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Archive: 12 August 2016

Posts in 12 August 2016

Recovery of Black Money-Recent major initiatives

August 12, 2016 1651 Views 0 comment Print

The Government has taken various measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks

CBDT revises format of Form 3 of Income Declaration Scheme 2016

August 12, 2016 44662 Views 0 comment Print

The declarant is hereby directed to make the payment of sum payable as per column (5) of the above table, as specified below:- (i) an amount not less than twenty-five per cent. of the sum payable on or before 30th day of November, 2016;

HC held CA Guilty of Misconduct for non detection of Fraud

August 12, 2016 11263 Views 0 comment Print

The respondent admitted that the firm J.S.Bedi & Co. was charged with the concurrent audit for the period in question and that it had carried out the concurrent audit under his supervision but denied any fraud perpetrated for the period of the audit. But surprisingly it was also simultaneously pleaded that the purported frauds began in July, 2002 and continued till April, 2005 and went undetected

Service tax on freight forwarders on transportation of goods from India

August 12, 2016 14767 Views 0 comment Print

The freight forwarders may deal with the exporters as an agent of an airline/carrier/ocean liner, as one who merely acts as a sort of booking agent with no responsibility for the actual transportation. It must be noted that in such cases the freight forwarder bears no liability with respect to transportation and any legal proceedings will have to be instituted by the exporters, against the airline/carrier/ocean liner.

Deductors to close Taxpayer Grievance Tickets in their In-boxes

August 12, 2016 3706 Views 2 comments Print

The Centralized Processing Cell (TDS) has provided an integrated platform for taxpayers, deductors & assessing officer. The objective of the functionality is to provide the taxpaying citizen to report missing TDS credits in their 26AS account directly to the deductors and assessing officers for its quick resolution.

Notification No. 109/2016– Customs (N.T.) Dated 12.08.2016

August 12, 2016 1348 Views 0 comment Print

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 109/2016-CUSTOMS (N.T.) New Delhi, Dated: 12th August, 2016 S.O. 2707(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 & Customs, being […]

10 things you need to know about Mutual Funds

August 12, 2016 6934 Views 0 comment Print

A Diversified equity fund invests across in different sectors. Diversified equity funds will give superior risk adjusted returns over all other investment asset classes in the long term. In any long term portfolio, it is advisable to keep equity funds as a foundation.

Registration under Foreign Contribution Regulation Act, 2010

August 12, 2016 7057 Views 0 comment Print

Many a times it has been observed that, there are various persons in our surroundings who are involved in social cause with no profit making objective in their mind. These kind of persons always deploy the funds raised by them into the noble cause, like cultural, economical, educational, religious, social or otherwise.

Service Tax on Short Term Hotel Accommodation Unconstitutional: HC

August 12, 2016 9913 Views 0 comment Print

Issue Before Court The challenge in this petition under Article 226 of the Constitution of India is to the constitutional validity of Section 65 (105) (zzzzv) of the Finance Act 1994 (FA) whereby the provision to any person by a restaurant, by having the facility of air-conditioning in any part of its establishment serving food […]

Goods and Service Tax (GST)– Detailed Discussion with Examples

August 12, 2016 34390 Views 2 comments Print

Introduction of Goods and Services Tax (GST) is one of the important perfection and the next logical step towards a widespread indirect tax reforms in India. GST shall also apply in Jammu & Kashmir (‘J&K’).

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