Monthly Archives: September 2016

Valuation of intermediate products used for captive consumption

Valuation of intermediate products used for captive consumption In the present case, there is no sale of iron ore concentrate by the appellant and clearance to sister unit for further use is subjected to excise duty and valuation for such duty has to be worked out in terms of Rule 8 of Central Excise Valuation […]

Income Disclosure Scheme Response has improved

Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.

Determination of cost of improvement of old or inherited land/building in absence of documents

Determination of cost of improvement of old or inherited land/building in absence of documents The question arises specially where the land and building are old one or inherited and sold. In general for old contraction or improvements, assessee does not have any evidence or documents to prove the cost of construction improvement.

Income Declaration Scheme, 2016 – extension of last date are desirable

Income Declaration Scheme, 2016 – extension of last date are desirable The IDS has been enacted vide Chapter IX of the Finance Act, 2016 containing sections 181-199. IDS Rules have been framed. There have been large number of clarifications by way of notifications, circulars and series of FAQ. The last circular seems to be issued […]