"August, 2016" Archive

Streamlining Process of NOC & PCC in case of Foreign Shipping Companies

NA (31/08/2016)

The Central Board of Direct Taxes has issued a Circular bearing number 30/2016 on 26th August, 2016 for the purpose of streamlining the process of issue of No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return and Voyage Assessment in case of Foreign Shipping Companies (FSCs). ...

Read More

Closure of financial accounts under alternative procedure of FATCA

NA (31/08/2016)

Stakeholders have highlighted several difficulties in following the provision for closure of financial accounts. In view of the same, India and the United States are discussing the alternative procedures under paragraph G of Section VI of Annex I with a view towards adjusting them to permit a few month extension of time for completing the...

Read More

7 tips to choosing the best Car Insurance

Buying a car is a big deal, but then there is something even bigger. It is buying car insurance. It can get quite overwhelming at times,but it is something that needs to be done, without too much delay.  The only thing that one needs to be sure of is that the policy is what will […]...

Read More
Posted Under: Income Tax |

How do you maximize your returns from a Mutual Fund SIP?

For quite a long time, mutual funds have been offering people numerous advantages, which include providing investors with broad diversification, a relatively low cost of investment, professional management, and day-to-day cash conversions....

Read More
Posted Under: Income Tax |

Tax Laws passed by Legislature not open to judicial review – SC

Amin Merchant V/S Chairman, Central Board Of Excise & Revenue & Ors. ( Supreme Court of India)

The High Court has dismissed the Writ Petition by the impugned judgment and order dated 2.9.2011. Being dissatisfied with the dismissal of his writ petition the appellant preferred a Review Petition which was also dismissed by the High Court by the impugned judgment and order dated 24.11.2011....

Read More

Cabinet approves simplification and liberalisation of FDI Policy, 2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post-facto approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country leading to larger FDI inf...

Read More
Posted Under: Income Tax |

Squirrels Teach Best Lessons

Humans are the only species on Earth that claim to possess the sixth sense but behave unintelligently. Might be that they think too much, get trapped in unwanted worries, and end up without enjoying the life. Nature is the best tutor as it throws up an infinite number of methods, tactics, and tricks on how to live happily without the both...

Read More
Posted Under: Income Tax |

Single Window Implementation of Risk based selectivity criteria for consignment clearance

F.No.450/146/2015-Cus-IV (31/08/2016)

In consultation with the PGAs, risk-based selectivity criteria are being introduced into the Risk Management System(RMS), whereby consignments will be referred to PGA(s) for NOC based on risk. Thus, for low-risk consignments, the required NOC by the PGA will be waived. ...

Read More

Activities relating to spectacles, frames & tagging of jewellery does not amount to manufacture– AAR

M/s Amazon Seller Services Private Limited, Bangalore (Authority For Advance Rulings)

In the instant case, the applicant has submitted that the tag is applied by them while placing the jewellery in the box to prevent return of counterfeit items. Application does not mention that applicant would affix or emboss brand name on the jewellery. Tagging in this case is not embossing or affixing. Therefore, the activity of taggin...

Read More

Single Window clearance of food consignments by Customs officers

F. No.450/146/2015-Cus-IV (31/08/2016)

In SWIFT, the system automatically refers food-related consignments to the Food Safety & Standards Authority of India (FSSAI) through an EDI linkage established between ICEGATE and the Food Import Clearance System (FICS) operated by FSSAI. This automatic reference of food consignments is done in respect of food imports to those locations ...

Read More

Assessee cannot be forced to pay entire disputed amount during pendency of assessment

Prosper Build Home Pvt. Ltd. V/s. Union Of India (Allahabad High Court)

The facts leading to the filing of the writ petition is that the petitioner provides labour in the construction of buildings to various builders under a works contract. It is alleged that under the agreement the petitioner is liable to pay service tax w.e.f. 01.07.2012....

Read More

Activities intended to protect goods and facilitate inventory management & storage does not amount to manufacture- AAR

In Re M/s Amazon Wholesale (India) Private (Authority For Advance Rulings)

Applicant is an entity incorporated for undertaking wholesale operations in India. The applicant will enter into vendor procurement contracts to purchase products from the manufacturers hold inventory on its own account and sell the same to retailers industrial users or other wholesalers....

Read More

CBDT signs 20 new Unilateral Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) entered into twenty (20) Unilateral Advance Pricing Agreements (APAs) yesterday and today, i.e., 29th August, 2016 and 30th August, 2016, with Indian taxpayers. Many of these agreements also have a Rollback provision in them....

Read More
Posted Under: Income Tax |

How to Convert Private Ltd. Company Into LLP

A Private Company desires to convert its status to LLP Form shall foremost decide the designated Partners of the proposed LLP, as only the members can be the Partners of the converted LLP and of these members of the company at least two Partners would be the Designated Partners.. In case of Body Corporate who […]...

Read More
Posted Under: Income Tax |

Does GST favour large players

Both houses of Parliament and many states have given their nod to roll out GST (Goods & Service Tax) in India. So, the stage seems to be almost set for its implementation in coming financial year. Every newspaper, all the addresses by eminent people and social media are exhilarated as well as positive for this new development....

Read More
Posted Under: Income Tax |

CBDT Extends due date for quarterly furnishing of Form 15G/155H

Notification No. 10/2016-Income Tax (31/08/2016)

Representations have been received with the request for extension of due date for uploading of Form 15G/15H received during the period 31.12.2015 to 31.03.2016 and also to extend the due date for uploading of Form 15G/15H received during the period from 1.4.2016 onwards....

Read More

Tax Exemptions to Start-ups

With a view to facilitate startups various tax exemptions are provided by Finance Minister Shri Arun Jaitley. In this article we are discussing various tax incentives provided to startups:...

Read More
Posted Under: Income Tax |

Uranium Industry notified as Public Utility Service for further 6 Months

Notification No. S.O. 2821(E) (31/08/2016)

In exercise of powers conferred by section 2(n)(vi) of Industrial Disputes Act, 1947, the Central Government hereby declares Uranium Industry to be a Public Utility Service for the purpose of aforesaid Act, for a period of six months with effect from 11th September, 2016....

Read More

Accounting of wastages in jewellery industry post excise duty introduction

The practice prevalent in jewellery industries in India on charging for wastages from the customers along with the cost of jewellery without delivering the actual recoverable wastages has not been looked into....

Read More
Posted Under: Income Tax |

What happens when you change mutual funds recurrently?

That particular day, for few minutes, I felt like a school teacher. One of my family friend brought his son to my office and started complaining. The son has around 3 years of experience in an IT industry, started investing on stocks from his savings for the past 1 year. What is wrong in that? Why is the father complaining?...

Read More
Posted Under: Income Tax |

Status of Cost Recovery charges to be deposited by Custodians in Customs facilities- reg.

Instruction No. F. No. 8/B/16/ HRD(EMC)/CRB/2016 (31/08/2016)

Besides other conditions, the deposit of Cost Recovery (CR) charges three months in advance is a mandatory condition. However IFU has observed that there is frequent default by the custodians in deposit of the said charges....

Read More

Rebate of State Levies on Export of Garments–Implementation by CBEC

Circular No. 43/2016-Customs (31/08/2016)

The Government of India has decided to adopt a mechanism wherein the rebate of State levies on garment exports is provided based on a budgetary allocation of the Ministry of Textiles under a scheme in which the Department of Revenue/Central Board of Excise and Customs (CBEC) handles disbursement along with the extant Duty Drawback....

Read More

Revised Procedure for SAAS scheme for export of Articles of Apparel and Clothing

Public Notice No. 27/2015-2020-DGFT (31/08/2016)

Procedure for Special Advance Authorisation scheme for export of Articles of Apparel and Clothing Accessories under Chapter 61 and 62 of ITC(HS) Classification of Export and Import has been specified to come into effect from 1st September 2016....

Read More

Notification No. 118/2016-Customs (N.T.) Dated-31st August, 2016

Notification No. 118/2016-Customs (N.T.) (31/08/2016)

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 118/2016-Customs (N.T.) New Delhi, 31st August, 2016 S.O. 2822(E) – 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 & Custo...

Read More

Special Advance Authorisation Scheme for Apparel & Clothing Accessories

Trade Notice No. 15/2016 (31/08/2016)

Applications for grant of Special Advance Authorisation Scheme for export of Articles of Apparel and Clothing Accessories can be tiled online through DGFT website: http://dgft.gov.in/. Procedure for filing application online for this authorisation is similar to filing of application for the regular Advance Authorisation....

Read More

DVAT-Due Date extended for filing of online return for Q1 of 2016-17

Circular No. 13 of 2016-17 (31/08/2016)

In partial modification to this department's Circular No. 11 of 2016-17 on the subject cited above and in exercise of 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 2...

Read More

University not wholly or substantially financed by govt not eligible for exemption u/s 10(23)(iiiab)

Visvesvaraya Technological University Vs ACIT (Supreme court of India)

Honorable ble Supreme court held that Visveswaraiah Technological University being not wholly or substantially financed by government is not entitled to claim exemption u/s 10(23)(iiiab). Further, the fees collected by the University as per prescribed govt. norms cannot be said to finance provided by govt. Therefore, assistance by govt. ...

Read More

Courier bond executed CCSPs -Regarding

Circular No. 42/2016-Customs (31/08/2016)

It has been represented to the Board that for calculation of insurance amount and Bond amount under HCCAR, dwell time for clearance of imported goods and transit time for export goods should be taken in to account. It has been brought to the notice of the Board that CCSPs are being asked to give bond and insurance for an amount equal to t...

Read More

Admissibility of un-utilized cenvat credit of DTA unit converted into EOU

Circular No. 41/2016-Customs (30/08/2016)

Erstwhile Rule 100 H of Central Excise Rules, 1944 which specifically prohibited EOU’s from availing Modvat Credit of Inputs / Capital Goods under Rule 57A and 57Q. But consequent to supersession of Central Excise Rules, 1944 by Central Excise Rules, 2002 there is no provision similar to Rule 100 H of CER, 1944 which prohibits the EOU f...

Read More

MVAT: Return filing in new automation processes & changes in procedures

Corrigendum to Trade Cir. No. 22 T of 2016 (30/08/2016)

Office of the Commissioner of Sales Tax, 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai- 400010. CORRIGENDUM To, ___________ ___________ No. Mahavikas/ADIC/ New Automation /B-557   Date: 30th August 2016 Trade Cir. No. 22 T of 2016 Subject : Return filing in new automation processes and changes in procedures. Ref. : 1. Trade Circular No 7 ...

Read More

Service Tax on passenger transportation in a Regional Connectivity Scheme airport

Notification No. 38/2016-Service Tax (30/08/2016)

Seeks to amend Notification No. 26/2012- Service Tax dated 20.06.2012, by inserting of entry 5A for transportation of passengers embarking from or terminating in a Regional Connectivity Scheme (RCS) airports, with abatement of 90%,for a period of one year from the date of commencement of operations of the Regional Connectivity Scheme (RCS...

Read More

Comics Edition: The Dextor and the Export Business

Welcome to the whole new world of learning. Gone were those days when people used to read the whole thesis. There is innovation all around and hence we thought why not creating a content which we all can connect and atleast read it to full....

Read More
Posted Under: Income Tax |

4 Psychological mistakes to avoid while preparing for Income Tax!

Income tax is the only subject where a single word can change the whole interpretation of the section. While you are reading the section, make sure you mark every single word correctly. Don’t just go through the section. ...

Read More
Posted Under: Income Tax |

CIT- CPC Bengaluru to exercises jurisdiction over IDS 2016 declarants

Circular No. 31 of 2016-Income Tax (30/08/2016)

CIT, CPC, Bengaluru, headquartered at Bengaluru, shall exercise the concurrent powers and functions in respect of the declaration referred to in section 183 of the Finance Act, 2016 which has been furnished electronically under digital signature and shall also be deemed to be the Principal CIT or CIT for the purposes of section 186 of the...

Read More

GST Era -Responsibility & Role of Finance & Accounts Department

Till the date, the indirect tax assessment, discharge of tax liability & its proper indirect implementation was the sole or major area of indirect tax professional only. Whereas, for the first time the Finance & accounts department of any organisation or company will be on their toes for proper GST implementation on daily basis. It can be...

Read More
Posted Under: Income Tax | ,

ICSI cannot charge fees for answer sheet copies in excess of Fees provided under RTI Act, 2005

Paras Jain V. ICSI (Delhi High Court)

A division bench of Delhi High Court held that the demand of the institute i.e., ICSI, asking students for a fee of INR 500 per subject/answer book for obtaining certified copies is not sustainable....

Read More

SEBI advisory on 3 things against which Investor must be Cautious

PR No. 137/2016 (30/08/2016)

It has come to the notice of SEBI that various entities are soliciting investors by offering leagues/schemes/competitions etc. related to securities markets. Some of the schemes may involve distribution of prize monies. Participation in such schemes including sharing of confidential and personal trading data is at investors’ own risk, c...

Read More

Convergence to IFRS (Ind AS)– Indian banking scene

Even today, when one hears people from Nilgris, Tamilnadu, India lost Re10 Crores to an unknown financial company, one’s mind goes back to 1930, when the great depression wiped out the whole capital of many investors in USA. Investors in USA craved for accounting standards....

Read More
Posted Under: Income Tax |

Relaxed Regulatory Norms for Start-ups

In last article “Startup India Campaign,” we have discussed how the startup India campaign being run by the government so far. In this article we are discussing the steps taken by the government to boost the startup ecosystem in the country. DIPP had notified the definition of Startup and procedure for recognition of Startup. Startup ...

Read More
Posted Under: Income Tax |

Essentials Of Valid Contract- Part II

In the last article ESSENTIALS OF VALID CONTRACT- PART I, we have briefly analysed the essentials of first four elements of Valid Contract as per Indian Contract Act, 1872. In this article we will analyse definition and essentials of Consideration....

Read More
Posted Under: Income Tax |

A Move towards Internal Financial Control

Companies Act 2013 requires auditors to express their opinion on existence of internal financial controls in place and their operating effectiveness, and this is in addition to their expression of opinion on financial statements. Initially this reporting requirement was applicable to financial statements ending on 31st March, 2015 but due...

Read More
Posted Under: Income Tax |

Source based capital gain taxation under revised DTAA with Mauritius

The Protocol provides for source-based taxation of capital gains arising from alienation of shares acquired on or after 1st April, 2017 in a company resident in India with effect from financial year 2017-18. ...

Read More
Posted Under: Income Tax |

Integrated GST for Inter-State Trade

The scope of IGST Model is that Centre would levy Integrated Goods and Services Tax (IGST) which would be CGST plus SGST on all inter-State transactions of taxable goods and services with appropriate provision for consignment or stock transfer of goods and services. ...

Read More
Posted Under: Income Tax |

ICAI President Message- September 2016

In the CA curriculum, the relationship between Principal and Article Trainee is that of a teacher and a student. As Principal, our members play a significant role in nurturing their articled trainees and moulding them to acquire professional skills that ultimately lead them to success–in examination as well as in their professional life...

Read More
Posted Under: Income Tax |

Research & Development in Pharma Sector

CA Garima Mittal Introduction Pharmaceutical markets are extremely complex. Consumer demand is often indirect for prescription drugs medicated by doctors. New drugs must undergo costly and time consuming process before it could be sold in the market. Further, brainstorming & analysis need to be done about what to work on and how inten...

Read More
Posted Under: Income Tax |

Price Dissemination through SMS/Electronic Communication Facility

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/76 (30/08/2016)

Exchanges shall make efforts for registration of subscribers of Price Dissemination services and disseminate derivatives prices to them on a daily basis. Such direct price dissemination service would provide information to subscribers instantly in an efficient and transparent manner and thus shall be of great benefit to market participant...

Read More

Maintenance & Preservation of Records by commodity derivatives exchanges & members

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/74 (30/08/2016)

SEBI vide its circular No. MRD/DoP/SE/Cir-21/2009 dated December 09, 2009 prescribed norms regarding ‘Preservation of records’. It has been decided that the provisions of the said circular shall be made applicable for all the commodity derivatives exchanges and their members....

Read More

Trading Hours/Trading Holidays on Commodity Derivatives Exchanges

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/75 (30/08/2016)

As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognized associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed (Septe...

Read More

IT notices/Letters must Contain Email IDS & Phone Nos: CBDT

F. No. 225/214/2016/ITA.II. (30/08/2016)

All income-tax authorities to invariably mention their official e-mail Ids along with official telephone numbers/fax number in all notices/letters/communications being issued by them to the taxpayers....

Read More

Launch of Integrated solution between e-Nivaran Module for all Officers using ITBA with ASK, e-Filing and CPC-ITR – Reg.

ITBA e-Nivaran Instruction No.2 (29/08/2016)

This is in reference to the subject mentioned above. The integration between e-Nivaran Module for all Officers of Department using ITBA with ASK, e-Filing and CPC-ITR is operational w.e.f. 22nd August, 2016 in Income Tax Business Application (ITBA) through the e-Nivaran module....

Read More

Export of Red Sanders wood by Govt of AP & DRI

Notification No. 24/2015-2020-DGFT (29/08/2016)

Export of Red Sanders wood by Government of Andhra Pradesh & Directorate of Revenue Intelligence (DRI) - Revision of quantity allocation to Govt. of Andhra Pradesh and extension of time for export by Govt. of Andhra Pradesh and DRI....

Read More

How to Minimise Risk and Maximise Gains by allocating your assets well?

How can investment decisions be wise? Is it by investing in high yielding assets or in assets which have lower risks or a combination of these two? What if you invested in high yielding asset class? Then, its major drawback is its high risk associated with it. On the other hand, if the investment is done in the lower risk asset class, the...

Read More
Posted Under: Income Tax |

Cross Objection filed before Tribunal is an independent appeal: HC

City Centre Builders & Developers Vs. ITAT Cochin & Others (Kerala High Court)

Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party's appeal is dismissed, for whatever reason....

Read More

Startup India campaign

A startup is a company that is in the first stage of its operations. It is basically business model that aims to meet a marketplace need by developing or offering an innovative product, process or service...

Read More
Posted Under: Income Tax |

SEBI (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/010 (29/08/2016)

1. These regulations may be called the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations, 2016. 2. They shall come into force on the date of their publication in the Official Gazette....

Read More

Sovereign Gold Bond Scheme 2016-17 – Series II

F. No. 4(7) - W&M/2016 (29/08/2016)

The Gold Bonds under Sovereign Gold Bond Scheme 2016-17 – Series II may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

Read More

Sovereign Gold Bonds 2016-17 Series II– Operational Guidelines

RBI/2016-17/54 IDMD.CDD.No.463/14.04.050/2016-17 (29/08/2016)

Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e- Kuber system. The e-Kuber system can be accessed either through Infinet or Internet. ...

Read More

All about Sovereign Gold Bonds Scheme, 2016 -17 – Series II

RBI/2016-17/53 IDMD.CDD.No.462/14.04.050/2016-17 (29/08/2016)

Sovereign Gold Bond Scheme will be open for subscription for the period from September 01 to 09, 2016. The issue price of the Sovereign Gold Bond for this tranche has been fixed at ₹ 3150/- (Rupees Three Thousand One Hundred Fifty only) per gram of gold. The rate has been fixed on the basis of simple average of closing price for gold of...

Read More

Govt notifies salary & service rules of Bankruptcy Board

Notification No. G.S.R. 831(E) (29/08/2016)

These rules may be called the Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016....

Read More

Coinage (Issue of Commemorative Coins on the Occasion of Birth Centenary of Pandit Deendayal Upadhyaya) Rules,2016

Notification No. G.S.R. 836(E) (29/08/2016)

The coins of the following denominations shall also be coined at the Mint for issue under the authority of the Central Government to commemorate the occasion of Birth Centenary of Pandit Deendayal Upadhyaya...

Read More

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/011 (29/08/2016)

1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2016. 2. They shall come into force on the date of their publication in the Official Gazette....

Read More

Guide on Auditor’s Reports under IAS for Transition Phase

The Implementation Guide addresses the various issues relating to the auditor's reporting responsibilities on the financial statements prepared under the Indian Accounting Standards (Ind AS) framework especially during the transition phase of first time implementation of Ind AS Framework....

Read More
Posted Under: Income Tax |

Vignaharta! Please take away Vighna’s of MVAT Returns

Sales Tax Department had introduced automation in filing of VAT Returns on 25th February 2016 and it was decided to bring it in effect from April 2016.Due to various technical issues, VAT Returns are still pending to be filled since April 2016. ...

Read More
Posted Under: Income Tax |

Update PAN to avoid blocking of e-filing a/c by Income Tax Dept.

The issue of deactivating of the e-filing accounts of the members of the ICAI by the Income Tax Department on account of the mismatch in ‘Name’/ ‘PAN No.’ / ‘Date of Birth’ in the Income Tax records and the records available with the ICAI was taken up with the Income Tax Authorities on 26th August 2016....

Read More
Posted Under: Income Tax | ,

ICSI- Procedure for Marks Verification & Inspection/ Supply of Answer Books

In terms of Regulation 46 (2) of the Company Secretaries Regulations, 1982, as in force, a candidate can seek Verification of Marks in any subject(s) of CS examination within 30 days from the date of declaration of results....

Read More
Posted Under: Income Tax |

New Due Dates for Filing of MVAT & CST Returns in Maharashtra

Much awaited Circular for Introduction of New Automation Process for Filing of MVAT and CST Returns has been issued under no. 22T of 2016 dated 26.08.2016 and accordingly Revised Scheduled for Filing of Returns from 01 April 2016 is also been announced...

Read More
Posted Under: Income Tax | ,

The Risk of Investing most of your money in Real Estate

Property, in the form of real estate, a piece of land, or an apartment or house, is considered to be fairly good investment option. Simple investors feel happy and contended when they invest their money in a property and expect it to give them grand returns. They dream that their net worth will shoot up […]...

Read More
Posted Under: Income Tax |

Merger and acquisitions (M&A) – Always a Success?

Merger and acquisitions are the key forms of corporate restructuring. M&A activities are increasing over period. Achieving the economies of scale, broadening geographic market coverage, and more effectively competing have helped to create a flurry of acquisitions in the marketplace....

Read More
Posted Under: Income Tax |

The Income Declaration Scheme, 2016- An Overview

Few Words about the scheme:- i. The Income Declaration Scheme,2016 is incorporated as Chapter IX of Finance Act 2016 and is covered in section 181 to section 199. ii. It shall come into force on 1st day of June 2016...

Read More
Posted Under: Income Tax |

Unearth Black Wealth and Buy Peace- IDS, 2016

India is moving towards a lower tax regime with non-litigious approach. Thus, while compliant taxpayer can expect a supportive interface with the department, tax evasion will be countered strongly. Capability of the department to detect tax evasion has improved because of enhanced access to information and availability of technology....

Read More
Posted Under: Income Tax |

Amendment in CYPRUS DTAA

The Union cabinet on Wednesday approved the revised double taxation avoidance agreement (DTAA) with Cyprus which will help close gaps and enable Indian authorities to tax capital gains in the country for investments originating in the Mediterranean island nation....

Read More
Posted Under: Income Tax |

Essentials of Valid Contract- Part I

In India, the contracts are governed by Indian Contract Act, 1872. This Act was passed by British India and is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir....

Read More
Posted Under: Income Tax |

Draft Director’s Report For Private Limited Company

In this article Author has compiled Draft format of Director’s Report For Private Limited Company under Companies Act, 2013 which can be used for Financial Year 2015-16 and Subsequent Years....

Read More
Posted Under: Income Tax | ,

Annual Filing Under Companies Act 2013

After Completion of Two Year of Companies Act, 2013, Law has been settled down. Now it is the high time for the members to start work on Annual Return (MGT-7) and Director Report. Because there were many amendments in Rules, many circulars, notification came during the year 2015-16 which will affect the Annual filing of the Company....

Read More
Posted Under: Income Tax |

Enemy Property (Amendment and Validation) Fourth Ordinance, 2016

No. 7 OF 2016 (28/08/2016)

The enemy property vested in the Custodian shall, notwithstanding that the enemy or the enemy subject or the enemy firm has ceased to be an enemy due to death, extinction, winding up of business or change of nationality or that the legal heir and successor is a citizen of India or the citizen of a country which is not an enemy, continue t...

Read More

Supply- Taxable Event under Model GST – Inclusive & Subjective

Determination of the taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. Before we proceed further to understand and analyse the taxable event under the GST regime, it is imperative to first understand the taxable events under the present indirect taxation:...

Read More
Posted Under: Income Tax | ,

Service Tax on Construction Industry – A compilation

Under the new regime of service tax i.e after 01.07.2012 service tax on construction service is explained u/s 66 E(b) i.e. declared service of the Finance Act,1994. The constitutional validity was also upheld under old regime in case of Maharashtra Chamber of Housing Industry v. Union of India...

Read More
Posted Under: Income Tax | ,

One Source Is The Ultimate Force

Being a CA I too have experienced the ups and downs of the journey but trust me I have enjoyed my ride thoroughly to the CA halt and thereafter I realised that it was not a halt but a new beginning. The result being 4-5% in every exam does relieve 4-5 students per hundred but 95-96 students per hundred are helpless and have to resume all ...

Read More
Posted Under: Income Tax |

ICAI group for regulation of foreign firms, joint auditorship

Ministry of Corporate Affairs, has decided that a group be formed for formulation of ICAI’s response to Ministry of Corporate Affairs on regulation of foreign firms, joint auditorship and other related matters. ...

Read More
Posted Under: Income Tax |

Solution to Problem of Name or PAN Mismatch with ICAI Records

Nowadays ICAI Members i.e. Chartered Accountants who are registered as Professionals on Income Tax e-filing website may be getting Email from Income Tax Department that their e-Filing account has been temporarily disabled due to non-validation of your PAN number by ICAI. It is further requested by Income Tax Department to Professionals to...

Read More
Posted Under: Income Tax | ,

DGFT notifies MEIS rate for Onion

Public Notice No 26/2015-2020-DGFT (26/08/2016)

MEIS rate for Onion is notified. It would be effective for exports made upto 31.12.2016. MEIS Rate on Onions Fresh or Chilled vide HS Code 07031010 is 5%....

Read More

Guidelines on safety / security of premises where imported or export goods are loaded, unloaded or stored

Circular No. 40/2016-Customs (26/08/2016)

Earlier, Central Government vide Circular No. 4/2011-Cus dt. 10.1.2011 prescribed comprehensive guidelines on safety and security of premises where imported or export goods are loaded, unloaded, handled or stored. It has been specifically provided that imported goods or export goods which are hazardous in nature shall be stored at the app...

Read More

ICAI: IFC Guidance for Small Companies

The Auditing and Assurance Standards Board of ICAI has issued Implementation Guide on Audit of Internal Financial Controls over Financial Reporting with Specific Reference to Smaller, Less Complex Companies....

Read More
Posted Under: Income Tax |

Revised guidelines for disposal of confiscated goods – regarding.

Circular No. 39/2016-Customs (26/08/2016)

The Board had earlier received a number of requests from the trade for equitable and wider participation of cooperative societies which are duly registered with the State/Central Government authorities and not to make a particular body monopolistic, in sourcing the confiscated goods being disposed of by the department....

Read More

Download ER-8 return excel utility – Jewellery Manufacturers

ER8 is a quarterly Return for production and removal of goods and other relevant particulars. The excel utility can be used for creating the XML file for efiling of your returns. The Efilling Excel Utility is an Excel Workbook that consists of four worksheets and are dynamic....

Read More
Posted Under: Income Tax |

Extension of date of filing return in J&K to 30.09.2016

F. No. 225/195/2016/ITA.II (26/08/2016)

On consideration of reports of dislocation of general life in certain areas of the state of Jammu & Kashmir, the Central Board of Direct Taxes (`CBDT'), in exercise of powers conferred under section 119 of the Income-tax Act, 1961 ('Act'), hereby further extends the 'due-date' for filing Return of Income from 31st August, 2016 to 30th Sep...

Read More

Streamlining process of NOC, PCC, voyage return/ assessment of Foreign Shipping Companies

Circular No. 30/2016-Income Tax (26/08/2016)

Streamlining the process of No Objection Certificate {NOC), Port Clearance Certificate (PCC), voyage return and voyage assessment in the case of Foreign Shipping Companies (FSCs)...

Read More

Revised Procedure for Filing of VAT & CST Return in Maharashtra

Trade Circular No. 22T of 2016 (26/08/2016)

The new return filing process envisages preparation of invoice-wise sales and purchase annexure. For this dealer is required to visit to MSTD Web-site and download the return template form. The new process of filing of returns for the periods starting from Apr 2016 is being explained...

Read More

Easy way to learn all 16 points of paragraph 3 of CARO 2016

1. For Point No 1 to 8:- F I L L your bank account with C C (short form of cash credit) use it to pay the STATUTORY DUES and make no DEFAULT IN REPAYMENT OF LOANS & BORROWINGS. ...

Read More
Posted Under: Income Tax | ,

How to Identify and Avoid Tricky Financial Advisors?

It is a common thing to hear these days that when you are looking for a suitable investment plan to fit in to your financial plan not every time can you expect the correct advice from the financial advisors....

Read More
Posted Under: Income Tax |

Scheme of Rebate of State Levies on Export of Garments 2016

F.No. IV(23)/14/2016-Systems (26/08/2016)

The main objective of the scheme is to provide for remission of State Levies in addition to the Duty Drawback Scheme, through the Scheme for Rebate of State levies on Export of Garments on an average basis only....

Read More

Reporting formats for Exchange of Info under Tax Treaties

F.No. 500/44/2016-FT&TR-III (26/08/2016)

Paragraph 3.10 prescribes the information to be maintained by CIT/DIT concerned. Relevant pages are enclosed. Chapter-IV deals with the Guidelines for Handling the requests in specific cases from Foreign Tax Authorities....

Read More

Reg. Excise Duty at concessional rate on Aviation Turbine Fuel

Notification No. 32/2016-Central Excise [G.S.R. 823(E).] (26/08/2016)

Seeks to further amend notification No. 12/2012-Central Excise dated 17.03.2012 so as to levy Basic Excise Duty at a concessional rate of 2% on Aviation Turbine Fuel drawn by operators or cargo operators from the Regional Connectivity Scheme (RCS) airports for a period of 3 years. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REV...

Read More

EPF Claim- Employer attestation not required on Declaration Form

No. WSU/10(1)2011/Changes in MAP/13202 (26/08/2016)

Attestation of an employer on the Declaration form would not be required for both Form No. 31 & Form No. 31(UAN). However, the Claim Form No. 31 shall continue to be attested by the employer....

Read More

SEBI (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2016-17/010 (26/08/2016)

Market wide impact: shall mean the defaults which have a bearing on the securities market as a whole and not just the listed security and its investors which is under investigation/inquiry/inspection, etc....

Read More

Rate of exchange of South African Rand WEF 27.08.2016

Notification No. 117/2016-Customs (N.T.) (26/08/2016)

Central Board of Excise and Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No. 112/2016-CUSTOMS (N.T.), dated 18th August, 2016, with effect from 27th August, 2016, namely:-...

Read More

Reg. appointment of CAA by M/s Nagarjuna Oil Corp. Ltd

Notification No. 116/2016-Customs (N.T.) (26/08/2016)

Regarding appointment of CAA by M/s Nagarjuna Oil Corporation Ltd, Chennai-In compliance with the directions of Hon’ble CESTAT’s Final Order No. 41672-41675/2015 dated 11.11.2015, remanding the matter for de novo proceedings, passed in 4 appeals...

Read More

Handling of Cargo in Customs Areas (Amendment) Regulations, 2016

Notification No. 115/2016-Customs (N.T.) (26/08/2016)

Provided that the condition of furnishing of bank guarantee shall not be applicable to ports notified under the Major Ports Act, 1962 (38 of 1963) or to the Central Government or State Governments or their undertakings or to the customs cargo service provider authorised under Authorised Economic Operator Programme...

Read More

Notification No. 114/2016-Customs (N.T.) dated 26.08.2016

Notification No. 114/2016-Customs (N.T.) (26/08/2016)

Port of Visakhapatnam, Gangavaram port, Visakhapatnam International Airport, Container Freight Station at Bayyavaram Village, Kasimkota Mandal, Visakhapatnam District, Visakhapatnam, Special Economic Zone and the areas under the Greater Visakhapatnam Muncipal Corporation of Visakhapatnam in the state of Andhra Pradesh...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30