Govt. announces major initiatives on improving 'Ease of Doing Business in India'

Competition Act : Major Initiatives on Improving 'ease of Doing Business' in India – Simplification and Rationalization of Existing Rules and Introduction of Information Technology to Make Governance More Efficient and Effective

Jharkhand VAT : Inter-State stock transfer was not eligible for benefit of concessional rate of tax

CST & VAT: Jharkhand VAT - To avail benefit of concessional rate of tax under section 13(1)(b) of Bihar Finance Act [as adopted by State of Jharkhand], goods manufactured using goods purchased at concessional rate of tax had to be sold within State of Jharkhand or in course of inter-State trade and commerce

Interest received on RBI securities even after their sale due to non-recording of change of ownershi

IT : Where interest was received by assessee on R.B.I. securities after sale of same, as R.B.I. did not record change of ownership such interest belonged to purchaser and could not be taxed in assessee's hands

No TDS from sum paid to 'All India Tennis Association' for seeking approval to conduct tennis tourna

IT/ILT : While making payments to non-resident sports association, i.e., Association of Tennis Professionals (ATP), assessee was required to deduct tax at source under section 194E

Now manufacturer has to pay 7% of value of exempted goods under Rule 6(3) of CCR, 2004

EL/NNT : Cenvat Credit (Third Amendment) Rules, 2015 – Amendment in Rule 6

Indian Rupee Opens Lower At 63.77 Per Dollar

The Indian rupee opened lower by 10 paise at 63.77 per dollar versus 63.67 Tuesday. The dollar continues to gain on unexpectedly better US April housing data. Euro sells off spurred by hints the European Central Bank could take more action to lower euro zone bond yields and boost inflation.

Himanshu Arora of Religare said, “The rupee is expected to trade higher today amid persistent strength in dollar index on worries that Greece may miss debt repayments next month.”

“Also ECB said it may buy bonds more than its monthly target of (E) 60 billion. This is expected to add to dollar's strength against euro.”

“Fresh statements from FOMC, related to interest rate hike in the US may provide more cues for the rupee going forward. Range for the day is seen between 63.40-64.05/dollar,” he said.

Source:moneycontrol.com

‘Hooka’ partakes the character of ‘utensil as utensil can’t be confined to kitchen items only

CST & VAT : Haryana GST : Since 'hooka' is a receptacle/container used for storing water, through which smoke is passed before it is inhaled, it would necessarily partake nature of a utensil and liable to sales-tax at 3 per cent; word 'utensil' cannot be confined to 'kitchen' items only

CIT gets flak from ITAT for revising order of AO after rejecting books without pointing out any erro

IT: Where Commissioner rejected books of account and applied higher GP rate than that declared by assessee in spite of fact that assessee had filed all relevant documents before assessing authorities which were duly accepted by them, order passed by Commissioner was unjustified

HC upheld disallowance of rent paid to relatives on failure of assessee to justify payment of excess

IT : Where assessee engaged in jewellery business had not brought any explanation for payment of commission to his son, daughter and daughter-in-law, moreover, there was no agreement between said parties, his claim for deduction under section 36(1)(ii) was to be rejected

Interest on NPAs couldn't be taxed on accrual basis in hands of non-scheduled co-op. bank

IT : It cannot be said that interest relatable to NPAs is includible in total income of a non scheduled co-operative bank on accrual basis

Pr. CCITs to re-fix seniority of I-T officers by 31-07-2015 on basis of SC's judgment in case of N.R

IT : Meeting to Review the Progress in Implementation of N.r. Parmar Judgment of Supreme Court [2012] 28 Taxmann.com 249 (SC) /[2013] 212 Taxman 97 (SC) and Decisions Taken Thereon

Service tax exemption to sporting events and other specified events is effective from June 1, 2015

ST LAWS : Section 66B of the Finance Act, 1994 - Charge of Service Tax on and after Finance Act, 2012 - Exemption to Specified Services – Amendment in Notification No.6/2015-St, Dated 1-3-2015

TRU explains service tax provisions applicable from June 1, 2015

ST LAWS/C : Finance Act, 2015 – Clarification on Enforcement of Specified Sections of Said Act

Govt. exempts service tax on services provided under Power System Development Fund Scheme

ST LAWS/N : Section 66B of The Finance Act, 1994 - Charge of Service Tax on and After Finance Act, 2012 - Exemption to Specified Services – Services Provided Under Power System Development Fund Scheme

New composition rates of service tax are effective from June 1, 2015

ST LAWS/N : Service Tax (Amendment) Rules, 2015 - Amendment in Rules 2, 4, 5 & 6 and Insertion of Rule 4C – Amendment in Notification No.5/2015-ST, Dated 1-3-2015

Govt. omits meaning of 'chit' from 'Abatement Notification'

ST LAWS : Section 66B of the Finance Act, 1994 - Charge of Service Tax on or after Finance Act, 2012 - Abatement Notification – Amendment in Notification No. 26/2012-ST, Dated 20-6-2012

14% service tax rate notified; applicable from June 1, 2015

ST LAWS : Finance Act, 2015 – Notified Date for Enforcement of Specified Sections of Said Act

Pre-deposit can’t be a condition for remand if revenue had violated principles of natural justice

Excise & Customs : While remanding matter back, Tribunal may impose conditions as to pre-deposit but only after assigning valid reasons and no such pre-deposit can be ordered, if remand is made to violation of principles of natural justice by department

Assembling of instruments and apparatus for measuring/detecting ionizing radiators held as manufactu

IT : Assembling of instruments and apparatus for measuring and deleting ionizing radiators is a manufacturing activity eligible for deduction under section 10B

Denying extension of stay by ITAT beyond 365 days to 'well-behaved' assessee is unconstitutional: Hi

IT : Expression 'even if delay in disposing of appeal is not attributable to assessee' as inserted in third proviso to section 254(2A) by virtue of Finance Act, 2008 failed to achieve its object that assesses should not misuse stay orders granted in their favour by adopting delaying tactics, same is to be struck down