"01 January 2016" Archive

CBEC increase in Department Appeal Filing Limit applies to Pending Appeals also

F.No.390/Misc./163/2010-JC (01/01/2016)

In this regard, I am directed to inform that the said instructions will apply to all pending appeals in High Courts/ CESTAT. Principal Chief Commissioners/ Chief Commissioners are required to take immediate necessary action in this regard for cases which are below the new threshold limits subject to the conditions of the instructions of e...

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Furnishing PAN & AIR Information w.e.f 01-01-2016

CA Vinamar Gupta Comprehensive Analysis of New Requirements of furnishing PAN and AIR Information w.e.f 01-01-2016 CBDT vide Notification No. 95/2015 dated 30-12-2015 has amended Rules for PAN and AIR Information. While the press release dated 15-12-2015, broadly discussed the likely changes in PAN requirements, the notification contains ...

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Posted Under: Excise Duty |

ICAI extends due date to complete GMCS-I Course

It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but not completed the GMCS-I course, are required to complete GMCS-I Course latest by 31st December, 2016....

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Posted Under: Excise Duty |

ICAI President's Message – January 2016

Monitoring of Tax Audit- As the members are aware that pursuant to C&AG’s Report ‘Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings’ for the year ended March, 2014, a group headed by one of my Council colleague is actively working on the relevant issues. A Tax Audit Monito...

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Posted Under: Excise Duty |

Guidance Note for implementation of FATCA and CRS

For implementation of FATCA and CRS, necessary legislative changes have been made in the Income-tax Act, 1961 and Income-tax Rules, 1962. Rules 1 14F, 1 14G & 11411 and Form 61B have been inserted to provide legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts....

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Posted Under: Excise Duty |

RBI Master Direction – Miscellaneous

RBI/FED/2015-16/14 FED Master Direction No. 19/2015-16 (01/01/2016)

On the Central Board of Direct Taxes (CBDT) revising the existing instructions to be followed while allowing remittances to the non-residents, Reserve Bank of India has clarified that it will not be issuing instructions under Foreign Exchange Management Act, 1999 (FEMA), clarifying tax issues. The Authorised Dealers are required to comp...

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RBI Master Direction – Reporting under FEMA, 1999

RBI/ FED/ 2015-16/13 FED Master Direction No. 18/2015-16 (01/01/2016)

Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/ through Authorised Persons/ Authorised ...

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RBI Master Direction – Import of Goods and Services

RBI/FED/2015-16/12 FED Master Direction No. 17/2015-16 (01/01/2016)

FED Master Direction No. 17/2015-16 Instructions issued on import of goods and services into India have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Direction on reporting (Ma...

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RBI Master Direction – Deposits and Accounts

RBI/FED/2015-16/9 FED Master Direction No. 14/2015-16 (01/01/2016)

Opening, holding and maintaining foreign currency accounts by a person resident in India is regulated in terms of section 9 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 issued vide Notification No. FEMA 10/2000-RB dated...

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RBI Master Direction – Remittance of assets

RBI/FED/2015-16/8 FED Master Direction No. 13/2015-16 (01/01/2016)

FED Master Direction No. 13/2015-16 Instructions issued on remittance of assets have been compiled in this Master Direction. The list of underlying circulars/ notifications which form the basis of this Master Direction is furnished in the Appendix. Reporting instructions can be found in Master Directions on reporting (Master Direction No....

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