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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
sir i want to know what is legaly difference between TRADE CIRCULAR,NOTIFICATION,ACT, AND RULE and effectiveness with hireeachy with their binding effect.pleas let us know so that we can understand the thing.properly
28 March 2012
Act lays down the law.
Rules provide the procedures to be adopted for the implementation of the law.
Notifications are amendments in the law or Rules. They are also used to grant exemptions from compliance with some provisions of the Act or the Rules.
Trade circulars are issued to clarify any doubts and suggest a common principle.
Rules provide the procedures to be adopted for the implementation of the law.
Notifications are amendments in the law or Rules. They are also used to grant exemptions from compliance with some provisions of the Act or the Rules.
Trade circulars are issued to clarify any doubts and suggest a common principle.
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2012
thanks lot please clearify that who can issue notification trade circular and who cane make act and rule
28 March 2012
Acts and Rules are made by the Central Government and approved by Parliament.
Notifications and Circulars are issued by the governing department.
For instance, in case of direct taxes - CBDT
Indirect taxes - CBEC
Company Law - MCA
Notifications and Circulars are issued by the governing department.
For instance, in case of direct taxes - CBDT
Indirect taxes - CBEC
Company Law - MCA
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