"December, 2016" Archive - Page 6

9 Government Social Security Scheme for Domestic Workers

9 Schemes, formulated by Govt to give social security cover to unorganized workers, listed in Schedule I of Unorganised Workers’ Social Security Act, 2008 ...

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Posted Under: Corporate Law |

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

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Posted Under: Corporate Law |

Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

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Posted Under: Corporate Law |

Reporting under FATCA and CRS by Trust and related issues

7.1 In the case of trust, two situations may arise- a. when a trust is itself a Reporting Financial Institution, or b. when a trust is a NFE that maintains a Financial Account with a Reporting Financial Institution....

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Posted Under: Corporate Law |

62114 cases of non payment of Minimum Wages for Contract Jobs

Contractual workers are being paid minimum wages covered under Scheduled Employment at rate fixed according to nature of work as provided under Minimum Wages Act, 1948. ...

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Posted Under: Corporate Law |

Reporting Requirements under FATCA and CRS

After the RFI has identified the reportable accounts, RFI needs to report specific information in respect of each reportable account. As per Rule 114G(1), RFI needs to maintain and report the following information in case of each Reportable Account...

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Posted Under: Corporate Law |

Due Diligence Procedure under FATCA and CRS

The RFIs need to identify the Reportable Accounts by carrying out due diligence procedures. There are different due diligence procedures for the accounts held by individuals and accounts held by entities. There is a further classification of accounts as Preexisting accounts and ‘New Accounts’...

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Posted Under: Corporate Law |

Financial Accounts & Reportable Financial Accounts under FATCA & CRS

A Financial Account is an account maintained by a Financial Institution and includes specific categories of accounts as discussed in paragraph 3.2. Rule 1 14F(1) defines Financial Accounts....

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Posted Under: Corporate Law |

Reporting Financial Institutions under FATCA and CRS

The reporting obligation applies to entities which may be legal persons or legal arrangements, such as a corporation, a trust, or a partnership etc. To determine whether an entity has a potential reporting obligation in India, it must be determined whether the entity is a Reporting Financial Institution (RFI)....

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Posted Under: Corporate Law |

Demonetisation to deal with problem of Counterfeit notes & Black Money

Motivations for Demonetisation decision are to deal with problem of counterfeit notes in Rs. 500 and Rs. 1000 denominations & unearth black money ...

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Posted Under: Corporate Law |

Basic Introduction to FATCA and CRS

In 2010, USA enacted a law known as Foreign Account Tax Compliance Act (FATCA) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. The provisions of FATCA essentially provide for 30% withholding tax on US source payments made to Foreig...

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Posted Under: Corporate Law |

What is MSME and How to get MSME Registration?

Article explain process for MSME Registration, Benefits of MSME Registration for Micro, Small & Medium Enterprise, Rebates available after MSME Registration...

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Posted Under: Corporate Law |

How to obtain Importer Exporter Code (IEC) Number

An application for grant of IEC number shall be made by Registered/Head Office of applicant and apply to nearest Regional Authority of DGFT...

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Posted Under: Corporate Law |

RBI Withdraws Incremental CRR

Press Release : 2016-2017/1443, RBI/2016-17/174 DBR.No.Ret.BC.46/12.01.001/2016-17 (07/12/2016)

On November 26, 2016 the Reserve Bank had announced an incremental CRR of 100 per cent of increase in net demand and time liabilities of scheduled banks...

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MEF Empanelment- ICAI asks members to submit declaration

This has reference to your application for multipurpose panel for year 2016-17. It has been observed that declaration for same has not yet been received at our end....

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Posted Under: Corporate Law |

New Income Disclosure Scheme- Last chance for Tax Evaders

The Government has come out with the new version of the income disclosure scheme post de-monetization. This scheme seems to be the last chance for black money holders to come out clean....

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Model GST Law Decoding of Time and Value of supply

Tax point or time of supply provided under revised Model GST Law is different from current scenario. In excise, time of supply is removal of goods. In service tax, point of taxation is date of invoice and date of payment subject to date of completion of service. However, in VAT Laws, tax point is date of invoice since sale cannot be made ...

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Practical Approach needed in GST Law

GST Law is in process of formation. There is need of removing laxity and absolute powers to authorities in respect of inspection, search, seizure, detention, suspicion etc....

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Posted Under: Corporate Law |

Recent Judgements on Arrest Under Service Tax

Delhi High Court come down heavily on Revenue against high handedness in arresting tax payers or their employees without proper adjudication ...

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Posted Under: Corporate Law |

All about Food Safety and Standards Authority of India (FSSAI)

Article explains Benefits, Penalties, Applicability and Registration under Food Safety and Standards Act, 2006 by Food Safety and Standards Authority of India (FSSAI)....

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Posted Under: Corporate Law |

Key rates not changed in 5th Bi-monthly RBI Monetary Policy 2016-17

Press Release : 2016-2017/1442 (07/12/2016)

RBI decided to keep key rates unchanged in its 5th Monetary Policy 2016-17. Bond markets reacted negatively given that 25 bps was already factored ...

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Why should MNC’s buy insurance in India?

Generally speaking ,policies issued abroad are illegal in India ;i.e., insurance documents required in this country must be issued by a licensed insurer in India....

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Posted Under: Corporate Law |

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016

Notification No FEMA 381/2016-RB (07/12/2016)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Eighteenth Amendment) Regulations, 2016....

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Old 500 notes cannot be used to for Bus / Rail Ticket & to pay Rail catering services wef 10.12.2016

Notification No. S.O. 3678(E) (07/12/2016)

Old 500 Rs. note cannot be used to pay following wef 10.12.2016 1. At railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets...

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Transfer Company Law Proceedings to Tribunal except winding up cases

Order No. S.O. 3676(E) (07/12/2016)

Only such proceedings relating to cases other than winding-up, for which orders for allowing or otherwise of the proceedings are not reserved by High Courts shall be transferred to Tribunal...

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Companies Act, 2013 provisions applicable from 15.12.2016

Notification No. S.O. 3677(E) (07/12/2016)

Central Government hereby appoints 15th day of December, 2016 as date on which following provisions of Companies Act, 2013 (18 of 2013) shall come into force...

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Companies (Transfer of Pending Proceedings) Rules, 2016

Notification No. G.S.R. 1119(E) (07/12/2016)

These rules may be called Companies (Transfer of Pending Proceedings) Rules, 2016 and come into force with effect from 15th December, 2016, except rule 4...

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Post Demonetisation CBDT intensifies enforcement actions

D.O. No.414/W2016-IT(Inv.I)(Pt.) (07/12/2016)

As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapped because of non-availability of manpow...

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BRICS support all international initiatives for fair/transparent tax system

BRICS Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system; Reiterate their commitment to actions taken to ensure the fairness of the International Tax System....

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Posted Under: Corporate Law |

Govt directs banks to install 1 million new PoS terminals by 31.03.2017

In order to facilitate the move towards cashless transactions, the Government has directed the banks to install an additional one million new PoS terminals by 31st March 2017...

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Posted Under: Corporate Law |

Post demonetisation income tax Investigation in more than 400 cases

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016...

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Posted Under: Corporate Law | ,

Amendments in provisions related to ‘Online information & database access or retrieval services’

The online information and database access or retrieval services were exempted under Reverse charge as per Place of provision rules i.e the services provided from outside India and received in India were non-taxable (Exempt) under service tax....

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Posted Under: Corporate Law |

Key Amendments in Place of Supply Rules under IGST Law

GST Council has released revised draft of Model GST law on November 26, 2016 wherein key changes has been introduced in Place of Supply Rules.The earlier version of draft GST law was silent on place of supply rules related to Imports, Exports & SEZ units. The new version tries to clarify & brings in provisions of Imports & Exports separat...

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Posted Under: Corporate Law |

GST Taxable Event – Supply

All Taxation laws define an event, called in legal language Taxable Event, on the happening of which, one becomes taxable. Eg., in Excise, manufacturing is the Taxable event, However, liability arise on Removal of Goods. In GST, Supply is proposed to be the Taxable Event, however, liability to pay shall arise at Time of Supply as determin...

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Posted Under: Corporate Law |

Prevention of Money-laundering (Appeal) Amendment Rules, 2016

Notification No. 5/2016 (06/12/2016)

1. (1) These rules may be called the Prevention of Money-laundering (Appeal) Amendment Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette....

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Customer due diligence & need for maintenance of records

RBI/2016-17/173 DBR.AML.BC.No.44/14.01.001/2016-17 (06/12/2016)

As part of Customer Due Diligence Procedure, certified copies of officially valid documents for proof of identity and address are to be obtained while establishing an account based relationship;...

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RBI relaxes Additional Authentication for card payments upto ₹ 2000

RBI/2016-17/172 DPSS.CO.PDNo.1431/02.14.003/2016-17 (06/12/2016)

Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions...

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Analysis of CBDT instruction on seizure of jewellery

A deep dive into the CBDT Instruction No. 1916 dated 11th May, 1994 in the matter of seizure of jewellery- Intention of CBDT is that jewellery to the extent of 500 gms in case of a married lady, 250 gms per unmarried lady and 100 gms per male member should be treated as explained and need not be considered as unexplained investments. ...

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SC judgment on Annual Value of let out portion of palace of Ex-Ruler

Maharao Bhim Singh of Kota Vs Commissioner of Income-tax (supreme Court of India)

IT: Where Ruler continues to occupy palace, whether by actually utilizing it or by keeping it vacant, it shall be, for purpose of section 10(19A), deemed to be in his occupation, and he will also be entitled to exemption under section 10(19A) in respect of annual value of Part of palace, possession of which he has parted with in favour of...

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Post Incorporation Compliance of Company

*The company shall held its first board meeting within 30 days of its incorporation*Verification of registered to be done by Filing INC-22 within 30 days of its incorporation if Company is incorporated other than SPice route....

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Posted Under: Corporate Law |

No denial of Government scholarships for not having Aadhaar Card

The scholarship is not being denied on the grounds that the beneficiary does not possess Aadhaar. In the absence of Aadhaar, copy of request made for Aadhaar enrolment or photo identity card, bank passbook etc., can be used as an identifier till the Aadhaar number is obtained by the beneficiary....

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Posted Under: Corporate Law |

Steps by Govt to save Workers from fraud of Hiring Agencies

A well-established Central Industrial Relations Machinery (CIRM) is in place to enforce various labour laws in Central Sphere including the Contract Labour (Regulation & Abolition) Act, 1970....

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Posted Under: Corporate Law |

14 Salient Features of Draft Inland Vessels Bill, 2016

The following are the salient features of the draft Inland Vessels Bill, 2016 The Draft Inland Vessels Bill, 2016 covers the Preamble and has 16 parts i.e. Part I to Part XVI. The salient features are:...

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Posted Under: Corporate Law |

DGS&D to host online Government e-Marketplace

Government inserted Rule 141 in General Financial Rules (GFR), 2005, which provides that Directorate General of Supplies & Disposal (DGS&D) will host an online e-Marketplace for common use goods and services...

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Posted Under: Corporate Law |

Measures taken by govt to diversify & boost exports from India

The Government has taken various measures to diversify and boost exports from India, which includes; (i) Merchandise Exports from India Scheme (MEIS) was included under Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015...

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Posted Under: Corporate Law |

PF collected but not deposited- 6 Actions that can be taken

Government is aware that some establishments/companies have not submitted/deposited funds collected by them towards employees contribution in provident fund accounts...

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Posted Under: Corporate Law |

Why you must have active Debit Card – FAQs

Debit Card makes your payments much more convenient and secure through an electronic payment facility directly from your bank account. Debit card can be used for purchases online or at shops by directly debiting your Bank account. Debit cards can also be used to withdraw cash from an ATM....

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Posted Under: Corporate Law |

Gold imports more than doubled in October 2016

Gold imports have more than doubled in October 2016 this year in comparison to gold Import in October 2015. Import for October 2015 was 48.73 Ton and 99.62 for October 2016....

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Posted Under: Corporate Law |

PF Contribution from Only 3.76 crore members against 17.14 Crore A/cs

The total number of Employees’ Provident Fund (EPF) member accounts as on 31.03.2016, as per Annual Report for 2015-16, is 17.14 crore. On an average, contributions have been received in respect of 3.76 crore members during the year 2015-16. ...

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Posted Under: Corporate Law |

Rules for filing of annual return under payment of Bonus act amended

Notification No. G.S.R. 1115(E) (06/12/2016)

1. (1) These rules may be called the Payment of Bonus (Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette....

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India: Demonetisation signals progress in anti-corruption drive but wider challenges remain

The unexpected withdrawal of large currency notes earlier this month is the latest and boldest move of the government to date to tackle the corruption and tax evasion that have long hurt state revenues. However, the move has been poorly implemented and is at best a one-time crackdown on illegal cash.   Longer-term solutions to corruptio...

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Posted Under: Corporate Law |

Father-in-law is liable to maintain widowed daughter-in-law to the extent of share of her late husband in coparcenary property

Mithai Lal S/o Vs Premlata Sahu W/o & others (Chhattisgarh High Court)

This appeal under Section 19(1) of the Family Courts Act, 1984 has been preferred by the appellant, father-in-law of respondent No. 1 and grand-father of respondents 2 and 3. The trial Court has granted a decree of maintenance in favour of the respondents directing the appellant to pay maintenance amount of Rs. 2000/- per month to the dau...

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Measures to Counter effects of currency demonetization on crop sowing

Remedial measures taken include:-(1) The Farmers are permitted to draw upto Rs.25,000 per week in cash from their Know your Customer (KYC) compliant account subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC)....

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Posted Under: Corporate Law |

CIBIL Report one of the factors to be considered before granting any loan

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved ...

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Posted Under: Corporate Law |

CVC Investigation against Bank Fraud

Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above...

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Posted Under: Corporate Law |

Govt investigating Gold sale at Premium after Demonetisation

Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged....

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Posted Under: Corporate Law |

GST on Insurance Premium- GST Council to Decide

(a) whether the Government proposes to collect Goods and Services Tax (GST) on insurance premium, if so, the details thereof; (b) whether the Government has received any representations from insurance companies to exclude insurance premium from the ambit of GST, if so, the details thereof;...

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Posted Under: Corporate Law |

Why Govt issued Rs. 2000 Bank notes

Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomi...

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Posted Under: Corporate Law | ,

Govt not imposed higher import duty on Silk import

Representations were received from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry (FIASWI), inter alia, to increase customs duty on import of fabrics, in general, from 10% to 20%....

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Posted Under: Corporate Law |

Measures to Impose higher import duty on steel imports

(a) whether the Government has received any representation seeking imposition of higher import duty on steel imports; (b) if so, the details thereof and the reasons therefor; and (c) the action taken by the Government thereon?...

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Posted Under: Corporate Law |

Directions with regard to proper utilization of public funds by Government officials and Departments issued qua Chhattisgarh Store Purchase Rules, 2002 as amended in 2004

Raipur Rasayan Udyog Vs State of Chhattisgarh & others (Chhattisgarh High Court)

The interesting question which arises in this petition is, “Whether the Municipal Corporations are bound to purchase items mentioned in Schedule – 1 attached to the Chhattisgarh Store Purchase Rules, 2002 (as amended in 2004) (henceforth 'the Rules') only from the companies approved by the Chhattisgarh State Industrial Development Cor...

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Links between Soil Fertility & Poverty alleviation Soil Health Card will help rebuild soil fertility

According to Central Soil Water Conservation Research and Training Institute, Dehradun, India is losing 5,334 million tonnes of soil every year due to soil erosion because of indiscreet and excess use of fertilisers, insecticides and pesticides over the years....

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Posted Under: Corporate Law |

How to curb use of black money in real estate transactions?

Even after demonetization, buyer of real estate will be tempted to withdraw money from bank account and to pay nearly 50% purchase price in unaccounted way. Buyer will be tempted to do such a malpractice because, it can save stamp duty and registration fees in this way. On the other hand, seller will also not take any objection to this mo...

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Yes, India can have less-cash economy

India economy has been the pride of world. It has been showcased as the only growing economy - a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is ...

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Posted Under: Corporate Law |

Model GST Law Decoding of Definitions

Today, GST is most prominent subject in India. Government has prescribed revised Model GST Law after adding or deleting some topics. Till time, Government has achieved some major milestone in this journey. Although, some milestones are yet to achieve. Here we are providing analysis of some important definitions provided under Model GST L...

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Posted Under: Corporate Law |

Overview of the Revised Model GST Law

GST:- Single Largest Reform in Post Independent India, Merging 11 Indirect Tax Laws in Single Structure, Principles of Destination Based Consumption Tax, About 3 Crore Assesses would Migrate in New GST law...

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Posted Under: Corporate Law |

Meaning and Scope of Supply as per Revised Draft GST Law

According to Article 366(12A) of Constitution of India, Goods and Service Tax means a tax on supply of goods or services, or both, except taxes on supply of the alcoholic liquor for human consumption. The concept of supply is the essence of GST law. GST is a multi-stage tax levied on supply of goods and / or services, collected at each st...

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Posted Under: Corporate Law |

Decision to publish details of Loan Defaulters lies with Bank not Govt

The decision to disclose the borrowers details including publishing the details in newspapers is taken by the banks as provided in various statutes and Loan Agreement....

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Posted Under: Corporate Law |

No proposal to increase limit on deposit in PMJDY Deposit a/c

There are limits on deposits on “Small Account” under Pradhan Mantri Jan Dhan Yojana (PMJDY). Government is not proposing to increase this limit....

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Posted Under: Corporate Law |

Pradhan Mantri Garib Kalyan Yojna- 2016: The Final Call

Apprehension of retrospective amendment in the Income Tax Act was anticipated by almost all the tax professionals as 200% penalty was not possible in the present framework of law. ...

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Posted Under: Corporate Law |

Government receives Rs. 66,000 crore surplus from RBI

(a) Whether the Government has received ` 66,000 crore surplus from Reserve Bank of India (RBI); (b) If so, the details thereof; (c) Whether the surplus generated through RBI’s investment activities, primarily in sovereign bonds like US Treasury-bills; and (d) If so, the details thereof?...

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Posted Under: Corporate Law |

Advantages of advancing date of Union Budget to 1st February

Government has considered the various aspects thoroughly relating to advancing the date of presentation of Union Budget. Major advantages in advancing the date of Budget presentations are:...

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Posted Under: Corporate Law |

Additional deduction of Rs. 50000 for NPS Investment

Through the Finance Act, 2015, a separate section 80CCD(1B) has been inserted in the Income Tax Act, 1961 , wherein a subscriber under NPS is allowed a deduction in computation of his total income, whether or not any deduction is allowed under Section 80CCD(1)...

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Posted Under: Corporate Law |

SEBI maintains constant vigil & Takes action in case of any abnormality

As far as surveillance activities are concerned, SEBI maintains constant vigil in the market and in case of any abnormality, takes appropriate action against the concerned entities. The systems and practices are in place to promote a safe, transparent and efficient market and to protect market integrity....

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Posted Under: Corporate Law |

Govt sets up Special Cell to Monitor Fake Currency

Government has set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the Economic Offences Wing of State Police, Intelligence/Enforcement agencies of the Central Government and also to the Ministry of Finance....

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Posted Under: Corporate Law |

Step to encourage Tax compliance without Harassment by IT Department

(a) whether the Government is aware that roadside eatery owners in various cities including Mumbai have made declaration of their unaccounted income and properties after IT raids; (b) if so, the details thereof; and (c) the steps taken by the Government to encourage such evaders to declare unaccounted income without subjecting them to any...

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Posted Under: Corporate Law |

Income Tax Dept Suo- Moto takes Action on SEBI Investigation Report

Income Tax Department has referred to the SEBI outcome of investigation conducted in large number of companies listed on the stock exchanges, trading in which was manipulated and misused, inter alia, for purposes of large scale tax evasion....

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Posted Under: Corporate Law |

Disclosure of information of Income Tax Evaders

The disclosure of information respecting assesses under Section 138 does not, in general, prohibit furnishing of information about tax evaders. ...

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Posted Under: Corporate Law |

Utilisation of Funds of IDS 2016 to be firmed up after 30.09.2017

Ddates specified for payment of tax, penalty and surcharge under Income- Declaration Scheme, 2016, are 30.11.2016, 31.03.2017 and 30.09.2017. In view of the same, the total amount collected under the Scheme shall be firmed up after the last date of installment i.e. 30.09.2017....

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Posted Under: Corporate Law |

GST Council to take Final decision on Amendment in Draft GST Law

(a) whether the GST (Goods and Services Tax) Council has invited amendments from the various States/UTs for GST implementation from next financial year, if so, the details thereof; (b) whether any amendments has proposed by the States/UTs in GST Council Meeting and if so, the details thereof;...

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Posted Under: Corporate Law |

25.67 crore PMJDY accounts opened till 25.11.2016

Under Pradhan Mantri Jan Dhan Yojana (PMJDY) from 15 August 2014 to 23.11.2016, 25.67 crore PMJDY accounts have been opened across the country....

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Posted Under: Corporate Law |

Statewise & Bankwise details of Sukanya Samriddhi Account Scheme

Government is continuously monitoring the progress of Sukanya Samriddhi Account Scheme. It was launched on 2nd December, 2014 and since then the number of accounts opened under this scheme have been showing upward trend and 99,96,085 accounts have been reported opened till 31st October, 2016 and Rs. 9455.30 crore have been deposited unde...

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Posted Under: Corporate Law |

Mechanism to check illegal practices in dispensing of new currencies

Government has advised RBI to set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the Economic Offences Wing of State Police, Intelligence/Enforcement agencies of the Central Government....

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Posted Under: Corporate Law |

Auto Industry Expresses concern over Lack of Clarity on GST

(a) whether certain auto industry stakeholders have expressed concern over lack of clarity on GST and the time for its implementation, if so, the details thereof; (b) whether the auto industry felt that tax differentiation in auto industry is huge when compared to other major markets, if so, the details thereof;...

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Posted Under: Corporate Law |

Rights based Empowerment

According to the Census 2011, there are 2.68 crores (2.21%) persons with disabilities in India, though according to some estimates, the actual number may be as high as five per cent of our population. However, there has been a paradigm shift in the approach towards the persons with disabilities (PWDs) during last some years. ...

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Posted Under: Corporate Law |

47th IFFI creates history with new beginnings

The nation bids adieu to its biggest film festival- Indian International Film Festival, with numerous pleasant and golden memories, on 28th November 2016. The festival which has been there for 9 days, was started on 20th November, and showcased 275 films of 88 countries. ...

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Posted Under: Corporate Law |

Revised Model GST law : Decoding Meaning & scope of supply

Government is looking firm determined to implement GST by 1st April 2017. Here, we are providing decoding and analysis of meaning and scope of supply....

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Posted Under: Corporate Law |

Four slab structure in GST

(a) whether the Government proposed Goods and Services Tax (GST) rate with four slab structure, if so, the details thereof; (b) whether the Government has assessed implications of having different GST rates for various items, item-wise; and (c) if so, the details thereof and the outcome thereon?...

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Posted Under: Corporate Law |

DEMONETISATION- Johnny, Johnny Yes Papa

Johnny, Johnny ………… Yes Father Count your Money little bit later First let’s discontinued notes to be alter… johny-johny-yes-papaListen, Our leader (Modiji) is Stronger, Who takes decision Harder & Greater,...

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Posted Under: Corporate Law |

Pradhan Mantri Garib Kalyan Yojna- A Yojna for Rich?

Krishna, Government has taken a huge step for taking out black money from rich people by banning notes of Rs 500 and Rs1000, after that they have brought a new scheme. What is that?...

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Filing of Offline Challans with IEPF Authority under Companies Act

General Circular No. 13/2016 (05/12/2016)

Companies depositing amounts to IEPF under section 125 of the Companies Act, 2013 to :- (i) generate challan online only (ii) file form IEPF-1 mentioning the SRN No. of challan (online mode only)....

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IDS 2016- Department verifying HIgh Value suspicious declarations

There were two sets of declarations of high value which were not taken on record in above figure because these declarations were found to be suspicious in nature being filed by persons of small means....

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Posted Under: Corporate Law |

Organise workshops for Tax Payers education- CBDT Instructs

F. No. Tax Payers' education/e-services/ADG(TPS-II)/2016-17 (05/12/2016)

It is observed that tax payers and professionals have not been able to keep up the pace with changes. As a result, a wide gap has emerged between initiatives undertaken by Income Tax Department and acceptance thereof in terms of practices by stake holders....

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Govt departments to make e-Payment of payment above Rs. 5000

F. No. 3(2)(1)/2016/R&P Rules/Amendment/649 (05/12/2016)

Any Payment above Rs.5,000 to Suppliers, contractors, grantee/loanee institutions etc by Government Departments to be now made through e-Payment to attain the goal of complete digitization of Government payments...

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Should we paint entire journalist profession with same brush?

Dear AajTak Team, Kudos to your team for identifying (presumably) a professional with not so strong ethics. I have very consciously used the word ‘presumably’ because the footage shown is yet to be tested and the correctness of the same is still to be established....

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Posted Under: Corporate Law |

Risk Based Auditing In Information Technologies Environment

Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations....

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Posted Under: Corporate Law |

Inter-linking provisions in Customs, Central Excise & Service Tax

Inter-linking provisions in Customs Act, 1962, Central Excise Act, 1944 & Finance Act, 1994. Introduction You might have noticed that at times, a statute may have certain provisions, which borrow provisions from other statutes. At times, borrowed provisions of other statutes may be specifically mentioned in the borrowing provision. So...

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Posted Under: Corporate Law |

Organizational Set Up of CBEC after Cadre Restructuring

The Central Board of Excise and Customs is headed by Chairman and consists of six members. The details of Member (CBEC) are as under:-...

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Posted Under: Corporate Law |

6 Suggestions on Revised Model Draft GST Law

As per draft law (revised draft),input tax credit to receiver shall be available only when the supplier has paid the tax on supplies made to receiver and the same get matched (i.e. matching of output supplies with input supplies declared by supplier and buyer respectively).Once the credit get matched it will reflect in electronic credit l...

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Posted Under: Corporate Law |

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