"July, 2016" Archive

‘Pokémon Go’, like ‘Taxman Go’! Enjoy It

Krishna, nowadays two topics are capturing the attention of everyone in India. One is the mobile game ‘Pokémon Go’ and the other is the ‘Income Declaration Scheme 2016’ we may call it Taxman Go. One is for Finding Pokeman and other is for undisclosed income. Let’s enjoy it and learn joyful tax related matters. No one should tak...

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Posted Under: Income Tax |

Eligible business profits to be computed as per law & not as per treatment by assessee in its books

M/s. Kumarakom Lake Resort Pvt. Ltd. Vs ACIT (ITAT Cochin)

The ITAT Bench Cochin held that the assessee would be entitled to deduction u/s 80 IB(7) if its incomes are derived from eligible business irrespective of the manner in which the entries in the books of account are maintained....

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CCI (Competition Assessment of Economic Legislations & Policies) Guidelines, 2016

i. The Advocacy Division of the Commission will continuously scan and identify the upcoming / existing economic legislations and policies which may potentially have adverse effect on competition, for assessment; ii. Any Government Agency, including statutory authority, may refer any upcoming / existing economic legislation or policy to th...

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Posted Under: Income Tax |

The Regional Centre for Biotechnology Act, 2016

Notification No. 36 of 2016 (30/07/2016)

Whereas the objects of the institution known as the Regional Centre for Biotechnology are such as to make the institution one of national importance, it is hereby declared that the institution known as the Regional Centre for Biotechnology is an institution of national importance....

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The Child Labour (Prohibition and Regulation) Amendment Act, 2016

Notification No. 35 of 2016 (30/07/2016)

In the Child Labour (Prohibition and Regulation) Act, 1986 (61 of 1986) (hereinafter referred to as the principal Act), for the long title, the following shall be substituted, namely:—An Act to prohibit the engagement of children in all occupations and to prohibit the engagement of adolescents in hazardous occupations and processes and ...

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The Lokpal and Lokayuktas (Amendment) Act, 2016

Notification No. 37 of 2016 (30/07/2016)

'44. On and from the date of commencement of this Act, every public servant shall make a declaration of his assets and liabilities in such form and manner as may be prescribed.'....

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Impact of Companies Incorporation Third Amendment Rules, 2016 on company incorporation

In Rule 3(2) of Companies (Incorporation) Rules, 2014 following substitution has been made: Earlier Provision: No person shall be eligible to incorporate more than a One Person Company or become nominee in more than one such company. Amended Provision: A Natural person shall not be member of more than a One Person Company at any point of ...

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Posted Under: Income Tax |

10 Principles to an Intelligent Investment Strategy

Making a smart investment is not a rocket science. It requires you to learn and follow the appropriate principles, with discipline. An unfortunate thing about investment strategy is that most of what is taught is hazardous, as being only a half-truth. This abstract information could even prove to be expensive, many a times....

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Posted Under: Income Tax |

6 Reasons why financial plans fail & how to overcome them?

Does it sound crazy that financial planning is a process so simple? Believe me, it is. Planning your finances involves nothing else than just building wealth, and having enough for your retirement. You can achieve the first, if you spend less than you earn and wisely invest your savings...

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Posted Under: Income Tax |

Why IDS 2016 is not clicking?

Newspapers, periodicals, TV channels are full of advertisements of Income Declaration Scheme 2016. Hoardings, banners, posters and handbills highlight the details of the Scheme. PM, FM and top brass of the Income Tax Department are beckoning people to declare their undisclosed incomes and contribute to the nation's mite. ...

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Posted Under: Income Tax |

What is a Fact!!!

In general, for a CA, the nature of work is Ascertainment of facts and Apply principles Principles = provisions of various laws, auditing standards, accounting standards, rules regulations etc. (principles)....

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Posted Under: Income Tax |

No Ban on Journalists to attend & report Court Proceedings

Press Note No. A1-76183/2007 (30/07/2016)

In the Joint Meeting of the Honourable the Acting Chief Justice and the Committee to formulate Code for the Press and Electronic Media in relation to Reporting of Court Proceedings in the High Court of Kerala, it was noted that there is need to make public the fact that there is no ban imposed on the Journalists from attending and reporti...

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Power of attorney cannot insist on continuance as attorney

R. Sibramanian Vs. The Institute Of Chartered Accountants of India & Ors. (Delhi High Court)

A power of attorney cannot insist on continuance as the attorney for the principal. If the principal does not desire the power of attorney to continue to represent the principal, the authorisation can always be revoked/terminated/withdrawn. ...

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Re-evaluation of CA Exam answer books cannot be Directed: Delhi HC

Mohit Goyal Vs. ICAI & Ors. (Delhi High Court)

It is the contention of the appellant (A CA Final Student) that when he got the copy of the answer sheet, he found that the examiner had not properly checked the papers. It is also his contention that despite the appellant having written correct answers to the questions which also tally with the suggestive answer sheet, the appellant was...

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Running Coaching class cannot be said as carrying CA Practice: HC

Harpal Singh Dhingra Vs. Vinod Gupta (Delhi High Court)

In this case it was held that issuance of advertisements offering to take coaching classes and to impart of training to aspirants of the profession of chartered accountancy, cannot be said to be carrying on the profession of chartered accountancy....

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What holds for passing of Bill on GST in Rajyasabha

In this article I would be throwing light on the process required for approval of GST Bill by Loksabha and Rajyasabha and ratification by State Legislatures. The all important session of Loksabha and Rajyasabha is in progress and 122nd Constitutional Amendment Bill would be again placed before the house for its approval. ...

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Posted Under: Income Tax |

Discussion Paper on review of framework for Institutional Trading Platform

The regulatory framework for Institutional Trading Platform (ITP) was put in place vide amendments notified to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) on August 14, 2015. Various enabling amendments to other SEBI regulations i.e. on Takeover, Listing, Delisting and AIF were also notified....

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Posted Under: Income Tax |

Corrigendum to Excise Notification No. 26/2016-CE, dated 26.07.2016

G.S.R. 749(E) (29/07/2016)

G.S.R. 749(E).—In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 26/2016-CE, dated the 26th July, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 728 (E), dated the 26th July, 2016, in column (3), the entry, namely,—...

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Income Tax return Due date extended to 05.08.2016

F.No. 225/195/2016/ITA.II (29/07/2016)

CBDT, in exercise of powers conferred U/s. 119 of the Income-tax Act, 1961, hereby extends the 'due-date' for filing such returns of Income from 31st July, 2016 to 5th August, 2016, in case of taxpayers throughout India who are liable to file their Income-tax return by the said`due-date'...

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Income Tax Return filing date in Jammu & Kashmir extended

F.No. 225/195/2016/ITA.II (29/07/2016)

CBDT extends the 'due-date' for filing Returns of Income from 31st July, 2016 to 31st August, 2016, in case of Income-tax assessees in the State of Jammu & Kashmir who are required to file their return under section 139(1) of the Act by the said 'due date'...

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How To Pass CA Final In Second Attempt?

Well, I know no student would ever like to pass CA final in a subsequent attempt, but what if a student fails in his/her 1st attempt. As we all know results of finals usually come in single digit or sometimes double digit. There will be students who will not clear final in their 1 attempt, so for them, this is a short piece of note by me...

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Posted Under: Income Tax | ,

Summary of Companies Incorporation Third Amendment Rules, 2016

1. Now particulars of subscribers and witness to the MoA and AoA of the company can be type written, so long as the subscriber and the witness as the case may be appends his or her signature or thumb impression, as the case may be. 2. In the principal rules, Form No. INC-10 (Form for verification of signature of subscribers) shall be omit...

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Posted Under: Income Tax |

Highlights of Applicability of Excise on Gems & Jewellery Industry

This write up is to update you on the recent developments on applicability of Excise on Gems and Jewellery Industry. On the basis of Circular No.1040/28/2016-CX to No.1045/33/2016-CX; and Notification No.'s 26/2016-Central Excise to 29/2016-Central Excise; No.’s 33/2016-Central Excise (N.T.) to 40/2016-Central Excise (N.T.) dated 26 Jul...

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Posted Under: Income Tax |

Supply of Goods/Services under Model GST Law

This section provides for the meaning and scope of supply of goods and services. There is no concept of supply of goods and services in the present law either in Service Tax or Central Excise. In the proposed law, supply of goods or services shall include the following:...

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Posted Under: Income Tax |

What you may not know about Timing the Market?

Timing is everything. Is it true in every case? In the financial world, you hear a lot of solicited and unsolicited advice about the right time and timing, with respect to investments. Which is the right strategy with regard to investment? Is it ‘doing it at the right time’ or ‘the best timing to do it’?...

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Posted Under: Income Tax |

Full 7th pay commission Arrears to be paid with August salary

Office Memorandum No. No.1-5/2016-IC (29/07/2016)

The arrears as accruing on account of revised pay consequent upon fixation of pay under CCS (RP) Rules, 2016 with effect from 01.01.2016 shall be paid in cash in one installment along with the payment of salary for the month of August, 2016, after making necessary adjustment on account of GPF and NPS, as applicable...

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Extension of last date of filing AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7

General Circular No. 08/2016 (29/07/2016)

The Ministry have revised form AOC-4 which would be deployed shortly, Further, Form AOC.-4 (XBRL) and Form AOC-4 (CFS) are also under revision and this may be available for deployment by end of August, 2016....

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Procedure for exports through e-commerce platform under MEIS Scheme

Circular No. 36/2016-Customs (29/07/2016)

Para 3.05 of the Foreign Trade Policy (FTP) 2015-20 provides for export of goods through select foreign post offices as a part of e-Commerce exports. Exports of goods through foreign post office using e-commerce shall be permitted through the Foreign Post Offices at Delhi, Mumbai & Chennai...

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Download Benami Transactions Prohibition Bill 2016

Lok Sabha passed a comprehensive Benami Transactions Prohibition Amendment Bill 2016, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation....

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Posted Under: Income Tax |

No one will be denied of benefits for want of Aadhaar

It has had brought to notice that Aadhaar card is being made mandatory for availing government benefits like subsidized LPG, PDS supplies and pensions. Government had taken note of the concerns raised, stated that no one will be denied of benefits for want of Aadhaar and that necessary instructions will be issued, if required. ...

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Posted Under: Income Tax |

Public Servants Annual Assets Liabilities Return Filing Due Date Extended to 31.12.2016

G.S.R.747(E) (29/07/2016)

G.S.R.747(E).-In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (m) of sub-section (2) of section 59 read with section 44 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), the Central Government hereby makes the following rules further to amend the Public Servants (Furnishing of Information and Annua...

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Generate EVC through AXIS, SBI & Canara bank ATMs

Electronic Verification Code (EVC) can be generated through State Bank of India, AXIS bank and Canara bank ATMs. This will facilitate these bank's customers, who may not have a Net-Banking account, to e-verify their return. Other banks are expected to launch this facility. ...

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Posted Under: Income Tax |

Notification No. 44/2016-Customs Dated 29.07.2016

Notification No. 44/2016-Customs (29/07/2016)

The unit shall be required to have a premises for secure storage of goods procured duty free under this notification and the final products manufactured or produced therefrom and the details of the premises shall be declared to the said officer....

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Removal of mandatory warehousing requirements for EOUs, STPIs, EHTPs etc

Circular No. 35/2016-Customs (29/07/2016)

Notification 52/2003-Customs dated 31.03.2003, as amended from time to time, exempts specified goods when imported for use in the units, from payment of Customs duties, subject to various conditions stated therein. The notification provides for warehousing of imported goods, to be used for manufacture of goods or other operations as well ...

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Amendment in Import Policy Condition No. 3 of Chapter 12 of ITC (HS), 2012

Notification No. 17/2015-2020-DGFT (29/07/2016)

The Department of Revenue has been delegated power to frame the detailed guidelines regarding registration of contracts with Narcotics Commissioner, Gwalior for import of poppy seeds....

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Grant Thornton India assists one of its clients in inking their first unilateral Advanced Pricing Agreement (APA)

Grant Thornton India has successfully assisted one of its clients in the IT sector in inking their first unilateral Advanced Pricing Agreement (APA) with the Indian Revenue within two years of filing the application in 2014. This is a milestone achievement for Grant Thornton as the APA scheme is still in its nascent stage in India....

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Posted Under: Income Tax |

Notification No. 104/2016-Customs (N. T.) Dated 29.07.2016

Notification No. 104/2016-Customs (N. T.) (29/07/2016)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 104/2016-CUSTOMS (N. T.) New Delhi, 29th July, 2016 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied th...

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Dept to accept Income Tax Returns on Saturday & Sunday

F.No.225/195/2016/ITA.II (29/07/2016)

In order to facilitate filing of income-tax returns on 30th July & 31st July, 2016 (Sunday), CBDTin exercise of powers , hereby directs that necessary arrangements be made for receiving Income tax returns in all income-tax offices throughout the country on these days, during the normal working hours....

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Analysis of Companies (Incorporation) Third Amendment Rules

Earlier a person can only be member of OPC or nominee of OPC. Earlier a person can’t be Nominee of a OPC and Member of a OPC.But after amendment rules a person can be Nominee in one OPC and member in one OPC simultaneously...

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Posted Under: Income Tax |

Process for trademarks made fully automated

Public Notice No. CG/Public Notice-/2016-17/TMR/ (28/07/2016)

The process relating to generation & issuance of registration certificates for applications made for registration of trademarks has been fully automated. Accordingly, from 1st august 2016 the registration certificates will be generated through an automated system in accordance with the relevant provisions of the Trade Marks Act & Rules an...

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ICAI President's Message August 2016

Income Declaration Scheme, 2016—An Opportunity to Pay Tax and Come Clean : Hon'ble Union Finance Minister Shri Arun Jaitley recently voiced his concerns at three of the ICAI platforms, complimenting the ICAI for its role in disseminating and propagating the Income Declaration Scheme, 2016 not only amongst our members but also among busi...

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Posted Under: Income Tax |

Surplus investment in mutual funds cannot render principle of Mutuality inapplicable

CIT-3 Vs. M/s. Air Cargo Agents Association of India (Bombay high Court)

The Hon’ble Bombay High Court in the above cited case held that merely because a part of surplus was invested in mutual funds it cannot mean that it would render the principle of mutuality inapplicable more so when the invested money has to be utilized for the furtherance of association’s objectives...

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GST Update – Cabinet Approval & Current Status

Note that, Once GST Constitutional Amendment bill is passed, it will give power to center to frame the GST Act and pass it through parliamentary Process. This constitutional amendment bill is just giving power for Birth of GST Law....

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Posted Under: Income Tax |

What you need to do, before booking a flat?

What factors do you look for, while comparing properties? Without any doubt, the property’s location, price and possession, will be the first and foremost parameters one might consider for his/her short listing. However, apart from these primary ones, a few more things are necessary to check before finalizing upon a deal....

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Posted Under: Income Tax |

Govt appoints Judicial and Technical Members in NCLT

S.O. 2563(E) (28/07/2016)

Central Government hereby appoints following persons as Judicial and Technical Members in the National Company Law Tribunal in the pay scale of Rs. 67000-79000/- with effect from the dates mentioned against each for a period of five years or till he attains the age of sixty five years, whichever is earlier:-...

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Priority Sector Lending –Bank loans to MFIs for on-lending -Revised loan limit

RBI/2016-17/27 FIDD.CO.Plan.BC.No.8/04.09.001/2016-17 (28/07/2016)

The limit of the loans extended by Non-Banking Financial Company- Micro Finance Institutions (NBFC-MFIs) for which the tenure of the loan shall not be less than 24 months, has been raised to ₹ 30,000/- from the earlier limit of ₹ 15,000/-....

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Retail Participation by Demat Account Holders in Government Securities

RBI/2016-17/30 Ref No. FMRD.DIRD.3/14.03.07/2016-17 (28/07/2016)

As announced in the First Bi-monthly Monetary Policy Statement, 2015-16, an Implementation Group with representation from all the stakeholders was constituted to recommend specific measures to enable seamless movement of securities from Subsidiary General Ledger (SGL) form to demat form and vice versa and to provide demat account holders ...

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Delhi VAT: Extension of date for Filing of online return for Q1 of 2016-17

Circular No. 11 of 2016-17 (28/07/2016)

the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures to 31/08/2016....

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Companies Act,2013: MCA notifies Special Court for speedy trial of punishable offences

S.O. 2554(E) (27/07/2016)

In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, with the concurrence of the Chief Justice of the High Court of Delhi, designates the following Court as Special Court for the purposes of providing speedy trial of offences punishable under the Comp...

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Companies (Incorporation) Third Amendment Rules, 2016

G.S.R. 743(E) (27/07/2016)

A natural person shall not be member of more than a One Person Company at any point of time and the said person shall not be a nominee of more than a One Person Company....

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Reg. e-mail based communication for Paperless Assessment

F.No. 225/267/2015/ITA.II (27/07/2016)

As you are aware, the assessment proceedings in all cases selected under scrutiny are now to be conducted through e-mail based communications unless the taxpayer concerned himself desires to opts out of the Paperless Assessment Scheme. The assessing officer also can decide to switch over to the manual mode of assessment, after recording r...

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Clarification on attaining Age of 60 /80 years for Income Tax

Circular No. 28/2016-Income Tax (27/07/2016)

CBDT clarifies that a person born on 1st April would be considered to have attained a particular age on 31st March, the day preceding the anniversary of his birthday. In particular, the question of attainment of age of eligibility for being considered a senior/very senior citizen would therefore be decided on the basis of above criteria....

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Companies (Accounts) Amendment Rules, 2016

G.S.R. (E). (27/07/2016)

Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statements by a company if it meets the following conditions:- it is a wholly-owned subsidiary, or is a partially-owned subsidiary of another company and all its other members, including those not otherwise entitled to vote, having b...

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Attachment of property without any opportunity / SCN not valid

Circular No. 196/06/2016-ST (27/07/2016)

Recently, in a case of an assessee whose bank accounts were ordered to he attached without giving any opportunity to them, the Hon'ble Allahabad High Court after a detailed analysis of the legal provisions, observed, inter- alia, that the order directing attachment of the property without waiting for a reply to the show cause notice, and ...

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6 Financial mistakes couples should avoid committing

Money management in itself is a task hard enough, and inclusion of your partner in the equation makes it even more complicated. Therefore, rather than being emotional or reactive on money related matters, couples should be clever, calculated and decisive....

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Posted Under: Income Tax |

Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54F

Rajeev B. Shah v. ITO (ITAT Mumbai)

The only issue is that when the assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction, due to fault of the Builder, the assessee cannot be denied deduction u/s 54F of the Act. ...

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Cabinet increases limit for foreign investment in Stock Exchanges to 15%

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange. ...

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Posted Under: Income Tax |

Import policy of Unmanned Aircraft System/ Aerial Vehicle /Remotely Piloted Aircraft /drones

Notification No. 16/2015-2020-DGFT (27/07/2016)

Import of Unmanbed Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones is `Restricted'; it would require prior clearance of Directorate General of Civil Aviation (DGCA) and import licence from DGFT....

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CA IPC May 2016 Exam Result likely on 2nd August 2016

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2016 is likely to be declared on Tuesday, the 2nd Aug. 2016 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank on all India basis wi...

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Posted Under: Income Tax |

The Indian Trusts (Amendment) Act, 2016

Notification No. 34 of 2016 (27/07/2016)

Where the trust-property consists of money and cannot be applied immediately or at an early date to the purposes of the trust, the trustee shall, subject to any direction contained in the instrument of trust, invest the money in any of the securities or class of securities expressly authorised by the instrument of trust or as specified by...

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Excise on jewellery: Summary of Recent Notifications & Circulars

D.O. F. No. 354/25/2016–TRU (Pt.-I) (26/07/2016)

a) Annex I - contains a brief summary of the amendments made vide various notifications to the existing Tariff and Non-Tariff notifications and issuances of new rules namely the Articles of Jewellery (Collection of Duty) Rules, 2016. b) Annex II - contains a brief summary of clarifications and instructions issued by way of circulars....

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Relief in Average Export Obligation in terms of Para 5.19 of HBPs of FTP 2015-20

Policy Circular No. 01/2015-2020-DGFT (26/07/2016)

Para 5.19 of the Hand Book of Procedures of FTP 2015-20 permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies that the sector/product group that witnessed such decline in 2015-16 as compared to 2014-15, would be entitled for such relief....

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Excise on jewellery: Taxability of stock on February 29, 2016

Circular No. 1045/33/2016-Central Excise (26/07/2016)

i. All jewellery manufactured and removed, on or before February 29, 2016, from the premises of the job workers or any other premises where such articles of jewellery were manufactured, and (a) lying at different premises (including branches) of the principal manufacturer, or...

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Excise on jewellery: Guidelines for issue of summons, visits, search, seizure, arrest & prosecution

Circular No. 1044/32/2016-Central Excise (26/07/2016)

i. No transit checks shall be carried out by the excise officials for checking movement of semi-finished or finished articles of jewellery. ii. Visits, search of the premises of a manufacturer or principal manufacturer of articles of jewellery, issue of summons, seizure, arrest and prosecution may be initiated only when there is a clear r...

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Reg. Exemption from export duty to Organic sugar

Notification No. 43/2016-Customs (26/07/2016)

Seeks to further amend notification No. 27/2011-Customs, dated 01.03.2011 so as to provide exemption from export duty to Organic sugar up to 10,000 MT in a year beginning with October and ending with September subject to specified conditions. The exemption for the period ending with 30th September, 2016 shall be restricted to 2500 MT....

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General procedures regarding excise duty on jewellery& its parts

Circular No. 1043/31/2016-Central Excise (26/07/2016)

A manufacturer or principal manufacturer of articles of jewellery may also do trading of articles of jewellery from his central excise registered premises. No excise duty will be payable on the sale of traded articles of jewellery [on which appropriate excise duty, including nil duty, has already been paid]....

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Excise on jewellery: Export procedure simplified

Circular No. 1042/30/2016-Central Excise (26/07/2016)

(i) There shall be no requirement for taking central excise registration by a manufacturer or principal manufacturer or a jeweller, who exports 100% of articles of jewellery manufactured by him or got manufactured by him on job work basis, subject to the following conditions that:...

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Excise on jewellery: Guidelines for Excise Audit of Manufacturers

Circular No. 1041/29/2016-Central Excise (26/07/2016)

In the context of Excise Audit of manufacturers/principal manufacturers of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act [hereinafter referred to as articles of jewellery] the Sub-Committee has made certain recommendations, which have been accepted by the Gover...

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Excise on Jewellery: Exemption from registration upto full SSI limit

Notification No. 40/2016 Central Excise (N.T.) (26/07/2016)

Seeks to amend notification No. 36/2001-Central Excise (N.T.) dated 26th June, 2001, so as to exempt a manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) from taking central excise registration upto the ful...

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Excise on jewellery: Computation of exemption, eligibility & exemption limits

Circular No. 1040/28/2016- Central Excise (26/07/2016)

Clarification on computation of exemption and eligibility and exemption limits and other related issues for small scale industries [SSI] exemption under Notification No. 8/2003-CE dated 1st March 2003 in respect manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both -regarding....

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Excise on Jewellery: Exemption granted from filing of annual return

Notification No. 39/2016-Central Excise (N.T.) (26/07/2016)

Seeks to amend notification No. 17/2006-Central Excise (N.T) dated the 1st August, 2006 so as to exempt a manufacturer or principal manufacturer of articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the Central Excise Tariff Act, 1985 (5 of 1986) from filing of annual return....

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CBEC notifies Registration requirements for jewellery manufacturers

Notification No. 38/2016–Central Excise (N.T.) (26/07/2016)

A person engaged in manufacture of articles of jewellery or parts of articles of jewellery or both, falling under chapter heading 7113 of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), either through a job-worker or otherwise, may get himself registered by 31st day of July, 2016....

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CBEC notifies Form ER 8 for quarterly Excise returns

Notification No. 37/2016 - Central Excise (N.T.) (26/07/2016)

Form E.R.-8 - [See rule 12 of the Central Excise Rules, 2002]- [To be submitted by the assessee falling under fourth proviso to rule 12(1) of the Central Excise Rules, 2002] Return of excisable goods cleared @ 1% or @ 2% duty for the quarter: ...

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Excise on Jewellery: CBEC notifies Principal manufacturer for Cenvat Credit

Notification No. 36/2016-Central Excise (N.T.) (26/07/2016)

(i) in relation to articles of jewellery or parts of articles of jewellery or both, falling under heading 7113 of the First Schedule to the Excise Tariff Act, includes a person who is liable to pay duty of excise leviable on such goods under sub-rule (1) of rule 9 of the Articles of Jewellery (Collection of Duty) Rules, 2016;...

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CBEC prescribes Quarterly Excise Duty returns & Due Dates

Notification No. 35/2016 - Central Excise (N.T.) (26/07/2016)

Does not manufacture any other excisable goods other than those specified in the said notifications, he shall file a quarterly return in the form specified by notification by the Board, of production and removal of goods and other relevant particulars, within ten days after the close of the quarter to which the return relates....

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CBEC notifies Manner of Excise duty payment on Jewellery with optional scheme

Notification No. 34/2016- Central Excise (N.T.) (26/07/2016)

These rules may be called the Articles of Jewellery (Collection of Duty) Rules, 2016. Date for determination of duty. - (1) The rate of duty applicable to the articles, shall be the rate in force on the date when such articles are sold for the first time by the manufacturer or principal manufacturer, as the case may be, from his registere...

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CBEC notifies Tariff value for jewellery articles or its parts or both

Notification No. 33/2016–Central Excise (N.T.) (26/07/2016)

Articles of jewellery or parts of articles of jewellery or both, (other than those which are manufactured from the precious metal provided by the retail customer)- Value at which such excisable goods are sold for the first time from the registered premises or from the centrally registered premises, or branches of such centrally r...

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Excise Duty Exemption to handicrafts – benefits withdrawn

Notification No. 29/2016–Central Excise (26/07/2016)

Handicrafts, other than the handicrafts falling under heading 7113 of the said Schedule to the said Act....

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CBEC hikes SSI limits on jewellery

Notification No. 28/2016–Central Excise (26/07/2016)

First clearances of the articles of jewellery or parts of articles of jewellery or both for home consumption, other than articles of silver jewellery but inclusive of articles of silver jewellery studded with diamond, ruby, emerald or sapphire, falling under chapter heading 7113 of the First Schedule upto an aggregate value not exceeding ...

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CBEC notifies Partial exemption to certain items of jewellery

Notification No. 27/2016–Central Excise (26/07/2016)

Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts articles of jewellery manufactured,-(i) from jewellery provided by a retail customer; or (ii) by mounting of precious stones provided by a retail customer,...

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CBEC prescribes 1% excise duty on jewellery

Notification No. 26/2016–Central Excise [G.S.R. 728(E).] (26/07/2016)

An article of jewellery or part of article of jewellery or both, produced or manufactured from an alloy (including a sintered mixture and an inter-metallic compound) containing precious metal may be treated as an article of jewellery or part of article of jewellery or both of a precious metal, if any one precious metal constitutes as much...

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Export of Potatoes permitted subject to MEP of US$ 360 per MT

Notification No. 15/2015-2020-DGFT (26/07/2016)

With immediate effect, the table in respect of Sl. No. 50A inserted vide Notification No. 85(RE-2013)/2009-2014 dated 26th June, 2014 relating to export of potato as amended vide Notification No. 112 (RE-2013)2009-2014 dated 20.02.2015, is substituted as follows:...

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Anti-dumping duty on imports of Rubber Chemicals, namely PX13 & TDQ

Notification No. 35/2016-Customs (ADD) (26/07/2016)

Seeks to amend notification No.67/2011-Customs dated the 26th July, 2011 so as to to extend the levy of anti-dumping duty on imports of certain Rubber Chemicals, namely PX13 and TDQ originating in, or exported from, European Union and MOR originating in, or exported from, People's Republic of China, (imposed vide notification No. 67/2011-...

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Schedule of CA CPT Exam to be held in December 2016

Notification No.13-CA (EXAM)/CPT/December/2016 (26/07/2016)

Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday, 18th December, 2016 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre....

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Provision Relating to Combination under Competition Act, 2002

Broadly, combination under the Act means acquisition of control, shares, voting rights or assets, acquisition of control by a person over an enterprise where such person has direct or indirect control over another enterprise engaged in competing businesses, and mergers and amalgamations between or amongst enterprises when the combining pa...

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Posted Under: Income Tax |

Leniency Programme under Competition Act, 2002

Leniency programme is a type of whistle-blower protection, i.e. an official system of offering lenient treatment to a cartel member who reports to the Commission about the cartel....

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Posted Under: Income Tax |

Interest on investments of Service Co-operative Banks eligible for deduction u/s 80P(2)(a)(1)

The Kizhathadiyoor Service Coop Bank ltd Vs. ITO (ITAT Cochin)

Interest income on investments of Service Co-operative Banks is business income eligible for deduction u/s 80P(2)(a)(1) and not income from other sources. SC decision in Totgar case not applicable in this case....

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Customs Assessment of Bulk Liquid Cargo – regarding

Circular No. 34/2016-Customs (26/07/2016)

In case of all bulk liquid cargo imports, whether for home consumption or for warehousing, the shore tank receipt quantity i.e., dip measurement in tanks on shore into which such cargo is pumped from the tanker, should be taken as the basis for levy of Customs Duty irrespective of whether Customs Duty is leviable at a specific rate or ad-...

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Central Bank Independence Necessary for Stable Sustainable Growth: RBI Governor

Date : Jul 26, 2016 “Criticism of the central bank using arguments unsupported by evidence is widespread. The Bank of England was criticized for laying out the economic costs of Brexit, the ECB has been criticized for doing too much to restore health to troubled peripheral economy financial sectors, and the Fed is under fire […]...

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Posted Under: Income Tax |

Insolvency and Bankruptcy Board of India (Terms and Conditions of Chairperson and Members) Rules 2016

Draft (26/07/2016)

Terms and Conditions of Service of Chairperson and Members :-- i. The Chairperson or the Whole Time Member shall be a person who does not, and will not, have any such financial or other interests as are likely to affect prejudicially his functions as such Chairperson or Member....

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Order No. 140 of 2016- Postings/Transfers in the grade of ACIT/DCIT

Order No. 140 of 2016 (26/07/2016)

The following postings I transfers in the grade of Assistant/ Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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Vacancy for Chairman & Whole Time Members in Insolvency & Bankruptcy Board of India

Applications are invited for the post of Chairperson and three Whole Time Members in the Insolvency and Bankruptcy Board of India, a statutory body to be established under the Insolvency and Bankruptcy Code, 2016....

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Posted Under: Income Tax |

Stay matters in tax appeals – Need for equitable redressal meachanism

It is common experience of trade, industry and professionals to come across stay orders passed by appellate authorities in tax appeals, in a very routine and un-lawful manner, without going into the facts and merits of the case, ordering for deposit of major portion of the disputed demand that shake the faith of the assessees in the redre...

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Posted Under: Income Tax |

Attachment of Bank Account, pending stay petition, by VAT Authorities

Many a time, bank accounts are attached while stay petition filed by the dealer is pending before the appellate authority. Attachment notice is sent to the bank along with notice to the dealer to deposit pending disputed dues, without giving any opportunity to the dealer to represent his case. In some of the cases, attachment notices...

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Posted Under: Income Tax |

An Overview of Foreign Investment – Reporting Of FC-GPR

Foreign Direct Investment (FDI) in India is undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India. The Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India issues a “Consolidated FDI Policy Circular ”...

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Posted Under: Income Tax |

Features and steps involved in incorporating One Person Company

One person company is an entity which consists of only with one person and is considered as a private company for all legal purposes. This concept was introduced in India through the companies’ act 2013....

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Posted Under: Income Tax |

Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata)

The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. Ltd. (Datex)?...

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5 traits of a poor financial advisor

A person can be termed as one, who is a true value addition to your financial wealth as well as provides you with profitable advice to enhance your quality of life. In other words, any person qualified enough to advice you on your fiscal matters so that you gain the confidence to follow that advice. This was just a brief definition for a ...

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Posted Under: Income Tax |

FAQs on Maharashtra Profession Tax Amnesty Scheme-2016

Govt. of Maharashtra has declared an Amnesty Scheme for the persons who have not obtained enrolment certificate yet. Government has decided to take stringent action against the defaulters after the scheme is over. This is the last chance given by Government before initiation of action....

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Posted Under: Income Tax | ,

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