"September, 2016" Archive

IDS 2016- CBDT enables facility to upload Form-1 filed Manually

F.No.142/8/2016-TPL (30/09/2016)

CBDT Instruction No.10 of 2016 dated 28.09.2016 provides that in cases where the declarants do not have PAN, a declaration under the Income Declaration Scheme, 2016 (the Scheme) can be filed manually before the jurisdictional Pr.Commissioner/Commissioner by quoting the date and acknowledgment number of PAN application form....

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Buy-back Law, Procedure and Practice

Buy-back is one of the important provisions in the Companies Act, 2013 (the Act) which enables a company to purchase its own shares or other specified securities with inherent benefits to the company and its shareholders. A program of buy-back is resorted to by a company to enable it to...

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Posted Under: Income Tax |

How to use Two Way Lookup In Microsoft Excel

Most of us aware that Microsoft Excel can add, subtract, multiply, and divide functions. But if we able to use its advance functions like VLOOKUP, HLOOKUP, INDEX+MATCH coupled with IF function, we can able to demeanor DATA MINING within few minutes which generally takes hours to complete the task and sometime impossible if we are dealing ...

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Posted Under: Income Tax |

How to bring your personal finance under your control

I kept a sizable emergency reserve in liquid funds; I didn’t have any emergency situation for 3 years. The liquid fund where I kept the sizable emergency fund was not giving me good returns. So I invested that money in a small property. Now I have an emergency and the property is not easily liquidable...

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Posted Under: Income Tax |

Extension of due date applies to all assesse who were required to file Return on 30.09.2016

F.No.225/195/2016/ITA.II (30/09/2016)

It is further clarified that the extension of 'due-date' of 17.10.2016 would apply to all assessees who are required to file their return of income by 30th September, 2016 as per clause (a) of Explanation 2 to sub-section (1) of section 139 of Income-tax Act, 1961....

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Know Online status of ICAI Membership Fees Payment

Recently ICAI has started a facility by which Members can know online the status of Membership Fees Paid or Payable by them. Member has to enter his Members Ship Number and Date of Birth as per ICAI records to know his Membership and COP Fees Payment Status....

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Posted Under: Income Tax |

Who is liable to Register under GST Law

As per sub-section (1) of section 19, every person who is liable to be registered under Schedule III of the Act shall apply for registration within thirty days from the date on which he become liable to registration but if the person is registered under an earlier law, it shall not be necessary for him to apply for fresh registration exce...

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Posted Under: Income Tax |

How to register a mutual fund with SEBI -FAQs for Intermediaries

FAQs for Intermediaries What is the procedure for registering a mutual fund with SEBI? A. How to get registered as a Mutual Fund? An applicant proposing to sponsor a mutual fund (MF) in India must submit an application in Form A [first schedule of the SEBI (Mutual Funds) Regulations, 1996 (hereinafter, referred to as the […]...

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Posted Under: Income Tax |

Developments in Commodities Markets – Post Merger

PR No. 143/2016 (30/09/2016)

SEBI took over the Regulation of the Commodity Derivatives market on September 28, 2015 as a result of merger of FMC with SEBI. The merger of two Regulators is an unique and rare event across the world. It was also a heartening moment for SEBI as an organization that Government had reposed faith in its regulatory capacity while entrusting...

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Service Tax Return FY 2016-2017- Key Changes & Amendments

In this article, below key changes / amendment under Service Tax Laws relevant for filing of Service Tax Returns (ST-3) for FY 2016-2017 are discussed:- 1. Krishi Kalyan Cess 2. Government Services under Reverse Charge Mechanism 3. CENVAT Credit Rules 4. Interest on late Payment of Service Tax 5. Form ST-3 Amendments...

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Posted Under: Income Tax |

How the changes are occurring in Indian pension environment!

The pension environment in India has been the major growth booster through which several companies have been cashing on to. There are best pension plans in India which you can find for yourself to have better and promising returns. When it comes to the retirement plans there are indeed several options that you can pick from....

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Posted Under: Income Tax |

A Complete Guide to Credit Score & How to improve it?

A credit score is a rating assigned to an individual on the basis of their credit report. The credit report is a summary of the debt held by an individual, the amount of credit that he or she may have availed in the form of loans or credit cards, the repayment history of the individual, the defaults on any payments, the number of credit a...

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Posted Under: Income Tax |

Govt. constitutes expert Group to look issues related to Audit firms

F. No. 17/112/2016-CL-V (30/09/2016)

Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to audito...

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Entry tax imposed on Gold in Uttarakhand – Reallity

In order to discuss Whether entry tax imposed on gold vide Notification No. 24/2016/22(120)/XXVII(8)/2008 on dated 21.03.2016 Gold in any from brought into the State from outside the States, excluding the Gold brought for sale, in the same form or after refining or after manufacturing of jewellery from it at the rate of 0.2 percent of the...

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Posted Under: Income Tax |

Investment by Foreign Portfolio Investors in Government Securities

RBI/2016-17/72 A.P. (DIR Series) Circular No. 4 (30/09/2016)

As announced in the MTF, the limits for investment by FPIs in Central Government Securities for the next half year are proposed to be increased in two tranches, each of Rs. 100 billion from October 3, 2016 and January 2, 2017 respectively....

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Implementation of Hazardous & Other Wastes Management & Trans-boundary movement)) Rules, 2016

F.No. 401/26/2014-Cus.-III(Pt.) (30/09/2016)

MoEF&CC has decided that licenses of import of plastic and PET scrap issued under previous Hazardous Waste (Management, Handling and Transboundary Movement) Rules, 2008 will be treated as legal documents. However, the import will be limited to the following four categories as on date of issue of their office memorandum:...

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Revised Guidelines for arrest for Failure in Service Tax Payment

Circular No 201/11/2016-Service Tax (30/09/2016)

Power of arrest in Service Tax is available only if a person collects any amount as service tax but fails to pay the amount so collected to the credit of the Central Government beyond the period of six months from the date on which such payment becomes due and the amount exceeds rupees two crore....

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Service Tax Exemption on transportation to educational institutions

Notification No. 45/2016-Service Tax (30/09/2016)

Service Tax Exemption on Service of transportation, by educational institutions to students, faculty and staff for the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014. ...

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Notification No. 123/2016-Customs(N.T.) dated 30.09.2016

Notification No. 123/2016-Customs(N.T.) (30/09/2016)

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 123/2016-Customs(N.T.) New Delhi, 30th September, 2016 S.O. 3102(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...

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Empanelment of experts as Mediators or Conciliators

Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, Southern Region Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, Western Region Notice for Inviting applications for Empanelling experts as Mediators or Conciliators, South Eastern Region Notice for Inviting applica...

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Posted Under: Income Tax |

Govt Decides to Raise EPFO Investment in ETF from 5% to 10%

The Government has decided to raise the Employees Provident Fund ( EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent. Announcing this Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment said that the decision has been taken considering the good returns in ETF investment....

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Posted Under: Income Tax |

CBEC retains customs duty on ghee, butter & butter oil at 40 beyond 30.09.2016

Notification No. 53/2016-Customs (29/09/2016)

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 53/2016-Customs New Delhi, the 29th September, 2016 G.S.R. 931 (E).– In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public i...

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Sanction of Death Relief Fund in Cases of Death While in Service- Reg

No.Welfare2(1)23rd Meeting/2013/17281 (29/09/2016)

In this regard, I am directed to inform that the President, Central Staff Welfare Committee/Central P. F. Commissioner has decided on 21.09.2016 that the Death Relief fund will be given in all cases of death while in service at the rate applicable to cases of unnatural death....

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CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax (29/09/2016)

In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)...

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CBDT notifies ICDS Applicable from Assessment Year 2017-18

Notification No. 87/2016-Income Tax (29/09/2016)

CBDT has vide notification No. 87/2016 notifies following income computation and disclosure standards applicable from A.Y. 2017-18- 1. Accounting policies 2. Valuation of inventories 3. construction contracts  4. Revenue Recognition 5. Tangible fixed assets  6. Effects of changes in foreign exchange rates  7. government grants  8. sec...

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CBDT rescinds ICDS notified in 2015

Notification No. 86/2016-Income Tax (29/09/2016)

Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part-II, Section 3, Sub-section (ii), vide notification number S.O. 892(E) dated the 31st March, 2015, except as respects things done or omitted to be done before such resciss...

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Demystifying common myths relating to Financial Advice

Finances can be sometimes tough to take it all alone. Seeking financial advice from your planner can benefit you no matter you are young or old, single or married, have high or low income....

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Posted Under: Income Tax |

Draft GST Rules – A Brief Understanding

As a step towards implementation of GST in India, the Central Board of Excise and Customs (CBEC) has released the Draft Goods and Services Tax Rules (GST Rules) on the public domain recently. Along with GST Rules, CBEC has also released draft formats of the various Forms mentioned in the said Rules....

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Posted Under: Income Tax |

ITAT Mumbai held Gain on Sale of Penny Shares as bogus

Ratnakar M. Pujari Vs. ITO (ITAT Mumbai)

The Brief facts of the case are that assessee is engaged in the business of running a fast food and juice centre in Iraniwadi in Kandivali (W) under the name and style of Bhagvwati Juice Centre. Specific information was received from Addl. CIT (Inv.) , Unit-V, Mumbai that the assessee is indulging in non-genuine and […]...

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Reg. Scrutiny notices u/s 143(2) for PAN selected in CASS-2016

F.No.DIT(S)-2/CASS/2016-17/ (29/09/2016)

It is seen that till 28-09-2016, notices u/s. 143(2) for scrutiny have not been issued in 625 cases. These 625 cases include 62 cases which are lying with inactive codes. In view of the above, you are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09 2016....

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Arvind Kejriwal Criticises Nationwide Raid on Small Traders

Delhi Chief Minister Arvind Kejriwal  criticised Prime Minister Narendra Modi and Income Deceleration Scheme 2016 for Nationwide Raid and survey carried out by the Income Tax Department to make the Income Deceleration Scheme 2016 Successful. Recently Department has Raided and Surveyed Small Traders including Small Street Vendors too. Tex...

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Posted Under: Income Tax |

FAQ on Investment in Mutual Funds

Different investment avenues are available to investors. Mutual funds also offer good investment opportunities to the investors. Like all investments, they also carry certain risks. The investors should compare the risks and expected yields after adj...

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Posted Under: Income Tax |

Maharashtra VAT Advance Ruling Authority Regulations, 2016

An application under sub-section (2) of section 55 shall be made in Form 703. Every such application shall be verified in the manner indicated therein. The applicant shall clearly set out and specifically mention where the question/ questions falls in sub rule (1) of rule 63 prescribed for said purpose....

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Posted Under: Income Tax |

Indian businesses witness significant impact on tax planning from OECD BEPS tax plan

The results of a recently conducted global survey of 2,600 businesses in 36 countries, finds little impact from the OECD BEPS programme which was finalised last October, as 78 percent of the surveyed businesses said that they have not changed their businesses approach to taxation, despite more than 80 countries having agreed to adopt at l...

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Posted Under: Income Tax |

Master Direction- NBFC Returns (Reserve Bank) Directions, 2016

Master Direction DNBS.PPD.02/66.15.001/2016-17 (29/09/2016)

Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016- In exercise of the powers conferred by sections 45 JA, 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (hereinafter referred to as the RBI Act), and of all the powers enabling it in this behalf, the Reserve Bank of India (hereinafter referred ...

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Publish photo of Wilful defaulters after following RBI mechanism

DBR.CID. BC. No.17/20.16.003/2016-17 (29/09/2016)

A lending institution can consider publication of the photographs of only those borrowers, including proprietors/ partners /directors / guarantors of borrower firms/ companies, who have been declared as wilful defaulters following the mechanism set out in the RBI instructions referred to above. ...

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Master Direction- NBFCs Auditor’s Report (Reserve Bank) Directions, 2016

Master Direction DNBS. PPD.03/66.15.001/2016-17 (29/09/2016)

In exercise of the powers conferred by sub-section (1A) of Section 45MA of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf, and in supersession of the Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2008, the Reserve Bank of India (the Bank) hereby issues N...

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Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016

Master Direction DNBS. PPD.01/66.15.001/2016-17 (29/09/2016)

n exercise of the powers conferred by sections 45K, 45L and 45M of the Reserve Bank of India Act, 1934 (Act 2 of 1934), and of all the powers enabling it in this behalf, the Reserve Bank of India (the Bank) being satisfied that it is necessary and expedient in the public interest and being satisfied that for the purpose of enabling the Ba...

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Aadhaar-based Authentication for Card Present Transactions

RBI/2016-17/70 DPSS.CO.PD No.892/02.14.003/2016-17 (29/09/2016)

A reference is invited to our circular dated November 26, 2013 on Security and Risk Mitigation Measures for Card Present Transactions wherein the banks were advised that all new card present infrastructure has to be enabled for both EMV Chip and PIN and Aadhaar (biometric validation) acceptance....

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‘Doubling Farmers’ Income by 2022-Measures

FIDD.CO.LBS.BC.No.16 /02.01.001/2016-17 (29/09/2016)

As you are aware, the Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022. Several steps have been taken towards attaining this objective including setting up of an inter-ministerial committee for preparation of a blue print for the same. This agenda has also been reiterated by...

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Master Circular- Credit Facilities to Minority Communities – Modification

RBI/2016-17/67 FIDD.GSSD.BC.No.15/09.10.01/2016-17 (29/09/2016)

The Lead Banks in the identified districts should furnish the relevant extracts of the agenda notes and the minutes of the meetings of the DCCs and of the respective SLBCs to the Union Ministry of Finance and to the Ministry of Minority Affairs on a quarterly basis for their use...

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Common Sense: The Most Scarce of All Natural resources

Generally, with the rise in literacy and income levels, the standard of living should go up. This is not so with the present society. Most people boast of having senses like the Knowledge sense, Money sense, Digital sense, Health sense, Dress sense, Civic sense, etc....

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Posted Under: Income Tax |

Statewise Status of Ratification of GST Bill

The GST Bill was passed in accordance with the provisions of Article 368 of the Constitution, and must be ratified by more than half of the State Legislatures, as required under Clause (2) of the said article. On 12 August 2016, Assam became the first state to ratify the bill, when the Assam Leglisative Assembly unanimously ratified it. ...

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Posted Under: Income Tax | ,

Interest rates on Small Savings Schemes for Oct,16 to -Dec,16

F.No. 1/04/2016-NS.II (29/09/2016)

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly. the rates of interest on various small savings schemes for the third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st December, 2016...

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Constitution of Monetary Policy Committee under RBI Act, 1934

S.O. 3081(E) (29/09/2016)

In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby constitutes the Monetary Policy Committee of the Reserve Bank of India, consisting of the following, namely:-...

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Monetary Limits for adjudication of SCN in Central Excise /Service Tax

Circular No. 1049/37/2016-Central Excise (29/09/2016)

Kind attention is invited to the following circulars issued by the Board regarding adjudication of cases in Central Excise and Service Tax. In supersession of these circulars and any other circular issued on the above subject, instructions from paragraph 2 onwards are hereby issued to revise the existing monetary limits for adjudication a...

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Implications of GST on inter-state transactions of goods & services

According, to model IGST law, IGST shall mean the tax levied under the IGST act on the supply of any goods and services in the course of inter-state trade or commerce. IGST act shall apply to whole of India....

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Posted Under: Income Tax |

HVAT Amnesty Scheme for Builders – In depth analysis

Haryana Government vide Notification No. No 19/ST-1/ H.A. 6/2003/S.59A/2016 dated 12th September, 2016 launched much awaited Amensty Scheme for Developers- Haryana Alternative Tax Compliance Scheme for Contractors, 2016 (hereinafter referred to as ‘Amnesty Scheme’). The potentially trade smoothening scheme provides Developers/Builders...

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Posted Under: Income Tax |

CBDT notifies backward districts in Andhra Pradesh U/s. 32 & 32AD

Notification No. 85/2016-Income Tax (28/09/2016)

In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following districts of the State of Andhra Pradesh as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the sai...

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Reg. manual debits on physical copy of Advance Authorizations registered at EDI Customs port

F.No.605/30/201 5-D BK (28/09/2016)

It was brought to Board’s notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed a...

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SEBI notifies List of Commodities under SCRA

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/105 (28/09/2016)

Pursuant to the repeal of the Forward Contracts (Regulation) Act, 1952 (FCRA) and amendment to the Securities Contracts (Regulation) Act, 1956 (SCRA), the Central Government, in exercise of the powers conferred by clause (bc) of section 2 of the SCRA and in consultation with the SEBI, have vide Notification No. S.O. 3068(E) dated Septembe...

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SEBI permits Options in Commodity Derivatives Market

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/104 (28/09/2016)

At present the only instrument available in the Commodity Derivatives market is futures on individual commodities. Introduction of new commodity derivatives products has been a subject of deliberation as it is considered to be conducive for the overall development of the commodity derivatives market, attracting broad base participation, e...

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Notification No. 47/2016-Central Excise (N.T.), Dated: 28.09.2016

Notification No. 47/2016-Central Excise (N.T.) (28/09/2016)

section 2 of the Central Excise Act, 1944 (I of 1944), read with sub-rule ( I) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 30/2014-Central Excise (N.T...

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Draft Format of GST Audit & ITC Mismatch Report released

CBEC has released Format of FORM GST 9A i.e. format of Audit Report under Central/ State Goods and Services Tax Act, 2016 and Central/ State Goods and Services Tax Rules, 2016 and Format of FORM GST ITC - 1C i.e. Input Tax Credit Mismatch Reports for E-commerce Operators....

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Posted Under: Income Tax |

India climbs to 39th place in Global Competitiveness Index

India climbs steadily in the Global Competitiveness Index; Improves its ranking by 16 places for the second year in a row;. Now placed 39th among 138 countries, ahead of BRICS countries other than China. ...

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Posted Under: Income Tax |

IDS 2016 counters to remain open till 8 PM on 28 & 29th Sep, 2016

Office Memorandum No. F.No.225/233/2016/ITA.II (28/09/2016)

In order to further facilitate the filing of declarations even after the office hours, the Pr. CCs.I.T are instructed to ensure that the counters for receiving the declarations under I.D.S., 2016 remain open till 8.00 P.M. on 28th and 29th September, 2016 in all jurisdictions....

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Issue scrutiny notices for PAN selected in CASS by 30.09.2016

F.No.DIT(S)-2/CASS/2016-17/ (28/09/2016)

It is seen that till 27-09-2016, notices have not been issued in 991 cases. These 991 cases include 80 cases which are lying with inactive codes. AO are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09.2016....

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IDS deceleration can be filed Manually in case PAN not allotted

Instruction No. 10 of 2016 (28/09/2016)

Concern was raised by field authorities that there can be few cases where the assessees may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme i.e. 30.09.2016...

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Guidance Note on Combined and Carve-Out Financial Statements

Generally, consolidated financial statements of an entity are required to be presented under the relevant legal or regulatory requirements. In India, these requirements are met by presenting consolidated financial statements prepared under the applicable Accounting Standards...

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Posted Under: Income Tax |

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA ...

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Posted Under: Income Tax |

Officer wise limit of service tax or CENVAT credit amount for adjudication U/s. 83A

Notification No. 44/2016-Service Tax (28/09/2016)

Superintendent- Not exceeding rupees ten lakh (excluding the cases relating to taxability of services or valuation of services and cases involving extended period of limitation). Assistant Commissioner or Deputy Commissioner- Not exceeding rupees fifty lakhs (except cases where superintendents are empowered to adjudicate)...

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CBEC amends Service Tax Return Form ST-3

Notification No. 43/2016-Service Tax (28/09/2016)

These rules may be called the Service Tax (Third Amendment) Rules, 2016. In the Service Tax Rules, 1994, in Form ST- 3,- (i) in Part-A, in the Table, in A8,- (a) in serial number A 8.1, for the words Individual/Proprietary, the words Individual/Proprietary/ One Person Company shall be substituted;...

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ACES Service Desk work till late on 1st Four Saturdays of Oct 2016

The ACES Service Desk functions on working days from Monday to Friday between 9 AM and 7 PM and on Saturdays between 9 AM to 2.30 PM. However, the Service Desk will remain open from 9AM to 7PM on all Saturdays (i.e., 01.10.2016, 08.10.2016, 15.10.2016 & 22.10.2016) in the month of October, 2016 also and […]...

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Posted Under: Income Tax |

Excise & Service Tax Registrants to get converted into PAN based Registrant

All the TEMP based Registrants (Central Excise & Service Tax) are advised to get converted into PAN based Registrants immediately since only the PAN based Registrants will be considered for migration to GSTN for GST implementation. For details: File1_Active_Registration click here File2-Active Registration-No payment click here File3-...

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Posted Under: Income Tax |

CBDT Extends working Hours on 30.09.2016 for IDS Declarations

In order to facilitate the declarants who would like to file the declaration in paper form, the CBDT has issued instructions to all Principal Chief Commissioners of Income Tax across India to ensure that arrangements are made for receiving such declarations till midnight of 30-09-2016....

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Posted Under: Income Tax |

Empanelment of Senior Standing Counsels / Standing Counsels

Pr. Director General of Income Tax (Administration & TPS), Mayur Hhawan, Connaught Circus, New Delhi – 110001 intends to empanel the Senior Standing Counsels / Standing Counsels well versed with proceedings under the Sick Industrial Companies (Special Provisions) Act 1985, to represent the Income Tax Department before Board for ...

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Posted Under: Income Tax |

Summary of draft Financial Resolution and Deposit Insurance Bill 2016

Note on summary of the recommendations of the Committee to draft a Code on Resolution of Financial Firms -The Insolvency and Bankruptcy Code, 2016 enacted by the Parliament earlier this year provides for resolution and liquidation of non-financial firms. Recent experience and research have shown that resolution of financial institutions r...

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Posted Under: Income Tax |

One Tax, One Nation, NO RETURNS

In the digital era is there anybody who is ready to think out of box and allow the system to work automatically. Can government get out of concept of binding assesse for mandatory filing of returns under new regime of GST and if not complied then heavy penalties can be extracted as in case of Annual Return the penalty could be upto 1/4 % ...

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Posted Under: Income Tax | ,

GST Council decisions- Why no formal communication?

It has been informed that all decisions have been made unanimously. However, to our surprise, no formal communication is available in public domain to general public of so called ‘decisions’ of the GST Council. Thus, though we have been hearing about the decisions of GST councils from various mediums, there is no authenticity of the...

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Posted Under: Income Tax |

SC Stays Delhi HC judgment on Service Tax Audit by Department or CAG

Union Of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)

In the case of Mega Cabs Pvt. Ltd. Vs. Union Of India & Ors. dated 03.06.2016 , Honorable Delhi High Court has Declared Rule 5A(2) of the Service Tax Rules, as amended, to the extent that it authorises the officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG […]...

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Inclusion of new Regional Office of DGFT at Belagavi, Karnataka

Public Notice No. 36/2015-2020-DGFT (28/09/2016)

The new Regional Office of DGFT at Belagavi, Karnataka is included in the Appendix - IA of Foreign Trade Policy, 2015-20. Consequently the territorial jurisdiction of Regional Authority, Bangalore is reallocated as whole of Karnataka excluding the districts which are under the jurisdiction of Regional Authority, Belagavi....

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DGFT rectifies errors in Public Notice No. 27 & 29/(2015-2020)

Public Notice No. 35/2015-2020-DGFT (28/09/2016)

The entry at Serial No. 10 in Appendix 4J mentioned in Public Notice No. 27 dated 31.08.2016 related to Export Obligation Period for Special Advance Authorization Scheme for export of articles of apparel and clothing accessories is corrected to read as under ....

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Reg. Quantity of sugar to be exported to EU under CXL Quota

Public Notice No. 34/2015-2020-DGFT (28/09/2016)

As per Notification No. 3/2015-20 dated 20.04.2015, export of sugar (HS Code 17010000) to EU under CXL Quota and export of sugar to USA under TRQ is ‘Free’ subject to the conditions notified in the ‘Nature of Restrictions’ in the above notification and 20% Export duty applicable on export of raw sugar, white or refined sugar w.e.f...

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Brief on Belief System

First of all, let me explain you the meaning of BELIEF SYSTEM: This is the system of our Thought Process running continuously in our mind either we are awake or sleeping. This is the real state of our mind that directs us regarding what to do or i can say this system gives us the early warning signal before initiating any work that YOU CA...

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Posted Under: Income Tax |

Income from licensing of factory premises taxable as business income if assessee intend to treat so

Agya Ram vs. CIT (Delhi High Court)

Delhi High Court in the case of Agya Ram vs. CIT held that there is difference between lease income and license income and when the deed of agreement specifically worded that income will be license income for assessee’s factory premises given on rent then the treatment made by the assessee of considering the same as business income to b...

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Disclosure by Commodity Derivative Exchanges on their Websites

SEBI/HO/CDMRD/DMP/2016/101 (27/09/2016)

In the past the erstwhile FMC had issued various directives regarding disclosures by Commodity Derivative Exchanges on website. This circular is being issued to consolidate and update such norms....

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Portfolio Management Services in Commodity Derivatives Market

SEBI/HO/CDMRD/DMP/P/CIR/2016/100 (27/09/2016)

It has been decided that, for the time being, directives issued by FMC in this regard shall continue. Thus PMS currently would not be permissible in the Commodity Derivative Market...

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Revised Warehousing Norms in Commodity Derivatives Market

SEBI/HO/CDMRD/DMP/CIR/P/2016/103 (27/09/2016)

Revised Warehousing Norms in the Commodity Derivatives Market for Agricultural and Agri-processed Commodities Traded on the National Commodity Derivatives Exchanges...

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SEBI: Info Sharing in case of Declaration of Member as Defaulter

SEBI/HO/CDMRD/DMP/CIR/P/2016/102 (27/09/2016)

In the past the erstwhile FMC had issued various directives sharing of information among Commodity Derivative Exchanges with regard to defaulter members having membership across multiple Exchanges...

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IDS 2016: Value to be declared of assets sold before 01.06.2016

Instruction No. 9 of 2016 (27/09/2016)

Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclose...

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Benami Transactions-Genesis and Analysis

The number of benami transactions in the real estate sector has increased astronomically. In the absence of an effective regulation, the black or ill-gotten money is easily parked in the opaque real estate industry. In the recent last couple of years, there has been immense hue and cry about curbing benami transactions and black money....

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Posted Under: Income Tax |

Electronic Commerce under GST

E-Commerce is defined u/s 43B of GST Act as: ‘electronic commerce’ shall mean the supply or receipt of goods and / or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping ca...

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Posted Under: Income Tax |

Disclosures and Voting at Board Meeting on Interested Items

As we are aware of the fact that, the Company is one of the forms of separate legal entity and it can act on its behalf and in its own name. This fact is also sound accepted that the Company for making the growth enters into contract of arrangement or various transactions on daily basis with various parties. Mainly, into closely held comp...

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Posted Under: Income Tax |

Extension of Annual General Meeting and its Process

As we all are very well aware of the fact, that the Company is required to hold its Annual General meeting within the stipulated time prescribed by Section 96 of the Companies Act, 2013 (hereinafter referred to as the 2013 Act). Rather than all of the time, it happens that the Company due to part of any circumstances is unable to hold the...

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Posted Under: Income Tax |

Place & Time of Supply of Goods and/or Services under GST Act, 2016

It is destination based taxation system i.e. goods or services are taxed in the place where they are received or consumed as the case may be. Due to this feature few States did not support the biggest ever indirect tax reform due to loss of revenue to State Government. Concept of Supply – It includes all forms of supply and/or services ...

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Posted Under: Income Tax |

How to Reduce Tax Burden on Your NPS Maturity Amount?

The taxation system is applicable on all the inflows that an individual receives and it is also applicable on the amount of the investments and insurances that you make for your future and for your family. There are various ways by which the tax burden can be reduced on the amount that you receive by having the basic knowledge of the taxa...

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Posted Under: Income Tax |

Note on Sexual Harassment of women at workplace Act 2013

The sexual Harassment of women at workplace (Prevention, Prohibition and Redressal) Act, 2013 (hereafter the Act) is a law, that seeks to protect women from sexual harassment at their working place. The bill related to this was passed by the Lok Sabha on 3rd September and on 26th February, 2013 by Rajya Sabha, and further got assent of th...

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Posted Under: Income Tax |

Draft Goods and Services Tax Return Rules with form Formats

1) Every registered taxable person required to furnish the details: (a) of outward supplies of goods and/or services effected during a tax period under sub-section (1) of section 25; and (b) of outward supplies of goods and/or services effected during an earlier tax period under sub-section (2) of section 25...

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Posted Under: Income Tax |

Draft Goods and Services Tax Refund Rules with form Formats

Any registered taxable person, except the persons covered by notification issued under clause (d) of sub-section (6) of section 38, claiming refund of any tax, interest, penalty, fees or any other amount paid by him, may file an application in FORM GST RFD-1 electronically through the Common Portal either directly or from a Facilitation C...

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Posted Under: Income Tax |

ICAI President’s Message October 2016

Implementation of the GST regime, the biggest tax reform since Independence, is now a step closer with the Hon'ble President of India Shri Pranab Mukherjee recently giving his assent to the much- awaited Constitution Amendment (GST) Bill after being ratified by more than 16 States across the nation....

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Posted Under: Income Tax |

Non levy of Special margin on spread trades to continue

Circular No. CIR /ISD-2/CDD-1/99/2016 (27/09/2016)

It has been decided that the norms specified by erstwhile FMC vide the circulars mentioned in paragraph 2 regarding special margins i.e. in case of spread trades, special margin shall not be levied, shall continue to be in force beyond September 28, 2016....

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Broad Guidelines on Algorithmic Trading for NCDEX

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/97 (27/09/2016)

Eerstwhile FMC from time to time had issued norms on Algorithmic Trading in consultation with the Exchanges. This circular is being issued to consolidate such norms in one circular....

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SEBI notifies numerical position limits for commodities traded in Derivatives Exchanges

Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2016/96 (27/09/2016)

Exchanges shall monitor the open position on a real time basis, and shall endeavour that no client or member breaches the open position limits 'at end of the day' as well as 'during intra-day trading'. Penalty shall be levied on those breaching the position limits at end of the day as well as during intra-day trading as provided in Annexu...

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GST: Physical verification of business premises post registration- Harsh?

In GST we are going towards old regime of excise/Vat registration in which physical verification of business premises is required. Under current Service Tax Registration process, requirement of physical verification of business premises is not required....

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Posted Under: Income Tax | ,

Battle of Love for Money and Fear of Income Tax – IDS?

Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it....

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Posted Under: Income Tax |

PPT on GST by CBEC [Full Powerpoint Presentation]

CBEC has released a PPT on Goods and Service Tax (GST) and covered the following Topics :- Why GST :Perceived Benefits Existing Indirect Tax Structure Features Of Constitution Amendment Bill Features Of Proposed GST Model Features Of Draft GST Law GSTN Role Of CBEC Way Forward Download / Read PPT on GST by CBEC GST […]...

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Posted Under: Income Tax | ,

Horrible- Is GST applicable on anything done for anyone irrespective of Consideration?

Will anything and everything, done anywhere, for anybody, for business/no business, for money/without money will constitute supply under GST?? GST supply provisions are Draconian and against the interest of General Public and will cause a lot of confusion in the mind of people as well as tax practitioners....

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Posted Under: Income Tax |

Enhanced Supervision of Stock Brokers/Depository Participants

Circular No. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 (26/09/2016)

SEBI constituted a committee on Enhanced Supervision of Stock Brokers which included representatives from Stock Exchanges, Depositories and Brokers. With a view to implement the recommendations, the guidelines as Annexed to this circular are being issued. These guidelines cover the following broad areas:...

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Implementation of Direct Tax Dispute Resolution Scheme, 2016- Reg

F No.279/Misc/M-61/2016 (26/09/2016)

Scheme provides for further relief in the following ways:(i) Tax payable would include tax & interest till the date of assessment. Interest accrued thereafter would not form part of tax payable.(ii) If and disputed tax is below Rs. 10 lakhs. penalty would stand waived on payment of tax & interest.(iii) Where the disputed tax is more than ...

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