"September, 2016" Archive - Page 10

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....

Read More
Posted Under: CA, CS, CMA |

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....

Read More

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....

Read More

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...

Read More

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....

Read More

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....

Read More
Posted Under: CA, CS, CMA |

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 […]...

Read More

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....

Read More
Posted Under: CA, CS, CMA |

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:...

Read More

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 ...

Read More