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Archive: 14 July 2016

Posts in 14 July 2016

Checklist of Documents for area notification & Shifting of unit from one SEZ to other

July 14, 2016 25781 Views 0 comment Print

Instruction regarding documents to be forwarded for full notification/additional area notification/partial de-notification/full de-notification/change of name of developer or co-developer and shifting of unit from one SEZ to another SEZ-reg.

Conversion of Limited Income Tax Scrutiny to Complete Scrutiny-Reg.

July 14, 2016 58216 Views 1 comment Print

Board hereby lays down that while proposing to take up ‘Complete Scrutiny’ in a case which was originally earmarked for ‘Limited Scrutiny’, the Assessing Officer (‘AO’) shall be required to form a reasonable view that there is possibility of under assessment of income if the case is not examined under ‘Complete Scrutiny’.

Refund upto Rs. 5,000/- in non-CASS cases without demand adjustment

July 14, 2016 22555 Views 0 comment Print

With a view to provide relief to small taxpayers. it has been decided that refunds up to Rs.5,000/-, as also refunds in cases where arrear demand is up to Rs.5,000/-. in non-CASS cases, may be issued expeditiously without any adjustment of outstanding demand under Section 245 during the Financial Year 2016-17

SIT report: Restrict Cash Transaction/Holding to curb black money

July 14, 2016 23779 Views 0 comment Print

It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.

Ban Cash Transactions & Holding above certain limit: SIT

July 14, 2016 23313 Views 1 comment Print

SIT has recommended that there should be a total ban on cash transactions above Rs. 3,00,000 and an Act be framed to declare such transactions as illegal and punishable under law. SIT has also suggested an upper limit of Rs. 15 lakhs on cash holding.

Scope of Supply Under Model IGST Law

July 14, 2016 23244 Views 0 comment Print

The term ‘supply’ has been defined to mean the same as defined in section 3 of the CGST Act which provides for meaning and scope of supply.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. In the proposed law, supply of goods or services shall include the following:

Electronic Commerce & Operator under Draft GST Law & OECD Guidelines

July 14, 2016 21973 Views 0 comment Print

In this update I would be discussing briefly about the definition of Electronic Commerce, Electronic Commerce operator under Draft GST Law and definition of Electronic Commerce under OECD Guidelines.

Billing Software, key to success of GST

July 14, 2016 25661 Views 1 comment Print

GST system depends upon online matching of supplier GST liabilities with relevant input GST credit claims by receivers of goods or services. In my opinion, for having a seamless and easy system of matching credits, GSTN should provide for online generation of TAX INVOICES by suppliers, which will altogether eliminate need for data entry of purchases by receivers of the supplies received and hence no need for reconciliation/matching of output GST database with input credit claims database.

Income Declaration Scheme 2016-CBDT relaxes payment schedule

July 14, 2016 22017 Views 0 comment Print

Government has decided to revise the time schedule for making payments under the Income Declaration Scheme 2016 as under: (i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 30.9.2017.

Analysis of Listing Agreement & SEBI LODR Regulations, 2015

July 14, 2016 36070 Views 0 comment Print

SEBI had notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015. A time period of ninety days had been given for implementing the Regulations. However, two provisions of the regulations, which are facilitating in nature, were applicable with immediate effect i.e. w.e.f September 2, 2015.

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July 2016