"30 December 2016" Archive

20 Recent Decisions of ICAI Ethical Standards Board

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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Posted Under: CA, CS, CMA |

Income Tax Business Application- MAP Proceedings Module

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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India and Singapore Sign a Third Protocol for Amending DTAA

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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Posted Under: CA, CS, CMA |

RBI Closes scheme of exchange of Specified Bank Notes at banks

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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Rupee to remain under pressure

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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Posted Under: CA, CS, CMA |

Text of PMs Speech at DigiDhan Mela in New Delhi’s Talkatora Stadium

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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Posted Under: CA, CS, CMA |

Government Suspends Deemed Recognition of IOA

Govt suspended deemed recognition of IOA until IOA reverses decision to appoint Suresh Kalmadi and Abhay Chautala as Life Presidents....

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Posted Under: CA, CS, CMA |

Existing & Proposed Scenario for Company Name Removal- Comparison

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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Posted Under: CA, CS, CMA |

Procedure for FDI Under Government Route

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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Posted Under: CA, CS, CMA |

Scheme for Promoting Registration of Employers & Employees

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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Posted Under: CA, CS, CMA |

An insight on notified provisions of IBC, 2016

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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Posted Under: CA, CS, CMA |

Transitional Provisions under Revised Model GST Law: Part-VI

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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Posted Under: CA, CS, CMA |

ICAI President’s Message – January 2017

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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Posted Under: CA, CS, CMA |

Monetary limit of Rs. 20,00,000 prescribed for filing appeal in High Court

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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Model Question Paper For Limited Insolvency Examination

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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Posted Under: CA, CS, CMA |

Employees Pension (Seventh Amendment) Scheme, 2016

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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Reg. administration expenses of Employees’ Deposit-linked Insurance

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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EPF- Special provision for Employees’ Enrolment Campaign, 2017

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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Supply of foods at Air Conditioned Restaurant is not liable for service tax-Violation of Constitution of India

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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Posted Under: CA, CS, CMA |

Interest rate of PPF, SCSC, Sukanya Samridhi, NSC wef 01.01.2017

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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Penalty only on Disproved claim of expenditure & not unproved

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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White Label ATM Operators- Sourcing of cash from retail outlets

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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Quantity for export of preferential quota sugar to USA

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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Registered Exporters System as of 01.01.2017 for EU Generalised System notified

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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FTP: Enlistment of National Marine Consultants Inc, USA as PSIA

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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MEIS benefit given on ‘Onions Fresh or Chilled’ up to 31.03.2017

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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Indian Railways Measures to Promote Digital Payments

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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Posted Under: CA, CS, CMA |

Special measures to incentivise Electronic Payments – Extension of time

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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Macro-economic indicators continue to be robust in current Year

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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Posted Under: CA, CS, CMA |

Notification No. 149/2016-Customs (N.T.), Dated: 30.12.2016

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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Amendment to Schedule Entry D-5 & D-10 of MVAT Act- Nandurbar Municipal Council

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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Procedure for registration for statement of financial transactions

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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President assents Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016

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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Registration & Submission of Form V under PMGK Deposit Scheme

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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Grace period to deposit old notes to Non Residents & Residents abroad

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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MVAT: Administrative relief for dealers registered after 25/05/2016

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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ATM Cash withdrawal limit enhanced to Rs. 4500 per day per card

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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SEBI Cancels Registration of Goldman Sachs Mutual Fund

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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Demonetisation an effective anti scam vaccine for Black Money/ Corrpution

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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Posted Under: CA, CS, CMA |

FM on Remonetisation and its impact & benefits of Demonetisation

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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Posted Under: CA, CS, CMA |

CBDT sign APAs pertaining to Information Technology & Automobile sectors

International transactions covered in these Advance Pricing agreements include Software Development Services, IT enabled Services, Manufacturing ,Business Support Services....

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Posted Under: CA, CS, CMA |

Compromises, Arrangements and Amalgamations under Companies Act, 2013

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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Posted Under: CA, CS, CMA |

Income Tax Business Application (ITBA) – DRP Module – Reg.

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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Penalty / Jail for holding Old Notes of Rs. 500 and Rs. 1000

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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Analysis of Section 230 of Companies Act, 2013

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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Posted Under: CA, CS, CMA |

Reduced Recovery of Loan Advanced, Allowable as Deduction as Business Loss

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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Time and Place of supply under Revised Model GST Law

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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Posted Under: CA, CS, CMA |

New rules for removal of Company Name / closure of defunct company

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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Posted Under: CA, CS, CMA |

Transitional Provisions under Revised Model GST Law – Part-V

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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Posted Under: CA, CS, CMA |

Lifting of Corporate Veil u/s 179 Requires Prima Facie Sufficient Material

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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3 secret keys to achieve success with saving money

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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Posted Under: CA, CS, CMA |

Business Restructuring and Transfer Pricing

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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Posted Under: CA, CS, CMA |

Transfer Pricing. – Royalty and testing thereof

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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Posted Under: CA, CS, CMA |

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