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Archive: 14 July 2016

Posts in 14 July 2016

GST Model Law: Impact on Freight Forwarding & Logistics Industry

July 14, 2016 55879 Views 2 comments Print

This article is in continuation of our earlier article Service tax implications on freight forwarding and logistics industry. The Government’s efforts to release the Model GST Law in June 2016 is an admirable effort towards introduction of the much awaited Goods and Services Tax (‘GST’). Certain business processes like registration, payment, refund and filing of return were already released earlier.

4 good things to do for managing your personal finance better

July 14, 2016 24729 Views 0 comment Print

Personal financial management is a matter that almost everyone has to deal with at some point in our lives. Your money and the way you manage it are the two most important things in life. Since these are the factors that influence the way you live, the people you meet and almost all other things […]

Companies (cost records and audit) Amendment Rules, 2016

July 14, 2016 39360 Views 0 comment Print

Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report

Bank Manager, CA & One Private Person imprisoned in cheating case

July 14, 2016 26651 Views 0 comment Print

The Special Judge, CBI Cases, Karkardooma Courts, Delhi has sentenced Sh. K.K. Mishra, then Chief Manager, State Bank of Saurashtra, Lodhi Road, New Delhi & Sh. V.B. Borar, Chartered Accountant (private person), both to undergo five years Simple Imprisonment with fine of Rs. 10 lakh each

Notification on ALP determination in respect of wholesale trading

July 14, 2016 20648 Views 0 comment Print

Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent.of the latter in all other cases

Consequences of Cash Transaction in Properties- Need to educate

July 14, 2016 30833 Views 2 comments Print

In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer of an immovable property

4th FAQs on Income Declaration Scheme, 2016

July 14, 2016 26617 Views 0 comment Print

Can a declaration made under the Scheme be revised before the date of closure of the Scheme i.e. 30.09.2016? Answer: It is expected that the declarations made under the Scheme are filed correctly. However, a revised declaration can be filed on or before the date of closure of the Scheme provided the undisclosed income in the revised declaration is not less than the undisclosed income declared in the declaration already filed.

Tax Rate is 45% not 31% on Income Declaration Scheme 2016: CBDT

July 14, 2016 28765 Views 1 comment Print

It is clarified that the intent of the clarification issued vide Question No.5 of Circular No.25 of 2016 was limited to conduct of enquiry by the Department. It in no way intends to modify or alter the rate of tax, surcharge and penalty payable under the Scheme which have been clearly specified in the Scheme itself.

Facility for Exchange of Soiled/ Mutilated/ Imperfect Notes

July 14, 2016 21851 Views 0 comment Print

otes presented in small number: Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs.5000 per day, banks should exchange them over the counter, free of charge.

Distribution of Cenvat Credit by Input Service Distributor (ISD) -Simplified

July 14, 2016 61728 Views 2 comments Print

Input service distributor is defined in Rule 2(m) of Cenvat Credit Rules, 2004.In simple words a input service distributor is a head office/intermediary office which controls the business of manufacturer or producer of final products or output service provider and performs following activities:-

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