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Archive: November, 2016

Posts in November, 2016

CBDT notifies forms & rules to furnish statement of income distributed by securitization trust

November 28, 2016 3061 Views 1 comment Print

The statement of income distributed by a securitisation trust to its investor shall be furnished to the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the principal office of the securitisation trust is situated, by 30th day of November of the financial year following the previous year during which such income is distributed:

CBEC reduces/ eliminates print-outs for customs clearance

November 28, 2016 1765 Views 0 comment Print

Ease of Doing Business further enhanced for the Importers and Exporters by reducing/eliminating physical print-outs/paper documents for customs clearance;

Govt. presents bill in Lok Sabha to tax Black Money

November 28, 2016 12628 Views 3 comments Print

An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income.

GST Registration for Unstitched Market – Applicable

November 28, 2016 3868 Views 3 comments Print

Mandatory GST Registration Reason : 1. Due to crossing the threshold prescribed. (As per Government 20L/150L) 2. Due to Inter-State Supply 3. Due to liability to pay as recipient of services (Reverse Charge) 4. Due to transfer of business which includes change in the ownership of business (if transferee is not a registered entity)

3 Important Questions to Answer before Taking Any Investment Decision

November 28, 2016 3922 Views 2 comments Print

Have you ever taken an investment decision and later regretted for taking such decisions? If you could answer the following 3 questions before taking any investment decision the chances of regret will come down and the chances of pride will go up.

GST Registration Opens: 7 Points you must know about new enrollment procedure

November 28, 2016 8755 Views 2 comments Print

The time has come when history is unfolding itself on 8th November, 2016. The government has launched the GST system portal to start the enrollment/registration for the existing taxpayers. We seek you kind attention because government has set up a limited time for the enrollment and hence, we dont want you to miss the bus.

Important changes in Section 2 (Definitions) under revised Draft CGST/SGST Act

November 28, 2016 5179 Views 2 comments Print

Non Taxable turnover deleted from the definition of Aggregate turnover, but as exempt supply definition covers supply not taxable under the act it means non-taxable turnover still be the part of aggregate turnover.

Banks operating currency chests may be allowed to operate CGSS

November 28, 2016 922 Views 0 comment Print

With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.

Status of Cash Withdrawal/ Exchange/ Deposit post demonetisation

November 28, 2016 1957 Views 0 comment Print

Banks reported that post demonetisation exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore).

Indian Institute of Insolvency Professionals of ICAI

November 28, 2016 2659 Views 0 comment Print

Institute of Chartered Accountants of India (ICAI) is a Statutory body established under the Chartered Accountants Act, 1949 for regulation of the profession of Chartered Accountants in India.

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