"03 June 2016" Archive

FAQ on Compounding of Contraventions under FEMA, 1999

(As on June 03, 2016) Q.1. What is meant by contravention and compounding of contravention? Ans. Contravention is a breach of the provisions of the Foreign Exchange Management Act (FEMA), 1999 and rules/ regulations/ notification/ orders/ directions/ circulars issued there under. Compounding refers to the process of voluntarily admitting ...

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Posted Under: Fema / RBI |

Reg. Import by Actual users holding registration certificate from RNI

Notification No. 09/2015-2020 (03/06/2016)

Actual users holding registration certificate from RNI can import item covered under Exim Code heading 4801 by filing bill of entry for home consumption or warehousing, at the time of import of goods....

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8 Income Tax Provisions Applicable from 1st June 2016

(i) Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an Individual and other non-corporate assessee has been amended w.e.f. 1st June 2016 as under: ...

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Posted Under: Fema / RBI | ,

Matters to be Undertaken by NCLT w.e.f. 01.06.2016

W.E.F. June 01, 2016 Government constituted the Benches of National Company Law Tribunal and hence, the Central Government vide Notification No. S.O. 1934(E) subject to the provisions of Companies Act, 2013, has declared 01.06.2016 as the date on which the provisions of the companies act shall come into force. These are the provisions, wh...

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Posted Under: Fema / RBI |

Transfer of leasehold rights in land won’t attract Section 50C

Farid Gulmohamed Vs ITO (ITAT Mumbai)

The ITAT Mumbai held that the provisions of Sec 50C is applicable only to transfer of land of which the assessee is absolute and legal owner and cannot be applicable to the transfer of leasehold rights in land.Thus, the transfer value cannot be benchmarked to stamp duty value. ...

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Analysis of TCS Provisions applicable w.e.f. 01/06/2016

Section 206C has been amended w.e.f. 01/06/2016, whereby in case of Goods/Services, if invoice is more than 2 lakhs, then TCS will be applicable is any amount of sale consideration is received in cash. Brief Analysis of the Provisions is presented below. Sub-section 1D was inserted in Section 206C in 2012, when TCS was imposed on Sale of ...

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Posted Under: Fema / RBI |

Provisions of Companies Act 2013 applicable wef 01.06.2016

Ministry Of Corporate Affairs has vide Notification No. S.O. 1934(E) dated: 01st June, 2016 notified the date from which 29 Provisions related to Company law will come into effect. In this article we have compiled Text of all these 29 Provisions for ready reference of our readers....

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Posted Under: Fema / RBI |

TCS on cash sale W.E.F. 01st June 2016

CA Jugal K Parmar Applicability ⇐ Every “seller” “Seller” as per Explanation (C) to section 206C means – Central Government/’ Any local authority/’ corporation or authority established by or under a Central, State or Provincial Act OR Any Company OR Firm OR Co – operative Society OR An Individual or HUF w...

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Posted Under: Fema / RBI |

Excel Sheet Office Management Tool for Tax Audits

Every tax audit assignment involves numerous steps since commencement to its completion. Further, during tax audit season, various tax audit assignments remains in process in our offices at a similar point of time. Similarly, various staff persons remains involved in doing different steps of tax audit work. ...

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Posted Under: Fema / RBI | ,

Tax Compliances by Banks- Form 60, 61, 15CC, 15G & 15H

Person who has received declaration in Form No. 60 on or after 1st January, 2016 in relation to transactions specified in Rule 114B shall : 1. Furnish a statement in Form 61 containing particulars of such declaration to the Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data....

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Posted Under: Fema / RBI |

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