"March, 2017" Archive

Changes in Customs Act, 1962 – Proposed in Finance Bill, 2017

Circular No. 12/2017- Customs (31/03/2017)

Kind reference is invited to proposals in the Finance Bill, 2017 relating to amendments in sections 46 and 47 of the Customs Act, 1962.These changes would come into effect upon enactment of the said Finance Bill....

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Cash Transactions above Rs. 2 lakhs banned from 01.04.2017

If and when the proposed amendment to the finance bill’2017 is passed by the parliament then any person who enters into a transaction above Rs. 2 lacs in cash, will be liable to a penalty of an amount equivalent to the amount of transaction....

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Download Income Tax Calculator for Financial Year 2017-18

Salient features of the Tax calculator. 1. Useful for the salaried employees of government and private sector. 2. Private sector employees can use to do their Flexi allocation and tax planning. 3. Tax and rebate calculation of agriculture income, to arrive the annual tax liability.4. Marginal relief on surcharges where income crosses 50L ...

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Posted Under: Custom Duty |

ICSI Revises Fees for Members w.e.f. 1st April, 2017

Revision in the Annual Membership fee, Entrance Fee and Certificate of Practice fee for Associate and Fellow Members w.e.f. 1st April, 2017 The Council of the Institute has decided revision in Annual Membership fee, Entrance fee and Certificate of Practice fee for Associate and Fellow Members w.e.f. 1st April, 2017, as under: Particulars ...

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Posted Under: Custom Duty |

More Than 2 Dozen Companies Want Collaboration With India Post Payments Bank: Manoj Sinha

Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. ...

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Posted Under: Custom Duty |

Payment of interest on amount of gratuity is statutory compulsion

Vandana Vidhut Limited, Vs Appellate Authority under the Payment of Gratuity Act, (Chhattisgarh High Court)

Failure of petitioner to make payment of amount of gratuity within 30 days from date it becomes payable to employee, sub-section (3A) of Section 7 of the Act of 1972 is squarely attracted and payment of interest being statutory and mandatory in nature and thereby petitioner is liable to make payment of interest on the said amount ...

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Enhanced Standards for Credit Rating Agencies (CRAs) – Clarifications

Circular No. SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/28 (31/03/2017)

Please refer to SEBI Circular No. SEBI/HO/MIRSD/MIRSD4/CIR/P/201 6/119 dated November 01, 2016 on Enhanced Standards for Credit Rating Agencies (CRAs). Based on the representations received from the industry and in consultation with CRAs, following has been decided...

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730 Million Internet Users are Anticipated in the Country by 2020-NASSCOM

Government has said that due to fast adoption of digital technology, it is expected that number of internet users will increase in country. National Telecom Policy-2012 envisages 600 million broadband connections by year 2020 at minimum 2 Mbps download speed....

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Posted Under: Custom Duty |

Extension of time for CEP Credit Hours for renewal of COP

Ref. No.: CMA (3)/2017 (24/03/2017)

Council of the Institute to grant an extension upto 15th May, 2017 to complete the requirement of CEP credit hours for renewal of COP of the members for the year 2017-18....

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Posted Under: Custom Duty |

Customs SOP for Refund, Demand, Adjudication, Review & Appeal for SEZ Units

Circular No. 11/2017-Customs (31/03/2017)

Clarification regarding amendments made in the Special Economic Zone Rules, 2006 by way of inserting a new Rule 47 (5) brought vide Department of Commerce (DoC) Notification No. GSR 772(E) dated 05.08.2016 wherein functional operations like Refund, Demand, Adjudication, Review and Appeal are to be made by jurisdictional Customs and Centra...

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