A chartered accountant cannot exercise lien over the client documents/records for non-payment of his fees. It is not permissible for chartered accountants in practice to take agencies of UTI, GIC or NSDL. It is permissible for a member in practice to be a settler of a trust....
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ITBA-MAP Proceedings Instruction No.1 -
(30/12/2016) -
Initiate MAP Proceedings (in India): Facility is provided to record the details of an application filed by resident assessee u/sec 295(2)(h) (Form 34F) to initiate the MAP Proceedings, on being aggrieved by action of foreign tax authorities....
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Third Protocol amends DTAA with effect from 1st April, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company....
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RBI/2016-17/201 DCM (Plg) No.2103/10.27.00/2016-17 -
(30/12/2016) -
With the closure of the facility of exchange of SBNs as at the close of business on December 30, 2016, all banks should report information on collection of SBNs on December 30, 2016 itself at email....
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IIP for the month of Nov 16 is expected to be in the positive zone in Oct 16 largely owing to the base effect. Industrial production in the country continues to be plagued by weak investment activity, decelerating bank credit growth, weak external demand and lower capacity utilization rate....
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क्रिसमस के दिन भारत सरकार ने एक गिफ्ट की शुरूआत की थी और उसके तहत आने वाले 100 दिन तक प्रतिदिन 15 हजार लोगों को Lucky Draw के माध्यम से 1000 रुपय...
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Govt suspended deemed recognition of IOA until IOA reverses decision to appoint Suresh Kalmadi and Abhay Chautala as Life Presidents....
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Documents Required for removal of company under new rules- 1. MOA & AOA 2. PAN of Company as well as Directors 3. Address proof of Directors ...
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Under Government Route, prior approval of Govt of India is required. Proposals for foreign investment under this route are considered by FIPB...
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This is one time opportunity to all the Employers to register themselves/ their business and employees to avoid attracting hefty penalties under the provisions of the ESI Act 1948, who have not yet registered. The advantage of the Scheme to the Employers is that those Registered during the period...
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Article gives An insight on notified provisions of Insolvency and Bankruptcy Code 2016- A CODE THAT PROMISES VIVID FUTURE TO DEBT RECOVERY ...
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Article explains Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme...
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ICAI Designated as First Insolvency Agency in India.ICAI-ARF to help Indian Railways in Accounting Reforms. Ind AS Transition Facilitation Group Issues Clarification Bulletin 6...
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Instructions No. F.No.390/Misc./163/2010-JC/Pt -
(30/12/2016) -
CBEC vide Circular F.No.390/Misc./163/2010-JC/Pt, Dated: December 30, 2016, has fixed monetary limit of Rs. 20,00,000/- below which appeal shall not be filed in High Court by department....
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1. When can a bank initiate a corporate insolvency resolution process in relation to a corporate debtor? a) On determination of default by National Company Law Tribunal. b) Occurrence of default....
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G.S.R. 1191(E) -
(30/12/2016) -
43B. Special provision in respect of Employees' Enrolment Campaign, 2017.— The exceptions and modifications subject to which the provisions of this Scheme shall apply, in relation to the employees' whose membership have been declared under paragraph 82A of the Employees' Provident Funds Scheme, 1952...
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S.O. 4250(E) -
(30/12/2016) -
No sum, other than the expenses towards the cost of any benefits provided by or under the Employees' Deposit-linked Insurance Scheme, 1976, shall be payable by the employer for meeting the expenses in connection with the administration of the said Scheme...
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G.S.R. 1190(E) -
(30/12/2016) -
The Employees' Enrolment Campaign, 2017 shall come into force on the 1st day of January, 2017 and shall cease to operate on the 31st day of March, 2017....
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The activity of supply of food at Air Conditioned Restaurant was made taxable from 01.05.2011. As per Section 66 of the Finance Act, 1994 person rendering services falling under sub clause (zzzzv) of clause (105) of Section 65 of the Finance Act, 1994, taxable service means...
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F.No. 1/04/2016-NS.II -
(30/12/2016) -
interest on various small savings schemes for the fourth quarter of financial year 2016-17 starting on 1st January, 2017 and ending on 31st March,2017,...
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Arun Duggal Vs. DCIT (ITAT Delhi) -
Hon'ble Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure....
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RBI/2016-17/202 DPSS.CO.PD. No.1621/02.10.002/2016-17 -
(30/12/2016) -
In order to facilitate cash availability for WLAOs, it has been decided to allow them to source cash from retail outlets subject to following conditions:...
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Public Notice No. 52/2015-2020-DGFT -
(30/12/2016) -
The quantity of raw sugar i.e. 8424 MTs (Eight thousand four hundred and twenty four metric tons) to be exported to USA under TRQ upto 30.09.2017 has been notified....
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Public Notice No. 51/2015-2020-DGFT -
(30/12/2016) -
Certification of Origin of Goods for European Union Generalised System of Preferences (EU-GSP) - Modification of the system as of 1 January 2017....
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Public Notice No. 50/2015-2020-DGFT -
(30/12/2016) -
Enlistment of one National Marine Consultants Inc., USA as PSIA in terms of para 2.55 (d) of HBP 2015-20 in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy, 2015-20 in terms of Para 2.55 (d) of HBP 2015-20 with immediate effect...
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Public Notice No. 49/2015-2020-DGFT -
(30/12/2016) -
MEIS benefit for export of ‘Onions Fresh or Chilled’ under ITC (HS) code 07031010 is extended up to 31 March, 2017 vide Public Notice 49/2015-2020...
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In pursuance of this announcement made by Government of India for promotion of Digital & Cashless Economy, Ministry of Railways has initiated some additional following package of incentives and measures. ...
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RBI/2016-17/203 DPSS.CO.PD.No.1669/02.14.006/2016-2017 -
(30/12/2016) -
Considering that the Bank is undertaking a comprehensive review of the guidelines and framework for Prepaid Payment Instruments (PPI) issuance in the country (refer Press release dated September 2, 2016), it has been decided to extend the measures notified in the above mentioned circular till the completion of review of the PPI guidelines...
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Despite the continuing global sluggishness and recent pick-up in petroleum prices, the macro-economic indicators continue to be robust in the current Year...
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Notification No. 149/2016-Customs (N.T.) -
(30/12/2016) -
S.O. ... (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, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Dep...
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Notification No. VAT. 1516/ CR-157/Taxation-1 -
(30/12/2016) -
Amendment to Schedule Entry D-5 and D-10 of MVAT Act (Nandurbar Municipal Council-Extension of Date) ...
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DGIT Notification No 13/2016-Income Tax -
(30/12/2016) -
Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act 1961 read with Rule 114E of Income-tax Rules, 1962...
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No. 10 of 2016 -
(30/12/2016) -
President assents Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 to cancel legal tender character of old 500 & 1000 banknote...
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DGIT Notification No. 14/2016 -
(30/12/2016) -
Procedure for registration and submission of Form V for Reporting under Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016....
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S.O. 4251(E) -
(30/12/2016) -
A citizen of India who makes a declaration that he was outside India between the 9th November, 2016 to 30th December, 2016 shall be entitled to tender old demonetised notes within the grace period with such declarations or statements, at such offices of the Reserve Bank or in such other manner as may be specified ...
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Trade Circular No. 38T of 2016 -
(30/12/2016) -
After the new SAP based system for online registration went live from 25th May 2016 some of applicants could not submit their applications because of technical reasons. ...
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RBI/2016-17/204 DCM (Plg) No. 2142/10.27.00/2016-17 -
(30/12/2016) -
Daily limit of withdrawal from ATMs increased with effect from January 01, 2017, from the existing ₹ 2500/- to ₹ 4500/- per day per card....
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Press Release No. 167/2016 -
(30/12/2016) -
Pursuant to transfer of schemes of Goldman Sachs Mutual Fund to Reliance Mutual Fund and at request of Goldman Sachs Mutual Fund, SEBI, vide its letter dated December 30, 2016...
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Note withdrawal is an effective Anti – Scam Vaccine introduced by Prime Minister to prevent scams taking place through Corruption and Black Money generation....
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Remonetisation process has substantially advanced and what is significant is not a single incident of any form of unrest has been reported in country....
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International transactions covered in these Advance Pricing agreements include Software Development Services, IT enabled Services, Manufacturing ,Business Support Services....
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W.e.f. 15.12.2016 matters of Compromises, Arrangements & Amalgamations by Companies will be dealt under Companies Act, 2013 & rules...
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ITBA-DRP Instruction No.1 -
(30/12/2016) -
The functionality to process Objections filed by the assessee before the DRP (Process flow starting with initiation of Proceedings to passing of order) is now available in the DRP Proceedings Module of Income Tax Business Application (ITBA)....
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Cabinet on Wednesday cleared promulgation of an ordinance to penalize persons holding junked Rs 500 and Rs 1,000 notes beyond March 31. ...
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Article analyses section 230 of Companies Act, 2013 which deals with Power to Compromise or Make Arrangements with Creditors and Members. ...
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CIT Vs M/S Cable Corporation of India LTD. (Bombay High Court) -
Whether Tribunal was correct in holding that loss on sale of actionable claim by assessee was a business loss allowable as a deduction?...
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Article covers Place of Supply provisions under section 7, 8 9 & 10 of IGST Act and Time of Supply provisions U/s. 12, 13 & 14 of CGST Act....
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Procedure for closure of defunct company under Fast Track Exit is to be replaced by new rules which has been notified by MCA on 27/12/2016....
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Articles covers, Sec. 171 of Revised Model GST on Credit of Eligible Duties and Taxes In Respect of Inputs or Input Services During Transit ...
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Paras S. Savla Vs Assistant Commissioner of Income Tax, (Gujarat High Court at Ahmedabad) -
Section 179 of Act pertains to a Director of a Private Limited Company and permits revenue to recover unpaid taxes from Director of such a company, subject to fulfillment of certain conditions....
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For those who are surprised on knowing this thought, let us put it short and straight –yes, there are a few secrets to save money. However, what is all the more surprising is to know that these secrets have already been made public for decades. ...
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Business restructuring refers to the cross-border re-organisation of the commercial or financial relations between associated enterprises, including the termination or substantial renegotiation of existing arrangements. ...
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To calculate an effective royalty rate for a comparison with a third party royalty rate, one may have to not only determine what will be the future economic benefit that may arise in the form of cash flows but also convert them into a rate (say as a percentage of sales).
...
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