"June, 2016" Archive

Special drive to resolve certain pending issues in drawback cases

F.No.609/14/2014-DBK (30/06/2016)

A delegation of the office bearers of Delhi Exporters Association (All India Body of Exporters) met Chairman (CBEC) on 22.6.2016 and requested that there be no letup in the timely disposal of AIR Drawback claims. Certain instances of field formations asking for no overdue payments certificates from banks w.r.t. realization of export proce...

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CBDT instructs to maintain confidentiality of IDS, 2016 declarants

F.No. 187/10/2016-ITA-1 (30/06/2016)

Certain strategies were suggested for implementing the Income Declaration Scheme (IDS), 2016 and it was also advised that the jurisdictional Pr. CIT/CIT would be the one and only point of contact with a declarant so as to maintain the confidentiality of declarants....

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MVAT: FAQ’s on Settlement of Arrears in Disputes Act, 2016

Trade Circular No. 19T of 2016 (30/06/2016)

8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR To, No. VAT/MMB-2015/47/2016-17/ADM-8   dated 30th June 2016. Trade Cir. No. 19T of 2016 Subject:  FAQ’s on Settlement of Arrears in Disputes Act, 2016. Ref.  (1) The Maharashtra Settlement of Arrears in Disputes Act, 2016. (Act No. XVI of 2016) (2) Trade Circula...

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Ind AS 101: FAQ on deemed cost of Property, Plant & Equipment

Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition to Ind AS. In that case, whether the accumulated depreciation and provision for impairment under previous GAAP would be treated as nil on the date of transition. ...

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Posted Under: Custom Duty |

CBDT notifies rules for FMV of assets & Income attribution

Notification No. 55/2016-Income Tax (30/06/2016)

CBDT has vide Notification No. 55/2016 dated 28.06.2016 notified rules for Determination of value of assets and apportionment of income in certain cases. It also notified FORM NO. 3CT Under rule 11UC for Income attributable to assets located in India Under section 9 of the Income-tax Act, 1961 and FORM NO. 49D under Rule 114DB for Inform...

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Exchange of Pre-2005 Banknotes at Select Offices of RBI from July 01, 2016

RBI/2015-16/443 DCM (Plg) No.G-12/4297/10.27.00/2015-16 (30/06/2016)

The Reserve Bank of India has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation. On a review, therefore, the Reserve Bank has decided that from July 01, 2016 the facility of exchanging the pre-2005 banknotes will be available only ...

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Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016

G.S.R. 646(E) (30/06/2016)

Central Government hereby makes the following rules further to amend the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, namely: 1. (1) These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016....

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Relaxation in Rules for Appointment of Statutory auditor

S.O. 2264(E) (30/06/2016)

Every company, existing on or before the commencement of this Act which is required to comply with the provisions of this sub-section, shall comply with requirements of this sub-section within a period which shall not be later than the date of the first annual general meeting of the company held, within the period specified under sub-sect...

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External Commercial Borrowings (ECB) – Approval Route cases

RBI/2015-16/440 A.P. (DIR Series) Circular No. 80 (30/06/2016)

With a view to rationalizing and expediting the process of giving approval, it has been decided that ECB proposals received in the Reserve Bank above a certain threshold limit (refixed from time to time) be placed before the Empowered Committee. The Reserve Bank will take a final decision in the cases taking into account the recommendatio...

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Temporarily suspension of operations in ‘ACU Euro’ wef 01.07.2016

RBI/2015-16/441 A.P. (DIR Series) Circular No. 81 (30/06/2016)

As the payment channel for processing ‘ACU Euro’ transactions is under review, it has become necessary to temporarily suspend operations in ‘ACU Euro’ with effect from July 01, 2016. Accordingly, all eligible current account transactions including trade transactions in ‘Euro’ are permitted to be settled outside the ACU mechani...

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Notification No. 92/2016-Customs (N. T.) ,Dated: 30th June, 2016

Notification No. 92/2016-Customs (N. T.) (30/06/2016)

The principal notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001 was last amended vide Notification No. 86/2016-Customs (N.T.), dated the 15th June, 2016 ...

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CBDT issues 3rd FAQs on Income Declaration Scheme, 2016

Circular No. 25 of 2016-Income Tax (30/06/2016)

The circular inter alia provides clarifications on issues such as confidentiality of information disclosed in the declaration, allowability of TDS credit against declared income, enquiry in respect source of income and payment of tax and initiation of enquiry against third parties on the basis of information furnished in the declaration....

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Which is the best capital protection investment plan?

Protecting your capital, a BIG task, Isn’t it? You have your higher studies planned, EMI to take care of and a huge college fees for your children awaiting to empty your purse in couple of years. And, of course, unwanted emergencies like health issues and uncertainty at work which can lead to unexpected personal finance problems....

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Posted Under: Custom Duty |

Improve skills to build fairer, more inclusive societies: OECD

Poor skills severely reduce a person’s chance of a better-paying and more-rewarding job, and have a major impact on how the benefits of economic growth are shared within societies. In countries where large shares of adults have poor skills, it is difficult to introduce productivity-enhancing technologies and new ways of working, which ...

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Posted Under: Custom Duty |

Special Deposit Scheme to get interest of 8.10% for Q2 of 2016-17

F. No. 5(4)-B(PD)/2016 (30/06/2016)

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75, dated 30th June, 1975, shall with effect from 1st July, 2016 to 30th September, 2016, bear inter...

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How India will be affected by BREXIT (Britain Exit)?

Aditi Bhavsar Bagul 1. The biggest drawback of the Leave Campaign is that they have not mapped out the future course of action. Markets across the world will tank. The pound will depreciate against most major economies. India cannot remain immune to this. Sensex and Nifty will tumble in the short-run. 2. The immediate fallout […]...

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Posted Under: Custom Duty |

Clarification on Validity & Renewal of Registration under FCRA, 2010

F.No.II/21022/36/0207)/2015-FCRA-II (29/06/2016)

As notified vide order dated 29 March, 2016, the validity of the registration certificates of all associations whose registration certificates are expiring on or before 30th September, 2016 was extended upto 31st October, 2016. Time for applying for renewal of registration certificate of such applicants was also extended upto 30th June, 2...

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Highlights of recommendations of 7th Central Pay Commission

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 01.01.2016....

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Posted Under: Custom Duty |

Criteria for listing of matters before National Company Law Tribunal

Order No. 25/1/2016-NCLT (29/06/2016)

Consequent to the notification no. S.O. 1935 (E) dated 1.6.2016 issued by the Central Government, Ministry of Company Affairs following criteria has been laid down for listing of the matters before the National Company Law Tribunal, Principal Bench and National Company Law Tribunal, New Delhi Bench....

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Amendment in rules for acceptance of Deposit by Companies

G.S.R. 639(E) (29/06/2016)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Corporate Affairs Notification. New Delhi, dated, the 29th June, 2016 G.S.R. 639(E). – In exercise of the powers conferred by sections 73 and 76 read with sub­section (1) of section 469 of the Companies Act,...

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ICAI President's Message July 2016

I wish all of you a very happy CA Day. All arrangements have been made to celebrate the legacy of the Indian accountancy profession with great enthusiasm in the form of flag hoisting and events that enhance and impart knowledge to the professional fraternity. Indian accountancy profession that had started its journey with a vision has bee...

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Posted Under: Custom Duty |

Clarification regarding grandfathering of ODI issuers

Circular No. CIR/IMD/FPI&C/61/2016 (29/06/2016)

ODIs have been issued to unregulated funds under the FII Regulations. Whether these ODI positions can continue under the FPI regime? Whether the existing ODI subscribers can continue to subscribe to ODIs?...

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Highlights of draft Model Shops and Establishments Bill, 2016

• It will cover only establishments employing ten or more workers except manufacturing units. • The Bill provides for freedom to operate 365 days in a year and opening/closing time of establishment. • Women to be permitted during night shift, if the provision of shelter, rest room ladies toilet, adequate protection of their dignity ...

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Posted Under: Custom Duty |

Survey claims Attitudinal change in CBEC senior functionaries

Tax payers Survey got conducted by Central Board of Excise & Customs (CBEC) for garnering a feedback on impact that reforms undertaken during the last two years; Responses showed that 45% of the respondents saw an attitudinal change in senior functionaries (Commissioner level and above); and 51% acknowledged an improvement at the ground l...

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Posted Under: Custom Duty |

Procedure to authorise for export to Iran of specified items in SCOMET list

Public Notice No. 19/2015-2020-DGFT (29/06/2016)

Authorization for export of items in Categories 0, 3 (other than 3D), 4, 5 and 7 of the SCOMET list to Iran would be subject to the relevant provisions contained in Annex B to the UN Security Council resolution 2231 (2015). The licensing authority, i.e. DGFT or Department of Atomic Energy...

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Validity of SCN issued by Preventive, DGDRI & DGCEI officers: Reg

F.No.276/104/2016-CX.8A (Pt.) (29/06/2016)

Amendment in Section 28 (11) of the Customs Act, 1962 was brought out by the Government, after the decision of Supreme Court in Commissioner of Customs vs Sayed Ali (2011) 3 SCC 537, wherein it was held that Customs Preventive Officers are not proper officers to issue Show Cause Notice u/ s 28 of Customs Act, 1962. ...

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Govt lifts Sanctions on Trade from Iran

Notification No. 13/2015-2020-DGFT (29/06/2016)

The prohibition on direct or indirect export to Iran or import from Iran of specified items is lifted. Direct or indirect export to Iran or import from Iran is now permitted subject to UN Security Council Resolution 2231(2015) and IAEA specified documents....

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Customs Exchange Rate of Pound Sterling wef 30.06.2016

Notification No. 91/2016-Customs (N.T.) (29/06/2016)

CBEC hereby makes the following further amendments in the Notification of the Central Board of Excise and Customs No. 87/2016-CUSTOMS (N.T.), dated 16th June, 2016, with effect from 30th June, 2016, namely:-...

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Govt. enhances Financial Power of Ministries

Government of India has decided to revise the financial limits for appraisal and approval of Non-Plan Schemes/ Projects by competent authorities. As per the revised delegation, the Committee on Non-Plan Expenditure (CNE), which serves as an appraisal forum for all non-plan proposals of Central Government Ministries/Departments, will now a...

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Posted Under: Custom Duty |

New TDS/TCS RPU 1.6, FVU 5.1 & FUV 2.147 wef 28.06.2016

Due date for filing Quarterly TDS/TCS statement for Q1 (April to June) of FY 2016-17 is July 31, 2016 for all the categories of Deductors/Collectors. Do submit quarterly TDS/TCS statement on or before due date to avoid late filing fee under section 234E of Income Tax Act. In order to locate the nearest TIN Facilitation […]...

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Posted Under: Custom Duty | ,

Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs ITO (ITAT Jaipur)

The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit...

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Guide for students looking for higher education abroad

There has been a recent trend towards students opting for studying in foreign countries. Generally, it’s because it improve the student’s employment prospects. But like all things in foreign, even the cost of education is also very high. But that doesn’t meant that you cannot have access to these courses abroad. Most lenders look at...

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Posted Under: Custom Duty |

Queries related to Selling/buying of goods & services in excess of Rs. 200,000/-

Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved....

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Deduction for Hypothetical Tax – Is it Fair??

An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is ...

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Posted Under: Custom Duty |

A person registered as FSD not required to take registration as an importer, and vice versa

Notification No. 30/2016 - Central Excise (N.T.) (28/06/2016)

In pursuance of sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby specifies that‑ (i) a person who is registered as a first stage dealer shall not be required to take registration as an importer; or (ii) a person who is registered as an importer shall not be required to take regist...

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Common registration & return for First Stage Dealer & Importer

Circular No. 1032/20/2016-Central Excise (28/06/2016)

An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own business purposes, may so register....

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CIT cannot revise assessment for issues already examined by AO

M/s. Rachana Finance & Investments Pvt. Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. ...

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Services by Government to Business Entity- effect of changes

As per section 68(2) person liable to pay service tax shall be the person notified under rule 2(1)(d) of Service Tax Rules 1994. Rule 2(1)(d) specifies the cases where the service tax is required to be paid by service receiver under the reverse charge mechanism(either under full reverse charge or under partial reverse charge)....

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Posted Under: Custom Duty |

Brexit- All you want to know

Brexit was the United Kingdom’s decision to discontinue with the EU Regime. The Brexit is an abbreviation of British exit which mirrors the term Grexit, refers to Britain's withdrawal from European Union....

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Who is required to file Income Tax Return

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not. ...

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CBI court convicts DSP, CBI for evasion of customs duty

The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam has been sentenced to undergo two years Rigorous Imprisonment with fine of Rs.20,000/- and Sh. G. Vinod Kumar Gollapudi ...

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Posted Under: Custom Duty |

Government initiates process to constitute Monetary Policy Committee

G.S.R. 633(E) (27/06/2016)

Government decides to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that statutory basis of MPC is made effective; Rules governing the procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions of their Appointment and factors constituting failure to m...

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Trade Discounts Post Issuance of Invoice –Worth the value?

The practice of providing discount is one of the very old and well-established strategies which the business houses have been adopting in order to entice and persuade their customers towards buying more goods from them. At large, there are two types of discounts being offered by the industries i.e. Cash discount and Trade discount. Cash [...

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Posted Under: Custom Duty |

Exhaustive Analysis of Krishi Kalyan Cess (KKC)

A Cess is a tax which is collected by the government to be used for a specific purpose. Thus collections from levy of cess can be used only for the purpose for which it has been collected and not for any other purpose, Finance Minister has mentioned in his budget speech that proceeds of KKC would be exclusively used for financing initiat...

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Posted Under: Custom Duty |

Is there REALLY any difference between saving and investing?

I have been witnessing people, especially the younger generation, working really hard and late hours in order to live a luxurious and content life. When I ask them about investments, most of them satisfactorily tell me that they are saving 20-30% from their monthly income. They seem very happy about it. If you are one […]...

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Posted Under: Custom Duty |

CBDT's Advisory on Canvassing of non-official or other influence

F.No. HRD/CM/104/2/2016-17/ (27/06/2016)

Such submission of representations directly to other authorities by-passing the prescribed channel of communication, has to be viewed seriously and appropriate disciplinary action should be taken against those who violate instructions. This can rightly be treated as an unbecoming conduct attracting the provisions of Rule 3(1)(iii) of the ...

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CG notifies factors that constitute failure to achieve inflation target

S.O. 2215(E) (27/06/2016)

In exercise of the powers conferred by section 45ZN of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby notifies the following as factors that constitute failure to achieve the inflation target, namely:—...

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List of 65 Aayakar Seva Kendras to be set up & Instructions

48/1/2016/ASK/P.VII/DOMS/2470 (27/06/2016)

Based on the recommendations of the Pr. CCsIT, the CBDT has approved setting up of 65 Aayakar Seva Kendras as per the enclosed list at Annexure-A in which the stations and the jurisdictional Pr. CCsIT, CCsIT and Pr. CsIT are mentioned. The advisory regarding setting up of ASK in Y. 2016-17 has already been included in the Annual Central A...

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Part I of Chapter XII of Finance Act, 2016 applicable from 27.06.2016

S.O. 2214(E) (27/06/2016)

In exercise of the powers conferred by section 219 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 27th day of June, 2016, as the date on which the provisions of Part I of Chapter XII of the said Act shall come into force....

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Posting of 4 Officers as Additional/Joint CIT(OSD) in Principal CCIT Region

Order No. 125 of 2016 (27/06/2016)

Posting of Officers as Additional/Joint CIT(OSD) in the Principal CCIT Region – reg. Order No. 125 of 2016 – Dated: 27th June,2016 On return from Deputation, the following officers are, hereby, posted as Additional Commissioner of Income Tax (OSI)(/ Joint Commissioner of Income Tax (OSIDI in the Principal CCIT Region indicated...

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11 New FAQs on Income Declaration Scheme, 2016

Circular No. 24/2016-Income Tax (27/06/2016)

If only part payment of the tax, surcharge and penalty payable on undisclosed income declared under the Scheme is made before 30.11.2016, then whether the entire declaration fails as per section 187(3) of the Finance Act, 2016 or pro-rata declaration on which tax, surcharge and penalty has been paid remains valid?...

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CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax (27/06/2016)

Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and...

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An insight into Annual Performance Report (APR) under SEZ Laws

APR refers to an annual performance report to be prepared by an SEZ unit post commencement of production by it. The preparation of APR has to be done independently by each SEZ unit located in SEZ area. An APR, which has to be duly certified by an independent Chartered Accountant ...

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Posted Under: Custom Duty |

PM warns Tax Evaders to disclose income before 30.09.2016

For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

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Posted Under: Custom Duty |

Income Tax Provisions When Invoice Value Exceeds Rs. 2 Lakh

LEGAL REQUIREMENTS UNDER INCOME TAX ACT WHEN SELLER OR SERVICE PROVIDER RECEIVED CONSIDERATION MORE THAN Rs. 2 lakh. 1. TAX COLLECTION AT SOURCE : With effect from 1st June, 2016, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per […]...

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Burden of TCS on Sale or Purchase in Cash?

Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?...

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Model GST Law, 2016: Levy and Time & Place of Supply

Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules....

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Requirement of PAN and TCS on Cash Transaction

Notification No. 95/2015-Income Tax (30/12/2015)

PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the sai...

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Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs Mitsubishi Motors Corporation (ITAT Delhi)

The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents....

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT Vs M/s Sess Resources Ltd. (ITAT Panaji)

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to ...

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Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT Delhi)

While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment....

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No addition for mere non-reconciliation of Professional fees with AIR details

CIT Vs Shri S. Ganesh

It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the clients. ...

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Demolition/Redevelopment not amounts to transfer, so no withdrawal of 54F

Shri Dilip Manhar Parekh Vs The Dy. CIT (ITAT Mumbai)

The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment....

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In case of AIR based scrutiny AO’s scope is limited to AIR transactions only

Smt. Gurpreet Kaur Vs ITO (ITAT Amritsar)

ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR....

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Overview of IFRS in India and Its challenges

It is well known that companies all over the world have become more and more internationally oriented during last few decades. They create fusion, make investment, conduct trade and co-operate over country borders. International Financial Reporting Standards (IFRS) is becoming the global language of business with over 40% of the world hav...

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Posted Under: Custom Duty |

Clarification regarding TCS on cash sales u/s. 206C(1D)

CBDT after representation from various stake holders has issued Circular No. 23/2016 dated 24.06.2016 regarding clarity of applicability of Section 206C(1D) on transactions where sale consideration received is partly in cash and partly in cheque. Question Clarification Whether Tax Collection at Source under section 206C(1D) at the rate of...

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Posted Under: Custom Duty |

Britain voted to leave European Union, What Next?

Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity. Britain has had a troubled relationship with the EU since the beginning and has made various attempts to break away from it....

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Posted Under: Custom Duty |

MVAT TDS in New Automation System

Tax deducted at Source (TDS) is governed under Section 31 of MVAT Act,2002 read with Rule 40 of MVAT Rules, 2005, is a form of deduction which shall be made by the Employer (dealer) at the time of making payment to the Contractor (supplier) for execution of works contract awarded within the state of Maharashtra, at the rates prescribed....

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Posted Under: Custom Duty |

Clarification on amendment in section 206C of Income Tax Act

In order to curb the cash economy, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per cent from the purchaser on sale in cash of certain goods or provision of services exceeding two lakh rupees. ...

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Posted Under: Custom Duty |

FAQs on necessity to prepare Consolidated Financial Statements

These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements...

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Posted Under: Custom Duty |

Earning of profit from an incidental activity does not affect charitable status

DIT Vs M/s Lala Lajpatrai Memorial Trust (Bombay High Court)

Even after amendment of the Trust Deed the main object of the trust was to promote education. Letting out was incidental and not the principle activity of the assessee trust.Thus carrying out such incidental activity and the income derived from it is used for the educational institute and not for any particular person & thus newly inserte...

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Commercial Guarantee by Co. to its subsidiary can’t be considered same as that of provided by Bank for ALP

Thomas Cook (India) Limited Vs The Addl. Commissioner (ITAT Mumbai)

Assessee had provided a corporate guarantee on behalf of its associated enterprise M/s. Thomas Cook Mauritius Operations Co. Ltd. for banking facilities availed by it from HSBC bank to the extent of Rs.6,01,80,000/-....

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AAR cannot be applied for Transaction already pending before Tax Authorities

Hyosung Corporation Vs Authority For Advance Rulings & Ors (High Court Delhi)

The Assessee filed application with AAR for for determination of the question regarding taxability of its profits arising from offshore sales. The AAR rejected the applications as notice Section 143(2)/ 142(1) were already issued prior to the filing of the application before the AAR, the transaction in respect of which the ruling of the ...

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Exemption from KKC to services prior to 01.06.2016

The concern of the industry that KKC shall be levied on the opening debtors i.e. remaining unpaid as on 31.03.2016 has been duly answered and no KKC shall be levied on such amounts. Though the notification is effective from 23.6.2016, payments of opening debtors as received between 01.6.2016 and 22.6.2016 can still be a cause of litigatio...

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Criteria based obligations & privileges under Companies Act, 2013

Determining obligations and privileges under the Companies Act, 2013 is a significant but tedious task and in this articles we have made an attempt to explain in easy manner Criteria based obligations and privileges under Companies Act, 2013....

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Posted Under: Custom Duty |

Gearing Up For Filing Income Tax Returns

Section 139 (4) further provides that “Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant ...

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Posted Under: Custom Duty |

Deep Analysis of Section-16 -INPUT TAX CREDIT under GST

Section 9 says about taxable person, if Supply exceeds Rs.10 Lacs except in North East states including Sikkim where threshold limit is 5 Lacs a) Person registered under GST may only claim ITC...

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Posted Under: Custom Duty |

Sec 32(2) amended by FA, 2001applies to Unabsorbed depreciation of prior period

D.C.I.T.Vs M/s.Epcos India Pvt. Ltd. (ITAT Kolkata)

Any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A. Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward...

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Delhi VAT: Appointment of Special Vigilance/ Addl.Commissioner

Notification No. F.3(11)/Fin(T&E)/2009-10/DS-VI/210 (24/06/2016)

Special Vigilance Commissioner, Value Added Tax...

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Delhi VAT: Appointment of Assistant VATO

Notification No. F.3(14)/Fin(Rev-I)/2012-13/DS-VI/209 (24/06/2016)

the Lt. Governor of the National Capital Territory of Delhi is pleased to appoint the following officers, with effect from the date of assumption of charge to assist the Commissioner of Value Added Tax, Government of National Capital Territory of Delhi, in the administration of the said Act...

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Delhi VAT: Appointment of 16 Assistant Commissioner cum VATO

No. F.3(14)/Fin(Rev-I)/2012-13/DS-VI/208 (24/06/2016)

read with rule 47 of the Delhi Value Added Tax Rules, 2005, the Lt. Governor of the National Capital Territory of Delhi is pleased to appoint the following officers, with effect from the date of assumption of charge to assist the Commissioner of Value Added Tax, Government of National Capital Territory of Delhi, in the administration of t...

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No KKC if invoice is raised and services are rendered on or before May 31, 2016

Central Government vide Notification No. 35/2016-ST dated June 23, 2016, has exempted taxable services with respect to which the invoice for the service has been issued on or before May 31, 2016, from the whole of KKC leviable thereon, subject to condition that the provision of service has been completed on or before May 31, 2016....

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Posted Under: Custom Duty |

20 FAQs On Krishi Kalyan Cess – A New Levy

The Central Government has decided to levy Krishi Kalyan Cess @ 0.5% on the value of taxable services from 01/06/2016. As a result, there are bound to be questions as to how this levy will get integrated into the existing dynamic structure of the Service Tax provisions....

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Publicity Campaign for Income Declaration Scheme-2016 with ICAI

FTS-300298634 /2016 (24/06/2016)

This is to inform you that the Institute of Chartered Accountants of India (ICAI) jointly with the Ministry of Commerce & Industry and Ministry of Finance has proposed to launch a series of awareness programmes on Income Declaration Scheme, 2016(IDS) on 2nd July, 2016 across India....

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EPFO implements Simplified UAN based Pension Claim Form

Instruction No. Pension I/7(1)96/Forms/7429 dated 24/06/2016 (24/06/2016)

The UAN based claim Form - 10 - D - UAN have been introduced in respect of all employees whose AADHAR Number and Bank details have been seeded and have been duly verified by the employer using digital signature and the details in Form No. 11 New have been completed....

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India prepared to deal with consequences of Brexit

We are well prepared to deal with the short and medium term consequences of Brexit;. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position....

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Posted Under: Custom Duty |

BREXIT: OECD will support UK for Smooth transition

The OECD will spare no efforts in supporting the Government of the United Kingdom to make the transition as smooth as possible and advance the country's economic and social agenda. We will also help the European Union and the international community best address the consequences of such a decision and chart the way forward....

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Posted Under: Custom Duty |

World must act faster to harness digital economy potential: OECD

Governments must act faster to help people and firms to make greater use of the Internet and remove regulatory barriers to digital innovation or else risk missing out on the potentially huge economic and social benefits of the digital economy, the OECD told ministers and high-level officials from almost 40 countries today....

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Posted Under: Custom Duty |

Increase in AIR of Duty Drawback on gold/silver jewellery/articles

Circular No. 30/2016-Customs (24/06/2016)

The Government has amended the AIR Drawback Notification no. 110/2015-Cus (N.T.) dated 16.11.2015 vide Notification No. 90/2016-Customs (N.T.) dated 24.06.2016 which may be downloaded and perused from www.cbec.gov.in....

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Amendment in AIR of Duty Drawback on gold/silver jewellery/articles

Notification No. 90/2016-Customs (N.T.) (24/06/2016)

F. No. 609/35/2016-DBK GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NEW DELHI Notification No. 90/2016-Customs (N.T.), Dated: June 24, 2016 In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962), sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of [&hel...

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Customs Exchange Rate of Japanese Yen wef 25.06.2016

Notification No.89/2016-Customs (N.T.) (24/06/2016)

Central Board of Excise and Customs hereby makes the following further amendments in the Notification of the Central Board of Excise and Customs No.87/2016-CUSTOMS (N.T.), dated 16th June, 2016, with effect from 25th June, 2016, namely:-...

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Reg. Fresh panel of Senior/Junior Counsels for CBEC cases

F. No.2784/33/2016-Legal (24/06/2016)

Constitution of a fresh panel of Senior/Junior Standing Counsels against existing slots for handling CBEC cases of Indirect taxation before the various High Courts and other fora - Calling for fresh recommendations - Regarding....

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FA 2016-Amendments Relating to Filing of Return of Income

The articles explains the provisions related to filing of Income Tax Return for Financial Year 2015-16 , Carry forward of loss from business specified u/s 35AD (i.e. businesses in respect of which certain capital expenditure are deductible), Provisions related to filing of Belated Return and Changes in Provisions related to Filing of Revi...

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CAG Formulates Big Data Management Policy to Meet Challenges

The CAG said that our Governments have taken several initiatives to address the challenges faced by our countries and the people by automating service delivery, choosing partners in development through Public Private Partnership arrangements, opening up economy for foreign direct investments and by focusing on sustainable development. ...

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Posted Under: Custom Duty |

NPS to observe Service Fortnight from June 27 to July 9, 2016

National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016; Fortnight long campaign aims at awareness creation, service orientation and information dissemination along with subscribers registration. ...

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Posted Under: Custom Duty |

MF Systematic Withdrawal Plan: An under estimated Investment Strategy

We can add drops of water to fill up a bucket, the drops may be big or small but nonetheless it will fill the bucket. In a reverse sequence we can draw out portions from the bucket when required and satisfy our needs. The world of mutual fund investing is no different. The Systematic Investment Plan (SIP) and the Systematic Withdrawal Pla...

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Posted Under: Custom Duty |

Service Tax on Real Estate / Construction Services

Decision given by Delhi High Court is for a period prior to July 2012. From July 2012 with introduction of Negative List, all the services other than those specified in the negative list and those exempt from service tax, shall be liable for service tax....

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax (24/06/2016)

Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if the cash receipt does not exceed two lak...

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Relaxation from deduction of tax at higher rate U/s. 206AA

Notification No. 53/2016-Income Tax (24/06/2016)

37BC. Relaxation from deduction of tax at higher rate under section 206AA.– (1) In the case of a non-resident, not being a company, or a foreign company and not having PAN the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any...

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