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Archive: November, 2016

Posts in November, 2016

DGFT corrects product description in MEIS Schedules

November 15, 2016 2839 Views 0 comment Print

The product description in the MEIS Schedules has been corrected in line with ITC (HS). Changes in product description are deemed to have been applicable from the initial dates on which the above products were included in the MEIS Schedules

Exemption of fee on National Highways extended till 18.11.2016

November 15, 2016 1054 Views 0 comment Print

government extended suspension of fees on all toll plazas on National Highways across the country till the midnight of 18.11.16. Earlier the exemption had been allowed till the midnight of 11.11.16, and then extended till 14.11.16.

Demonetisation of Old Notes- Recent Decisions for public convenience

November 15, 2016 1204 Views 0 comment Print

The Prime Minister Shri Narendra Modi reviewed the position regarding the supply and availability of currency notes yesterday late evening and took certain decisions to further activate the dispensing of cash through the networks of Banking Correspondents (BCs), Post Offices, ATMs, Banks and E-payment systems.

How to avail benefit of Deferred payment of Customs duty

November 15, 2016 10747 Views 1 comment Print

Option of deferred payment has been extended only to AEO (Tier-Two) and AEO (Tier-Three) and they shall obtain ICEGATE Login which is essential to avail benefits envisaged in AEO Programme.

Open letter to AAJ Tak seeking apology for derogatory addressal of CA Community

November 15, 2016 25936 Views 144 comments Print

Dear Aaj Tak Team, You did a great job by conducting a successful sting operation of some CA’s converting the black money to white. But the painful thing was the word CA used so many times in a way as if the entire CA community is engaged in this black to white transaction.

Reg. Group Assessment & Peer Review before Assessment

November 15, 2016 3436 Views 0 comment Print

Reconstitution of Committee to study the feasibility of the recommendations regarding Group Assessment and System of Peer Review Before Assessment

Need To Have A Policy of One Person – One Bank Account

November 15, 2016 14503 Views 33 comments Print

Presently, in our country, there is no limit on number of accounts which a person / entity can have with banks / Post Offices. A person / entity can open, keep and operate numerous saving accounts, current accounts and many other type of deposit accounts in various branches of one or more banks and in post offices (P.O.s) .

Notification No. 137/2016-Customs (N.T.) Dated: 15.11.2016

November 15, 2016 2518 Views 0 comment Print

Notification No. 137/2016-Customs (N.T.)-Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

Online services – Foreign Businesses under Service Tax Net

November 15, 2016 7114 Views 2 comments Print

With effect from December 1, 2016 the taxability of Online Information and Database Access or Retrieval (‘OIDAR’) services shall undergo a complete change.

200% penalty on unaccounted cash deposited in Bank Account

November 15, 2016 15475 Views 6 comments Print

In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18.

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