"02 February 2017" Archive

MVAT: Improves new registration functionality with integrated payment gateways

Trade Circular No. 4T of 2017 (02/02/2017)

Such applicant may apply for refund of such amount of fee and or deposit paid under earlier system to the concerned Additional Commissioner of Sales Tax or they can claim this amount as payment of tax in the returns to be filed by them for financial year 1st April 2016 to 31stMarch, 2017....

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Review of Guidelines on Pricing of Credit

RBI/2016-17/219 DNBR.CC.PD.No. 084/22.10.038/2016-17 (02/02/2017)

As per extant instructions on “Pricing of Credit” issued to NBFC-MFIS under “Master Direction-Non-Banking Financial Company-Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and “Master Direction - Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit tak...

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Delegation of power to compound FEMA contraventions

A.P. (DIR Series) Circular No. 29-RBI (02/02/2017)

The powers to compound the contraventions have also been delegated to all Regional Offices (except Kochi and Panaji) without any limit on the amount of contravention....

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Rate of exchange of conversion of foreign currency WEF 03.02.2017

Notification No. 09/2017-Customs (N.T.) (02/02/2017)

Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies with effect from 03rd February, 2017....

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Budget 2017: AO need not disclose Reason to believe to conduct a search

It is proposed to insert an Explanation section 132 and 132A to declare that reason to believe or reason to suspect, as the case may be, shall not be disclosed to any person or any authority or Appellate Tribunal....

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Budget 2017 proposes concessional tax rate on Income from transfer of Carbon credits

It is proposed to insert a new section 115BBG to provide that where the total income of the assessee includes any income from transfer of carbon credit, such income shall be taxable at the concessional rate of ten per cent ( plus applicable surcharge and cess) on the gross amount of such income. ...

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Budget 2017: Conversion of preference shares to equity not to be treated as transfer

Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However, tax neutrality to the conversion of bond or debenture of a company to share or debenture of that company is provided under the section 47. ...

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Opted for Presumptive Taxation- Tax Audit Limit Rs. 2 Crore

It is proposed to amend the section 44AB to exclude the eligible person, who declares profits for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, total turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year, from require...

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Threshold limit for maintaining books of accounts for Individual / HUF

It is proposed to amend the provisions of section 44AA to increase monetary limits of income and total sales or turn over or gross receipts, etc specified in said clauses for maintenance of books of accounts from one lakh twenty thousand rupees to two lakh fifty thousand rupees and from ten lakh rupees to twenty-five lakh rupees...

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E-Flash on amendment proposed by Finance Bill 2017

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II The Institute of Chartered Accountants of India (ICAI) has released E-Flash on amendment proposed by Finance Bill 2017 i.e. Union Budget 2017-18. It Contains Ive Sections below- 1. ICAI Press Release—Union Budget 2017 2. Direct Tax Proposals—Highli...

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