"04 July 2016" Archive

Change in CA syllabus under Revised Education & Training Scheme

Number of queries are being received from the students with respect to the proposed change in the curriculum of Education and Training of CA course as to what will happen if registration is done under the Existing Scheme....

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Posted Under: CA, CS, CMA | ,

Canteen, House keeping & cleaning service- CENVAT credit allowed

M/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedur (Cestat Kolkata)

CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee....

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Recovery of confirmed demands during stay application pendency -reg.

Circular No. 1035/23/2016-CX (04/07/2016)

Earlier the Central Government vide Circular No. 967/1/2013-CX dated 01.01.2013 provided clarification on the issue of recovery of confirmed demands during the pendency of stay application filed by the assessee. However, Hon’ble High Court of Punjab and Haryana judgment in case of M/s PML Industries Ltd. Vs Commissioner of Central Excis...

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TDS on interest paid by IFSC Banking Units : CBDT Clarifies

Circular No 26/2016-Income Tax (04/07/2016)

It is observed that IBUs are branches of Indian Banks or Foreign Banks having presence in India, which are established in accordance with the RBI Scheme dated 1.4.2015, in the International Finance Service Centers that are set up in within the Special Economic Zones, as per Section 18 of the Special Economic Zone Act, 2005. Thus, the IBUs...

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Video on key highlights of Draft Model GST Law

After getting the Draft Model Goods and Services Tax Law on public domain on June 14, 2016, GST has been creating a buzz amongst all stake holders, eagerly waiting for the monsoon session of the Parliament to commence with the hope that the much awaited Constitutional (122nd Amendment) Bill, 2014 on GST will be passed, which will pave th...

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Posted Under: CA, CS, CMA |

Stamp Paper Has Validity…Yes…!!!

The basic purpose of Indian Stamp Act, 1899 is to raise revenue for Government, and government would like to earn more money either by imposing a tax or by charging Duty and in that Duty includes the Stamp Duty, the matter is not relevant but the money is more important for government in the present scenario....

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Recent case laws applicable to NGOs / Charitable Trusts

[2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution was to be held to be existed solely for educational purpose and not for purpose ...

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Posted Under: CA, CS, CMA |

Model GST Law, 2016 A Practical Analysis of Input Tax Credit, Returns, Matching of ITC

In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST....

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Reg. supply of exempted bunker fuel to Indian Vessels from warehouse

Notification No. 31/2016-Central Excise (N.T.) (04/07/2016)

Amendment of notification no. 17/2004-CE (NT) dated 04.09.2004 for supply of exempted bunker fuel to the specified Indian Ships / Vessels from the warehouse...

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Reg. Monthly Meeting to address grievances under FCRA, 2010

F.No. II/21022/23(41)2016-FC-III (04/07/2016)

In continuation to this Ministry’s circular dated 18.06.2015, it is being informed to all concerned that from July onwards the monthly meeting will be held on last Monday of every month from 3 p.m to 5 p.m. The associations who are desirous of attending monthly meeting may email their request at dirfcra-mha@gov.in....

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