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Archive: 16 September 2016

Posts in 16 September 2016

Unique Client Code and Mandatory requirement of PAN

September 16, 2016 2152 Views 1 comment Print

It shall be mandatory for the members of the commodity derivatives exchanges to use Unique Client Code (UCC) for all clients transacting on the commodity derivatives exchanges. The commodity derivatives exchanges shall not allow execution of trades without uploading of the UCC details by the members of the exchange.

Settlement Guarantee Fund, Stress Testing and Base Minimum Capital

September 16, 2016 1087 Views 0 comment Print

This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interest of investors in securities and to promote the development of, and regulate the securities market.

CBEC amends Form ARE-2-reg

September 16, 2016 2775 Views 0 comment Print

We shall not claim drawback on rates and caps specified below the column heading ‘Drawback when Cenvat facility has not been availed’ which refers to the total drawback ( Customs, Central Excise and Service tax component put together

GST- Govt notifies applicability of 19 Section from 16.09.2016

September 16, 2016 25531 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the said Act, shall come into force.

Do you fall in the category of wilful defaulter?

September 16, 2016 7066 Views 0 comment Print

How do you know whether you are classified as a wilful defaulter? Quite simply, if you fit into any of the above four categories, as per the RBI definition you do. But if you’re unsure as to where exactly you fit in, your best bet would be to call for a copy of your credit report and go though it at length.

Fees Recovery Committee/Forums- Need of The Hour?

September 16, 2016 2863 Views 4 comments Print

We all as dignified professional, with utmost sincerity and perseverance do discharge our professional duties. We have commanded our fields and we do perform our duty to the best of our efforts, but somehow I feel, that our fraternity fails to collect the professional fees which is our legitimate right.

Various Models of GST

September 16, 2016 27886 Views 0 comment Print

1) CGST: – Under this option, the two levels of government would combine their levies in the form of a single National GST, with appropriate revenue sharing arrangements among them. In the case of a Central GST (where all goods and services are taxed by the Central government only), the Centre will collect most of the country’s total tax revenue, leaving very little for the sub national Governments.

Income Declaration Scheme 2016- No Sharing of information- Govt

September 16, 2016 2434 Views 0 comment Print

As regards, concerns regarding confidentiality of the information filed under the The Income Declaration Scheme, 201, it is reiterated that information contained in a valid declaration is confidential and shall not be shared.

CBDT notifies India Infradebt Limited as infrastructure debt fund U/s. 10(47)

September 16, 2016 1627 Views 0 comment Print

S.O. 2972(E).-In exercise of the powers conferred by clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies M/s. India Infradebt Limited as an infrastructure debt fund for the purposes of the said clause, for the assessment year 2013-14 and subsequent assessment years.

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