"May, 2016" Archive

Notification No. 79/2016-Customs (N.T.), dated 31st May, 2016

Notification No. 79/2016-Customs (N.T.) (31/05/2016)

Government of India Ministry of Finance Department of Revenue Notification No. 79/2016-Customs (N.T.) New Delhi, dated the 31st May, 2016 S.O. (E). -In exercise of powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of Customs Act, 1962 (52 of 1962) and in supersession of order/notification as stated in colum...

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DGFT notifies Ten additional Pre-Shipment inspection Agencies

Public Notice No. 15/2015-2020-DGFT (31/05/2016)

In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-20, the Directorate General of Foreign Trade hereby includes the following additional agencies in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 in terms of Para 2.55 (d) of HBP 2015-20 with immediate effect:-...

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Companies (Authorised to Register) Amendment Rules, 2016

Notification No. G.S.R. 563 (E) (31/05/2016)

(v) in case of a firm, deeds of partnership, bye laws or other instrument constituting or regulating the company and duly verified in the manner provided in sub-rule (4) and in case the deed of partnership was revised at any time in the past, copies of the principal and all subsequent deeds including the latest deed, along with the certif...

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Enactment of Finance Bill, 2016 – reg.

F. No. B-1/19/2016 -TRU (31/05/2016)

Certain amendments made in the Union Budget 2016-17 have come into force from the date when the Finance Bill, 2016 received the assent of the President of India. As a result, these amendments have come into effect from 14.5.2016. Some of these include notification Nos. 13/2016 – ST, 14/2016 – ST and certain entries in notification Nos...

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MVAT: Increase in rate of tax on petrol wef 1 June 2016

Notification No. VAT 1516/CR 77/Taxation-1 (31/05/2016)

New MVAT rate on petrol is 25% + 4 rupees. In Schedule `17, appended to the Maharashtra Value Added Tax Act, 2002, in entry 10,‑ (a) in sub-entry (a), against clauses (i) and (ii), in column (3), for the figures, signs and words 26%+Three rupees per litre, the figures, signs and words, 26%+ Four rupees fifty paise per litre shall be s...

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Customs Procedure regarding filing of ex-bond bill of entry

Circular No. 22/2016-Customs (31/05/2016)

Section 68 of the Customs Act, 1962 requires the filing of a bill of entry (ex-bond bill of entry) for clearance of any warehoused goods for home consumption. At present, the ex-bond bills of entry are being filed with the Commissionerates having jurisdiction over the warehouses and in large number of cases, manually. ...

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Revised Security criteria U/s. 59(3) of Customs Act

Circular No. 21/2016-Customs (31/05/2016)

Sub-section (3) of section 59 prescribes that the importer, shall, in addition to the execution of a bond, furnish a security. The Board has reviewed the extant circulars regarding furnishing of security for transit as well as for storage of goods in the warehouse. In supersession of earlier instructions, the Board has approved the follow...

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Issue of 9.50% Government of India (National Small Savings Fund) (Non-transferable) Special Securities, 2015

Notification No. 5-1/2015-NS.II. (31/05/2016)

(i) 9.50% (Nine point five per cent) Government of India (National Small Savings Fund) (Non­transferable) Special Securities, 2015 shall be issued in the form of ‘Stock’ to be held at the credit of the holder in the Subsidiary General Ledger Account maintained by the Public Debt Office; and (ii) these securities shall not be transfer...

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Enemy Property (Amendment & Validation) 3rd Ordinance, 2016

Notification No. 6 of 2016 (31/05/2016)

WHEREAS the Enemy Property (Amendment and Validation) Ordinance, 2016 was promulgated by the President on the 7th day of January, 2016; AND WHEREAS the Enemy Property (Amendment and Validation) Bill, 2016 to replace the Enemy Property (Amendment and Validation) Ordinance, 2016 has been passed by the House of the People and is pending in t...

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Due date of filing statement for TDS on Sale of Property extended

Notification No. 39/2016-Income Tax (31/05/2016)

Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from 7 days CBDT has vide Notification No. 39/2016 dated: 31/05/2016 has extended Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA  […]...

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Definitive anti-dumping duty on Methyl Acetoacetate

Notification No. 22/2016-Customs (ADD) (31/05/2016)

Seeks to impose definitive anti-dumping duty on “Methyl Acetoacetate”, originating in or exported from USA or China PR, for a period of five years (unless revoked, superseded or amended earlier). GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2016-Customs (ADD) New Delhi, the 31st May, 2016...

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Anti-dumping duty on ‘Dichloromethane (Methylene Chloride)’

Notification No. 21/2016-Customs (ADD) (31/05/2016)

Seeks to impose anti-dumping duty on ‘Dichloromethane (Methylene Chloride)’ of all types [tariff item 2903 12 00], originating in or exported from People’s Republic of China or Russia, for a period of five years (unless revoked, superseded or amended earlier), from the date of imposition of the provisional anti-dumping d...

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Retirement age increased to 65 for Central Govt Doctors

Notification No. G.S.R.567(E) (31/05/2016)

The age of superannuation in respect of General Duty Medical Officers and Specialists included in Teaching, Non-Teaching and Public Health Sub-cadres of Central Health Service shall be sixty-five years....

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Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court)

Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....

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FAQs : TCS on Motor Vehicle More than Rs.10 Lacs

Finance minister, Mr. Jaitley had proposed to impose a provision for collection of Tax at source at the rate of 1%, in case of Sale of Motor Vehicle and finally it was passed and law amended. Effective date is 1st June, 2016. In this article, I am trying to answer most commonly asked questions on this Amendment....

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Survey funds CSI Airport, Mumbai better than Airports across the world

Asked to rate their experience of Mumbai Customs vis-a-vis other international Airports across the world, 69% rated their experience with Mumbai airport customs as better or somewhat better than other international airports, 15% rated on par and about 16% felt, it was worse....

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Posted Under: Custom Duty |

Restriction on redemption in Mutual Funds

Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/57 (31/05/2016)

Securities and Exchange Board of India Circular SEBI/HO/IMD/DF2/CIR/P/2016/57 May 31, 2016 To All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Restriction on redemption in Mutual Funds 1. Presently, in terms of circular SEBI/IMD/CIR No.5/126096/08 dated May 23, 2...

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LLP form 11 date extended to 30.06.2016 & waiver of late fee

General Circular No. 07/2016 (31/05/2016)

It has been decided to extend the period for which the one time waiver of additional fees is applicable to all eforms which are due for filing by companies between 25.03.2016 to 30.06.2016 as well as extend the last date for filing such documents and availing the benefit of waiver to 10.07.2016...

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Guidance Note on FATCA and CRS as updated on 31.05.2016

For implementation of FATCA and CRS in India, necessary legislative changes have been carried out in the Income-tax Act, 1961 and the Income-tax Rules, 1962 so as to collect and provide relevant information to the foreign tax authorities. ...

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Posted Under: Custom Duty |

Notification No. 78/2016-Customs (N. T.) Dated: 31st May, 2016

Notification No. 78/2016-Customs (N. T.) (31/05/2016)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 78/2016-CUSTOMS (N. T.) New Delhi, 31st May, 2016 10 Jyaistha, 1938 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board [&h...

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CBEC notifies Indirect Tax Dispute Resolution Scheme Rules, 2016

Notification No. 29/2016-Central Excise (N.T.) (31/05/2016)

These rules may be called the Indirect Tax Dispute Resolution Scheme Rules, 2016. They shall come into force on the 1st day of June, 2016.(1) The declaration under sub section (1) of section 214 of the Scheme shall be made in Form 1 in respect of the amount payable under the Scheme....

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Delhi VAT: Action against erring Restaurants & Halwais

Circular No. 8 of 2016-17- Delhi VAT (30/05/2016)

A new Composition Scheme under section 16(12) of the DVAT Act was recently introduced vide notification No. F.3(29)/Fin.(Rev-l)/2015-16/dsvi/93 dated 18/03/2016, wherein the registered dealers whose annual turnover is upto ₹ 50 Lakh and who make sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coff...

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Amendments/Corrections to Appendix-6H & ANF 7A of Aayat Niryat Forms

Public Notice No. 14/2015-2020-DGFT (30/05/2016)

Amendment in Appendix - 6H [Procedure to be followed for reimbursement of Central Sales Tax (CST) on supplies made to Export Oriented Units (EOUs) and units in Electronic Hardware Technology Park (EHTP) and Software Technology Park (STP)] and ANF 7A [Application for claim of TED Refund/Duty Drawback/Brand Rate Fixation] as contained in t...

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Bad Debt admissible if written off as irrecoverable in books: CBDT

Circular No. 12/2016-Income Tax (30/05/2016)

Claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it is written off as irrecoverable in the books of accounts of the assessee for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of the Act....

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LLP Annual Filing of Form –11, Step By Step Procedure

Today is the last date for Annual Filing of LLP Form – 11. Many professional are facing problem in Filing that Form – 11. So I have just make simple process along with their Screen Shot hope you get your doubt Clear by following below procedure.Annual Filing of the LLP For the year 2016...

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Posted Under: Custom Duty |

Service Tax – Krishi Kalyan Cess – New levy wef 01st June, 2016

Relevant Rules to understand the implication of new levy: i. Rule 4 of Point of Taxation Rules, 2011 (POTR, 2011) – Change in Effective Tax Rate, ii. Rule 5 of POTR, 2011 – Service Taxed for the first time iii. Notification No. 10/2016-ST dated 01st March, 2016 (insertion of explanation in Rule 5)...

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Reopening is invalid when there is no direct nexus between material gathered & formation of belief of income escaping assessment

C.M Mahadeva Vs CIT (Karantaka High Court)

The Hon'ble Karnataka HC in the above cited case held that there must be a direct nexus between the material coming to the notice of the Income-Tax Officer and the formation of his belief that income has escaped assessment....

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Go Solar and Get More Dollars

Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]...

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Posted Under: Custom Duty |

Changes vide Service Tax Notifications at the time of Budget 2016

In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for...

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Brief on Service Tax Related advance Ruling

The businessman would like to be clear in his mind about various aspects of his venture and risks involved. He would like to get clear verdict about his doubts in respect of taxation matters, before he decides to venture in the new business. Otherwise, he may be exposed to certain unexpected risks which may have serious adverse consequenc...

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Posted Under: Custom Duty |

Raising of invoices per se won’t result in accrual of income

Bechtel International Inc. Vs DDIT-3(2) , Mumbai (ITAT Mumbai)

The ITAT Mumbai in the above cited case held that raising of invoices per se doesn’t result in accrual of income rather an income can be considered to have been accrued only when there is a corresponding liability of the other party to pay the amount to the assessee and there is realistic probability of realization of the income to the ...

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Effect of Krishi Kalyan Cess (KKC) Related New Notifications

it has been notified that w.e.f. 1.6.2016, wherever reverse charge mechanism is applicable in terms of Notification No. 30/2012-ST dated 20.06.2012, the same (reverse charge) shall be applicable mutatis mutandis for the purpose of Krishi Kalyan Cess....

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FAQS on Service Provided by Government or Local Authority

In today’s scenario, every business entity has to make multiple kinds of payment to the Government or local authority. While making these payments, it is now important for these business entities to realize the repercussions of these payments from a service tax point of view as well. This is because a number of services provided by Gove...

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Posted Under: Custom Duty |

Tax on services provided by Govt or local authority to Real Estate Industry

Any service provided by Government or a local authority to a business entity has been made taxable w.e.f. 1St April 2016. Post Budget 2016, representations have been received from several quarters including business and industry associations in respect of various aspects pertaining to the taxation of such services. Accordingly, few clarif...

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Posted Under: Custom Duty |

TCS on Sale of Goods and Service required to be revamped

TCS provisions have been made applicable to all the goods and services wef 01-06-2016. While the provisions are intended to frame a system of reporting high value transactions to curb black money, the law framed by the parliament in this regard is plagued by number of doubts and issues which can clog the very implementation of provisions....

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Rights & Obligations of Allottees Under Real Estate Act, 2016

The Real Estate ( Regulation and Development ) Act, 2016 defines Allottee as the person to whom a plot, apartment or building , as the case may be , has been allotted, sold( whether as freehold or leasehold) or otherwise transferred by the promoter. It also includes person who subsequently acquires the said allotment through sale, trans...

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Posted Under: Custom Duty |

Brief Analysis of Krishi Kalyan Cess

After Collecting cess in the name of Education, Higher Education, Cleanliness (Swachh Bharat Cess) now the government is also keen to put burden of welfare of the Farmers on all of us (Including from the farmers for any service availed by them. Imagine person paying Tax for his own welfare which might not ultimately reach to him !!!!!) so...

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Levy of Luxury tax on DTH operators while exempting cable operators is discriminatory

Bharati Telemedia Ltd. Vs Union of India , State of Kerala & others (Kerala High Court)

The Hon'ble Kerala HC in the above cited case held that exempting cable operators from luxury tax while making DTH operators to pay the same is a case of discriminatory levy of luxury tax merely because of technological differences in the system of deliveryof entertainment in both the services....

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Transfer Pricing Documentation: Convergence with BEPS Action Plan

OECD stands for Organization for Economic Co-operation and Development. It is an international organization comprising of 34 countries with an objective to stimulate economic progress and world trade. The organization actively conducts researches in various areas of taxation and economic development based on which it issues recommendation...

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Posted Under: Custom Duty |

Annual Return under Service Tax

As per Rule 7(1) of the Service Tax Rules, 1994, all the assessees registered under service tax are required to file service tax returns on a half yearly basis. The half yearly return is to be filed by 25th of the month following the particular half year. The Central Board of Excise and Customs (͞the Board͟) have amended Rule 7, 7A and...

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Analysis of Krishi Kalyan Cess

The Krishi Kalyan Cess shall come into force with effect from 1st June, 2016. The said levy has been imposed by the Central Government by exercising its power under Section 161 of the Finance Act, 2016, which specifically indicates that KKC shall be levied and collected as Service tax @ 0.5% on the value of all taxable services....

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Search cases… Wrongly curtailing wings of revenue?

Once a search takes place under Section 132 of the Act, notice under Section 153A(1) will have to be mandatorily issued to the person searched requiring him to file returns for six AYs immediately preceding the previous year relevant to the AY in which the search takes place. ...

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Posted Under: Custom Duty |

CBDT invites comment on Implementation of GAAR

The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e.; financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have bee...

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Posted Under: Custom Duty |

Engagement of Research Associates/Professionals in CCI

COMPETITION COMMISSION OF INDIA Hindustan Times House, 3rd, 4th & 7th Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001 Tel: +91-11-23473600 Fax: +91-11-23704686 F. No. A-12015/01/2016- HR  Dated: 9th May, 2016 NOTICE Engagement of Research Associates/Professionals in the Competition Commission of India on contract basis. Com...

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Posted Under: Custom Duty |

Never Ending Unemployment In Europe

Unemployment and job creation have become the biggest problem of the decade and this will rule the coming decades too. The growth of entrepreneurship has taken a set back as availability of resources in the developed economies has become limited as stiff competitions from the developing economies are fiercely high. Currently every year if...

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Posted Under: Custom Duty |

Insolvency and Bankruptcy Code, 2016

Notification No. 31 of 2016 (28/05/2016)

An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including al...

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Krishi Kalyan Cess – Applicability & Open Issues

Pursuing with an objective to finance and promote initiatives to improve agriculture and farmer welfare, the Government announced a new cess namely ‘Krishi Kalyan Cess’ , to be levied at 0.5% on the value of all taxable services w.e.f June 1, 2016. In this regard, a new Chapter VI was inserted in the Finance Bill, 2016, containing rel...

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How to file online Rectification Request for Wealth Tax Return

To file your Rectification request online for Wealth Tax Return files online on Income Tax Online Portal , you should be a registered user in e-Filing application. Below listed e the steps to file Rectification....

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Posted Under: Custom Duty |

Single application for filing claim under MEIS for shipments from different EDI Ports

Public Notice No. 13/2015-2020-DGFT (27/05/2016)

Applicant shall file separate application for each port of export in case of Non EDI Shipping bills. In case of EDI shipping bills, the applicant can file a single application containing shipping bills of different EDI ports. Accordingly shipments from different EDI ports will not require separate applications....

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Allocation of quantity of Black Pepper under Indo-Sri Lanka Free Trade Agreement

Trade Notice No. 7/2016 (27/05/2016)

In terms of Annexure-l to Appendix 2A of FTP 2015-20 read with Public Notice No. 62 dated 25.02.2016, the allocation of 2,500 MTs of Black Pepper for import under the Indo-Sri Lanka Free Trade Agreement for the financial year 2016-17. is attached as Annexure to this Trade Notice....

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CBDT Notifies Equalisation levy Rules, 2016

Notification No. 38/2016-Income Tax (27/05/2016)

Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy challan....

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CBDT notifies date of Applicability of Equalisation Levy

Notification No. 37/2016-Income Tax (27/05/2016)

n exercise of the powers conferred by sub-section (2) of section 163 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 1st day of June, 2016 as the date on which Chapter VIII of the said Act shall come into force....

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SEBI (Depositories and Participants) (Third Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/007 (27/05/2016)

35B. Every depository shall devise and maintain a wind-down plan in accordance with guidelines specified by the Board. Explanation.- For the purpose of this regulation, 'wind-down plan' means a process or plan of action employed, for transfer of the beneficial owner accounts and other operational powers of the depository to an alternative...

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Scheme for Facilitating Start-ups Intellectual Property Protection

Public Notice No. CG/Misc./Facilitator/2016/506 (27/05/2016)

Government of India has recognized government organizations like TIFAC / NRDC / BIRAC/DEITY / DSIR etc. for the purpose of consideration as facilitator for start-ups vide published Scheme for Facilitating Start-ups Intellectual Property Protection (SIPP) document....

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EPFO: Promotion of New MSMEs & Inspection Instruction

Circular No. CAIU/011(34)2016/Circulars/4358 (27/05/2016)

The Inspection Scheme shall take into account the self-certified returns filed by MSMEs - provided the MSME are not more than 3 years old. Roughly 5% of MSME units shall be verified through a random risk based inspection system for compliance. Inspections allotted by Shram Suvidha portal shall ensure this....

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How to furnish details of assets & liabilities in New ITR Form

The ITR (income tax return) forms for the the financial year ended 31st March 2016 have been notified by the government well in time this time. Generally, the forms are on the same lines as that of the previous forms except that the tax payers either an individual or an HUF have to furnish additional details of the assets and liabilities...

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54 Reasons for Penalty/Prosecution under Income Tax Act, 1961

IN this Article we have discussed 37 defaults which invites levy of Penalty and 17 offences which are punishable under under the Income Tax Act,1961. Articles further discusses in brief about Penalty & Prosecution Provision in Brief. ...

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E-FIle Your Income Tax Return, The Right Action for Peace of Mind

The process of electronically filing Income tax returns through the internet is known as e-Filing. e-Filing of Returns/Forms is mandatory for A. In the case of an Individual/HUF a. Where accounts are required to be audited under section 44AB ;...

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Posted Under: Custom Duty |

HUF cannot be a partner in a partnership firm

Notificatio No. F.No. 1/13/2012 CL-V (27/05/2016)

In view of above, it is clear that HUF cannot be a partner but its Karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF....

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Anti-dumping duty on import of Coumarin from China

Notification No. 20/2016-Customs (ADD) (27/05/2016)

Seeks to impose anti-dumping duty on Coumarin of all types Tariff Item 2932 20 10 , originating in or exported from People s Republic of China, for a period of five years (unless revoked, superseded or amended earlier) ...

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No mandatory Trust registration cancellation u/s 12AA for Turnover

Circular No. 21/2016-Income TAx (27/05/2016)

It is clarified that it shall not be mandatory to cancel the registration already granted u/s 12AA to a charitable institution merely on the ground that the cut-off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being any change in the nature of activities of the institution...

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SEBI mandates disclosure of Audit Qualification Impact by listed entities

CIrcular No. CIR/CFD/CMD/56/2016 (27/05/2016)

SEBI decides to make the listed entities disseminate the cumulative impact of all the audit qualifications in a separate format, simultaneously, while submitting the annual audited financial results to the stock exchanges. This will ensure that the information is available to the investors, without delay, enabling them to take well inform...

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Delhi VAT: Govt withdraws Delhi Sugam -1 (DS-1)

Notification No. F3(671)/Policy/VAT/2016/284-296 (27/05/2016)

Form Delhi Sugam-1 (DS1), in exercise of the powers conferred under section 70 of the Delhi Value Added Tax Act, 2004, for furnishing the details in respect of any commodities/goods to be moved from Delhi to any place outside the territory of Delhi on account of sale, stock transfer or due to whatsoever reason, by all the registered deale...

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Notification No. 36/2016-Income Tax, Dated: 27.05.2016

Notification No. 36/2016-Income Tax (27/05/2016)

S.O. It is hereby notified for general information that the organization M/s G.B. Pant Institute of Himalayan Environment and Development, New Delhi (PAN-AAAAG3515F) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act 1961...

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ATMs – Security and Risk Mitigation Measures for Card Present (CP) Transactions

RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 (26/05/2016)

Reserve Bank of India RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised ATM Network Operators / Card Paymen...

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Withdrawal of duty exemption on export of Chromium ores & concentrates, all sorts

Notification No. 35/2016-Customs (26/05/2016)

makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011...

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Reg. channeling transactions through Asian Clearing Union

RBI/2015-16/411 A.P. (DIR Series) Circular No.72 (26/05/2016)

It has been decided to revise the minimum amount and the multiples in which Reserve Bank will receive and pay for the purpose of funding or for repatriating the excess liquidity in the ACU Dollar and ACU Euro accounts to $ 500 / € 500....

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All about Pledging of Shares

Pledging of shares in order to avail the loan is neither a new concept for promoters nor for investors. In brief, when the promoters want to raise the funds for the personal or the company’s needs, they pledge their shares with the financial or non-financial institution....

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Posted Under: Custom Duty |

The Metaphor of Accounting Standards

Being CA students, Accounting Standards are one of the first things that fascinate us. It is surprising to deliberate upon the fact that how some pages of text can govern the complex realm of Financial Reporting, which witnesses a plethora of alternatives and challenges. The concepts of Accounting Standards carry a lot of importance and s...

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Posted Under: Custom Duty |

All about Excise Duty on Articles of Jewellery

The excise imposed upon Jewellery items is not applicable to non jewellery items of precious metals like gold etc. Hence, duty is not applicable on all articles of gold. As far as other articles of gold it depends upon the nature of goods and many have been exempted....

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Posted Under: Custom Duty |

Direct Tax Dispute Resolution Scheme Rules, 2016

Notification No. 35/2016-Income Tax (26/05/2016)

Form of declaration and undertaking under section 203.- (1) The declaration under sub-section (1) of section 203 shall be made in duplicate in Form-1 to the designated authority and verified in the manner specified therein....

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Last date for filing deceleration under Direct Tax Dispute Resolution Scheme

Notification No. 34/2016-Income Tax (26/05/2016)

S.O. 1902(E).- In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 31st day of December, 2016 as the date on or before which a person may make a declaration to the designated authority in respect of tax arrear or specified tax under the Direct Tax Dispute Res...

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Credit information reporting in respect of Self Help Group members

RBI/2015-16/409 DCBR.BPD.Cir.No.17/16.74.000/2015-16 (26/05/2016)

A review of the implementation of the aforesaid directions by the Reserve Bank of India (RBI) revealed that banks had not made a significant progress in this regard. The banks also pointed out a number of challenges in implementation of these directions and requested for greater clarity on their scope. Consequently, the RBI constituted a ...

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Merchant Acquisition for Card transactions

RBI/2015-2016/410 DPSS.CO.PD.No./2894/02.14.003/2015-2016 (26/05/2016)

In order to encourage banks to expand card acceptance infrastructure to a wider segment of merchants across all geographical locations and considering the experience gained by the banks in merchant acquiring business, banks are advised that they may put in place their own Board approved policy on merchant acquisition. The above instructio...

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Inclusion in Second Schedule to RBI Act 1934 – The Jalgaon Peoples Co-op Bank Ltd., Jalgaon

RBI/2015-2016/407 DCBR.CO.BPD.BC.No.16/16.05.000/2015-16 (26/05/2016)

We advise that the name of ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DCBR.CO.BPD.04/16.05.000/2015-16 dated April 6, 2016 published in the Gazette of India (Weekly No. 20 - Part III - Section 4) dated May 14, 2016....

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Revitalising Distressed Assets in Economy & Strategic Debt Restructuring Mechanism

RBI/2015-16/408 DNBR.CC.PD.No.081/03.10.01/2015-16 (26/05/2016)

The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic Debt Restructuring Mechanism, Framework to Revitalise the Distressed Assets in the Economy and Revisions to the Guidelines on Restructuring of Advances by Banks. ...

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RBI (Financial Services provided by Banks) Directions, 2016

RBI/DBR/2015-16/25 Master Direction/DBR.FSD.No.101/24.01.041/2015-16 (26/05/2016)

In exercise of the powers conferred by Sections 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified....

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Krishi Kalyan Cess Payment Option under New Rule 7E

Notification No. 31/2016-Service Tax (26/05/2016)

(7E) The person liable for paying the service tax under sub-rule (7), (7A), (7B) or (7C) of rule 6, shall have the option to pay such amount as determined by multiplying total service tax liability calculated under sub-rule (7), (7A), (7B) or (7C) of rule 6 by effective rate of Krishi Kalyan Cess and dividing the product by rate of servic...

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Refund of Krishi Kalyan Cess on specified services used in SEZ

Notification No. 30/2016-Service Tax (26/05/2016)

the SEZ Unit or the Developer shall be entitled to refund of- (i) the service tax paid on the specified services on which ab-initio exemption is admissible but not claimed, and (ii) the amount distributed to it in terms of clause (a)....

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Rebate of Krishi Kalyan Cess on input services used in export service

Notification No. 29/2016-Service Tax (26/05/2016)

The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) by notification No. 39/2012-Service Tax, dated the 20thJune, 2012 vide number G.S.R. 481(E), dated the 20th June, 2012 and last amended vide notification No. 03/201 6- Service Tax, dated the 3rd February, 2016 vide number G...

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Krishi Kalyan Cess-Determination of taxable services value

Notification No. 28/2016-Service Tax (26/05/2016)

Provided that Krishi Kalyan Cess shall be leviable only on that percentage of taxable value which is specified in column (3) for the specified taxable services in column (2) of the Table in the notification No. 26/2012-Service Tax, dated 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i)...

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Provisions of N/N. 30/2012-ST applicable for Krishi Kalyan Cess

Notification No. 27/2016-Service Tax (26/05/2016)

In exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994) read with sub-section (5) of section 161 of the Finance Act, 2016 (28 of 2016), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby provides that notification No. 30/20 12 - Service Ta...

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Brief of FA 2016, passed in Lok Sabha:- Direct Tax and Service Tax

Brief of Finance Act 2016, passed in Lok Sabha:- Direct Tax and Service Tax.The Finance Budget 2016 has been passed in Lok Sabha on 05 May 2016 with few amendments. The president assented the finance bill on 14 May 2016. The following are the major highlights of Finance Act, 2016...

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Comparison b/w Company Incorporation by New & Old process

According to the latest World Bank report, India stands at the 142th position in terms of ease of doing business globally. No wonder, there have always been clamour and concern for bureaucratic hurdles which prevent the business to run efficiently and smoothly. One such hurdle was the bureaucratic procedure as to the incorporation of a ne...

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Posted Under: Custom Duty |

Annual Compliance Calendar under Companies Act, 2013

ACS Divesh Goyal Background: As per Companies Act, 2013 Companies requirements for Companies have been changed in comparison of Companies Act, 1956. For financial year on or after 2014-15 Annual Compliances will be as per Companies Act, 2013. New Annual Forms will be prepared with new Requirements. Annual Compliances have completely chang...

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Tax Return Preparers for Individual and HUF Taxpayers

Now filing Income Tax Return is convenient than ever! Thanks to the taxpayer friendly initiatives of the Income Tax Department. Just log on to www.trpscheme.com and choose ‘Locate TRPs’ or ‘Register for Home Visit’ or ‘Online Tax Help’ and a trained Tax Return Preparer (TRP) will help you in the Return ...

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Posted Under: Custom Duty |

Extension of Scheme for E-assessment to 2 more cities

Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the current financial year...

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Posted Under: Custom Duty |

Rules for Utilisation/Credit of CENVAT credit of Krishi Kalyan Cess

Notification No. 28/2016 - Central Excise (N.T.) (26/05/2016)

Cenvat credit in respect of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016) shall be utilised only towards payment of Krishi Kalyan Cess on taxable services leviable under section 161 of the Finance Act, 2016 (28 of 2016)...

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CBEC notifies Accounting code for payment of Krishi Kalyan Cess

Circular No. 194/04/2016-ST (26/05/2016)

Accounting codes have also been allotted by the Office of the Controller General of Accounts for the new Minor Head 507-Krishi Kalyan Cess and new Sub-heads as under: Krishi Kalyan Cess (Minor Head) 0044-00-507 ...

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Export Data Processing and Monitoring System (EDPMS)

RBI/2015-16/414 A.P. (DIR Series) Circular No.74 (26/05/2016)

To simplify the procedure for filing returns on a single platform and for better monitoring, it has been decided to integrate the returns related to (a) handling of shipping bills for caution listed exporters; (b) delayed utilisation of advances received for exports; and (c) exports outstanding with Export Data Processing and Monitoring S...

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Publicly disclose Compounding Orders passed under FEMA Rules

RBI/2015-16/412 A.P. (DIR Series) Circular No.73 (26/05/2016)

For disseminating the information pertaining to compounding orders, it has been decided to host the compounding orders passed on or after June 1, 2016 on the Bank’s website (www.rbi.org.in). The data on the website will be updated at monthly intervals in the following format:...

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Clarifications for implementation of FATCA and CRS

F.No. 504/632/12015-FT&TR-III(1) (26/05/2016)

Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification from the account holders. Representatives of FIs have informed that there are large number of financial accounts and it is practically very difficult to physically obtain the self certification from the accoun...

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E-filing of CIT appeals – Due Date Extension to 15.06.2016

Circular No. 20/2016-Income Tax (26/05/2016)

It has come to the notice of CBDT that in some cases the taxpayers who were required to e-file Form 35, were unable to do so due to lack of knowledge about e-filing procedure and/or technical issues in e-filing. Also, the EVC functionality for verification of e-appeals was made operational from 12-5-2016 for individuals and from 19-5-2016...

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SEBI (Intermediaries) (Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/006 (25/05/2016)

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008....

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SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares)(Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/005 (25/05/2016)

Wilful defaulter means an issuer who is categorized as a wilful defaulter by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India and includes an issuer whose director or promoter is categorized as such...

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SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2016

Notification No. SEBI/ LAD-NRO/GN/2016-17/004 (25/05/2016)

(1) No issuer shall make any public issue of debt securities if as on the date of filing of draft offer document or final offer document as provided in these regulations: (a) the issuer or the person in control of the issuer or its promoteror its director is restrained or prohibited or debarred by the Board from accessing the securities m...

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SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/003 (25/05/2016)

No issuer shall make, (a) a public issue of equity securities, if the issuer or any of its promoters or directors is a wilful defaulter; or(b) a public issue of convertible debt instruments if, (i) the issuer or any of its promoters or directors is a wilful defaulter,or...

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SEBI (Substantial Acquisition Of Shares and Takeovers) (Second Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/002 (25/05/2016)

Notwithstanding anything contained in these regulations, no person who is a wilful defaulter shall make a public announcement of an open offer for acquiring shares or enter into any transaction that would attract the obligation to make a public announcement of an open offer for acquiring shares under these regulations:...

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SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/001 (25/05/2016)

Statement on Impact of Audit Qualifications accompanying Annual Audit Report. 95. The recognised stock exchange(s) shall review the Statement on Impact of Audit Qualifications and the accompanying annual audit report submitted in terms of clause (d) of sub-regulation (3) of regulation33 and clause (a) of sub-regulation (3) of regulation 5...

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