspects like your credit score, source of income, etc. that financial institutions take into before approving your business loan. It is important to take care of these factors for hassle-free loan approval. Failing to which, there are chances that your business loan application might get rejected. Mentioned below are some of the common hurdles that you may have to overcome ..

Importance of ECSIN and UDIN for Practicing Company Secretaries

Importance of ECSIN and UDIN for Practicing Company SecretariesCS Khushi Bhatt IMPORTANCE OF ECSIN AND UDIN:
UDIN is Unique Document Identification number is system generated 18 digit number which needs to be mentioned on the documents either by printing or it can be handwritten on the document issued. This 18 digit number means first 2 digit means of the year (Current year i.e. in case of 2019 it would be 19) Next 6 digit would consist of the membership number (A12345) and next 10 digits would be system generated randomly generated alpha numeric number.
Why UDIN:
ICAI implemented UDIN from 1st July 2019 and now ICSI has also come up with UDIN from 1st October 2019. UDIN came to help the stakeholders and shareholders with checking of the authenticity of the documents. The Practicing company secretary(PCS) needs to issue documents which consist of this number. With this it will help to follow the guidelines issued by ICSI. This will help in easily maintaining the register of the docu..

Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019

Analysis of Notification Nos. 44 to 49-Central Tax dated 09.10.2019RECENT UPDATES IN GST NOTIFICATION
MOF has planned to commence next year’s budget exercise from 14th October, 2019, with meetings with various stakeholders keeping in mind the ongoing economic slowdown and not so good revenue collections and revised budget estimates. The estimates for 2020-21 will be provisionally finalized.
Central Government has set up a Committee to recommend changes in law and procedures needed to augment goods and Service Tax revenue. This also indicates that Government is open to revisit and overhaul the indirect tax system led by GST. It has been asked to submit its first report within 15 days to GST Council. The suggestions shall be to carry out systemic changes in GST including check and balances to prevent misuse, measures to improve voluntary compliances, policy measures and relevant changes needed in the law, measures for expanding tax base, better compliance monitoring, anti-evasion meas..

Analysis of Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019

Analysis of Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019Central Board of Indirect Taxes and Customs (CBIC) has recently issued Notification Notification 69/2019-Customs (N.T.) dated 01 October 2019. Please find below brief of the update for your reference.
This notification has been issued to issue new regulation namely “Manufacture and Other Operations in Warehouse (no. 2) Regulations, 2019“. This amendment has been notified with an intent to harmonize the operational aspect of warehouses. This revision shall come into force on the date of its publication in the official gazette.
These regulations shall apply to units permitted to Manufacture and undertake other operations in a warehouse (as per section 65 of the Customs Act).
Eligibility for application for operating under these regulations:
a person who has been granted a licence for a warehouse under section 58 of the Act, in accordance with Private Warehouse Licensing Regulations, 2016. a person who ..

HC explains doctrine of exhaustion of remedies

HC explains doctrine of exhaustion of remediesM/s. HCL Infosystems Limited Vs State of Rajasthan (Rajasthan High Court) The doctrine of exhaustion of remedies prevents a litigant from seeking a remedy in a new court or jurisdiction until all claims or remedies have been exhausted (pursued as fully as possible) in the original one. In this case Rajasthan High Court explains The doctrine of exhaustion of remedies based on various judgments delivered by Other High Courts and Hon;ble Supreme Court.
Held: Assessee-company was registered as dealers with the respondents under Act of 2003. It was engaged in the business of sale of mobile phones, tablets, laptops etc. Bone of contention between the parties was that whether the charger/adapter, battery, earphone, data cable, which were sold along with mobile phone or laptop, in a composite box, against a single sale price, were liable to be taxed along with the main packet or separately and if separately, at what rate and whether they could be ..