"10 March 2017" Archive

Discounting the Provisions (Time value of Money)-Ind-As/ IFRS

CA Anuj Agrawal Provisions are being made where there is an uncertainty of an Amount and Timing to discharge these liabilities which are being calculated based on estimations & other procedures adopted by the management prescribed as per applicable accounting standards. Under the current accounting practice there is no requirement for...

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Posted Under: Finance |

CBEC Master Circular on Show Cause Notice, Adjudication & Recovery

Circular No. 1053/02/2017-CX (10/03/2017)

The master circular is divided into four parts. Part I deals with Show Cause Notice related issues, Part II deals with issues related to Adjudication proceedings, Part III deals with closure of proceedings and recovery of duty and Part IV deals with miscellaneous issues....

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Redress investor’s complaint within 15 days: SEBI

Circular No SEBI/HO/MIRSD/MIRSD6/CIR/P/2017/20 (10/03/2017)

Redressal of complaints against Stock Brokers and Depository Participants through SEBI Complaints Redress System (SCORES)' within 15 days....

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Lok Sabha Passes Maternity Benefits (Amendment) Bill, 2016

Lok Sabha passed today on 9th March, 2017 the Maternity Benefit (Amendment) Bill, 2016 which inter-alia includes increasing maternity benefit to woman covered under the Maternity Benefit Act, 1961 from 12 weeks to 26 weeks up to two surviving children in order to allow the mother to take care of the child during his/her most […]...

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Posted Under: Finance |

Goods and Service Tax (GST) Bill

The 122nd Constitution Amendment Bill, 2014 has been passed by the Parliament and after ratification by fifty percent of the States, the same has been enacted as 101st Constitution Amendment, Act, 2016. No Goods and Service Tax (GST) Bill has so far been passed. ...

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Posted Under: Finance |

Scheduled Banks free to determine savings bank deposit interest rate

RBI has informed that the Scheduled Commercial Banks are free to determine their savings bank deposit interest rate, with the approval of their respective Board of Directors, subject to the following two conditions:- ...

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Posted Under: Finance |

Due date for submission of old demonetized notes for Indian citizens

Submission of old currency notes of Rs. 500 and Rs. 1000; The grace period for Indian citizen residing in India is March 31, 2017 and for Indian citizen resident outside is June 30, 2017 ...

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Posted Under: Finance |

Roll out of GST-1st July 2017

Roll out of GST-1st July 2017; Draft CGST Law and Draft IGST Law approved in the 11th Council Meeting held on 4 March 2017. Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council...

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Posted Under: Finance |

Indirect Tax Collections up to February, 2017 show Growth of 22.2%

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year. ...

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Posted Under: Finance |

Direct Tax Collections up to February, 2017 show Growth of 10.7%

Direct tax collections up to February, 2017 continues to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7 % more than the net collections for the corresponding period last year. ...

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Posted Under: Finance |
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