"December, 2016" Archive - Page 7

Transitional Provisions under Revised Model GST law

There are 33 Sections [ Earlier 22 Sections ]under transitional provision of Revised GST Law when all major indirect tax Act’s going to subsumed under the GST Law....

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Approach to Regulation of Tax Professionals

Regulating a profession by imposing conditions for admission inevitably reduces the supply potential of professionals. Therefore, a rough balance between supply and demand for professional services should be maintained. Regulation of Tax Professionals should be similar to that of consumer protection....

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Guidance Note on FATCA and CRS updated till 30.11.2016

This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962...

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Income Tax Investigations Unearth Mis-use of Jan-Dhan Accounts

Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies....

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Measures to Promote Substantially Cashless Economy

The Indian government is continuously making thorough efforts for achieving the goal of substantially cashless national economy. The goal is not easy to achieve. It requires undertaking of large number of measures of different types and varieties. The list of such measures is endless....

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Bank notes in Circulation as on 05.11.2016 is 94.86 billion pieces : FM

(a) & (b) The new series of bank notes of Rs. 500 and Rs. 2000 have been introduced with effect from 10th November, 2016 after the cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes. These new series bank notes are distinctly different from the old ones in terms of look, design, size and colour. ...

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How many types of finances are available to small businesses?

Every business, whether big or small, needs a strong financial back-bone upon which it operates. The daily running expenses of the business, acquiring assets, buying raw materials, administrative expenses, selling and distribution overheads – all require a source of finance. ...

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Minimum Import Price on Iron & Steel on 19 HS Codes till 04.02.2017

Notification No. 31/2015-2020-DGFT (03/12/2016)

S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby extends the applicability of Minimum Import Price (MIP) beyond 04/12/2016 on 19 HS Codes as specified in the Annex to this Notif...

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Empanelment for Mediation and Conciliation – List of eligible candidates

F. No. 3/RD/M & C-Application/25/2016-17 (02/12/2016)

With reference to the subject cited, I am forwarding herewith the list of 68 eligible candidates categorized in Annexures I to VII, for the Empanelment for Mediation and Conciliation in respect of the region. Ministry may kindly place the said list on the Ministry's website for future reference....

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Demonetisation- Action against 33 PSU Bank Officers

Action taken in cases of bank officials involved in carrying out irregular transactions violative of RBI’s instructions post demonetisation of Specific Bank Notes by the Government w.e.f. midnight of 8th November 2016....

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ICAI invites suggestions on revised Model GST Law

Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us....

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IRDA (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016

Notification No. F. No. IRDA/Reg./24/136/2016 (02/12/2016)

Insurance Regulatory and Development Authority of India (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016...

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IRDA (Issuance of e-insurance policies) (First Amendment) Regulations, 2016

Notification No. IRDAI/Reg/23/135/2016 (02/12/2016)

These regulations may be called Insurance Regulatory and Development Authority of India (Issuance of e-insurance policies) (First Amendment) Regulations, 2016....

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Law relating to Insolvency Professionals

As most you may aware that The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Code received the assent of the President of India on 28 May 2016....

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Meaning and Scope of ‘Supply’ under Revised Model GST Law

Whilst the Government is keen to make Goods and Services Tax (GST) a reality by envisaged April 1, 2017 deadline, efforts put in by the Government to look into the voluminous suggestions submitted by various stakeholders, on First cut Model GST Law (put on public domain on June 14, 2016), is indeed commendable....

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The In and Out of Black Money Schemes!

A lot of discussion is happening over black money and ways to declare them successfully.With the idea of currency demonetization, there was news that all the black money holders will be liable for a 200% penalty. This created a lot of buzz and different opinions travelling all around the market....

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Gujarat High Court upheld the validity of Entry Tax to be paid by aggregator (like Flipkart, Amazon etc) in the state of Gujrat

Entry tax is required to be paid in most of the states in India on entry of goods into the state for use, consumption or sale there of. Supreme court has also held that levy of entry tax by the state is constitutionally valid on 11.11.2016 by its nine Judge bench in the case of Jindal Steel Ltd Vs State of Haryana....

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Procedure for furnishing and verification of Form 26A

DGIT Notification No. 11/2016-Income Tax (02/12/2016)

CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg....

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RFP for engagement of CA firms as Internal Auditors’ for Indian Rare Earths Ltd

Request for Proposal (RFP) for engagement of chartered accountant firms as Outsourced Internal Auditors' for Indian Rare Earths Ltd. Head Office, Mumbai...

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A Complete Guide to Goods and Services Tax -Ready Reckoner in Q & A Format

The Book, 'A Complete Guide to Goods and Services Tax - Ready Reckoner in Q & A Format' is perhaps the only book available containing over 1400 Frequently Asked Questions (FAQs) on proposed Goods and Services Tax (GST) which explains entire concept of GST with 3600 approach to the new taxation regime....

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CA student can request duplicate mark sheets/pass certificates online

An on-line facility for submission of requests for issue of duplicate mark sheets/pass certificates has been put in place at http://icaiexam.icai.org....

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Customs: Relaxation in Outsourcing by an authorized Courier-reg

Circular No. 59/2016-Customs (02/12/2016)

Board has decided that for functions namely pick-up or local delivery of export/imported courier packages/shipments, transportation for officials and housekeeping activities permission will not be required. ...

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Roll out of ECCS at Courier Terminal, Sahar, Mumbai-reg

Circular No. 58/2016-Customs (02/12/2016)

Express Cargo Clearance System ECCS is an Automation Program developed on PPP model by Express Industry Council of India (EICI). ...

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Banks to enable Aadhaar-based Authentication for Debit / Credit Card Transactions

RBI/2016-17/170 DPSS.CO.PD No.1421/02.14.003/2016-17 (02/12/2016)

Banks were advised to ensure that all new card present acceptance infrastructure deployed with effect from January 1, 2017 are enabled for processing payment transactions using Aadhaar-based biometric authentication also....

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Service Tax Registration for B2C OIDAR Services & related Law

Online information and database access or retrieval (OIDAR) services provided online electronically from outside the taxable territory and received in India by Government, local authority, governmental authority or an individual for purposes other than business/profession, is taxable from 1st December 2016. OIDAR-Notifications and Circula...

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Guidance Note on Reports in Company Prospectuses

This guidance note is applicable for providing guidance to issuers in relation to preparation of financial information to be included in the prospectus in case of initial public offering (IPO) and to auditors in relation to reporting requirements that are required in such scenario....

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No priority in bank note allocation to own branches by banks with currency chests

Notification No. RBI/2016-17/169 DCM (Plg) No. 1508/10.27.00/2016-17 (02/12/2016)

A perception has also emerged that banks with currency chests are according priority towards supplying cash to their own bank branches. These banks with currency chests are, therefore, advised to make visible efforts to dispel the perception of unequal allocation among other banks and their own branches....

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SEBI withdraws margin benefit on spread positions

Circulars No. SEBI/HO/CDMRD/DRMP/CIR/P/2016/130 (02/12/2016)

It has been decided that margin benefit on spread positions shall be entirely withdrawn latest by the start of tender period or the start of the expiry day, whichever is earlier....

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Expert Group on Audit firms issues to submit report till 15.01.2017

F. No. 17/112/2016-CL-V (02/12/2016)

In partial modification of this Ministry Order of even number dated 30.09.2016, the time period provided to the Expert Group Constituted for looking into the issues related to Audit firms and submitting its report is extended till 15.01.2017....

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Regulation of Tax Professionals in the Indian Context

It would be difficult to have a well-functioning tax system without tax advisors. Because most taxpayers are not familiar with the intricacies of the tax laws, tax advisors are needed so that taxpayers can fulfill their complicated tax obligations....

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Job Work under Revised Model GST Law

If Input received in a factory & removed as such or after being partially processed to Job worker for further processing, repair, testing etc prior to appointed day (i.e. 31.03.2017): No tax shall be payable if such input returned to said factory within 6 months from the appointed day (i.e. Up to 30.09.2017)...

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Supreme Court Judgement in Context of West Bengal Entry Tax

After SC judgment there is 90% chance that Govt. Of West Bengal issue notice for the collection of due entry tax from the dealers who are not paying....

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FAQs on Electronic Toll Collection (ETC) / FASTag

FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid account linked to it. It is affixed on the windscreen of your vehicle and enables you to drive through toll plazas. FASTag has a validity of 5 years and after purchasing it, you only need to recharge/ top up ...

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Present status of modernisation and digitisation of courts in India

The eCourts Mission Mode Project broadly covers computerisation of district and subordinate courts in the country. The national e-Courts portal (http://www.ecourts.gov.in) has been made operational....

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Real estate- Mandatory to keep 70% of fund collected from buyer in separate A/c

Whether it is mandatory for developers to set aside 70 per cent of the funds collected from buyers in a separate account and use that solely for funding the construction of the project and if so, the details thereof;...

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Key changes in Revised Model GST Law

Taking into consideration majority of the concerns raised by the Trade and Industry, the Government has, on November 26, 2016, released the Revised version of the Model GST Law along with Draft GST Compensation Bill. ...

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Demonetisation and its eEffect on Income Tax

Demonetization is the act of stripping a currency unit of its status as legal tender. In order to curb and remove the menace of corruption the government has initiated the move of Demonetisation in order to kick start the pursuit of a Corruption Free India with stringent penalty introduced....

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Never quit : Winners never quit Quitters never win

An expectation has no end. From teens to now every moment gives some lessons and also motivates to do something better than the previous one. As a human being, we have the desire to do something better but we can’t do it just because the situation is not favourable. ...

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A shift from Conventional Internal Audit to Risk Based Internal Audit

Current Internal Audit across mid-sized and smaller organisation involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results or outcome more likely to reveal inefficiencies in the process, authorisation and non adherence to documented policies....

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Composition Levy Under GST

Under composition levy scheme, a registered taxable person is eligible to pay, in lieu of tax payable by him, an amount calculated at such rate as may be prescribed, but not less than 2.5% in case of a manufacturer and 1% in any other case of the turnover in a state during the year i.e. the min. rate of tax payable by a manufacturer is 2....

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Getting Started with GST – Step by Step

The Government has initiated the process of transferring the Assessees into the much awaited indirect tax reform GST. The question at present with the Assessee’s is how to start the process. Whether anything is required to be done at present or when it needs to be started....

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Taxation & Legal Rumors on Social Media – Avoid In Financial & National Interest

Social Media has been a revolution in last few years. The Time taken for information sharing across domains of social media have been reduced to seconds or minutes because of various Apps availalble. The Updates helps many in decision making, knowledge sharing and awareness....

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Provisions Related to Related Party Transactions

The parent Section under the Companies Act, 2013 related to the related party transactions, i.e. Section 188 read with the relevant Rules made there under, specifies as...

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Incorporation of wholly owned subsidiary in India

In case of WOS of foreign company, foreign company wants to use same prefix as per their foreign company of incorporation of Indian company, NOC form the foreign company on their letter head required to use prefix. ...

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Suggestions to Tackle Demonetization

Demonetization has affected every Indian to some or large extent. Huge queues outside banks and post offices shows the merciful position of people of India. This drastic step has been taken by Government of India to tackle black money which is in abundance in Indian market and society....

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Improvement in Standard of Education in Government Schools

For improving quality of school education, School Standards & Evaluation framework, known as ‘Shaala Siddhi’ has been developed by National University of Educational Planning and Administration (NUEPA)...

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Old Rs. 500 notes not to be accepted at Petrol Outlets & Airport Counters

WEF midnight of 02.12.2016, old Rs. 500 bank notes will not be accepted at petrol, diesel and gas outlets of PSU Oil and Gas Marketing Companies as well as for purchase of Air Tickets at Airports; ...

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No tax on jewellery acquired-out of disclosed sources or exempt income

Government clarifies that apprehension sought to be created that jewellery with household which is acquired-out of disclosed sources or exempted income shall become taxable under proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless....

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No Limit on gold jewellery & ornaments holding from explained sources

Various points clarified with respect to gold jewellery and ornaments; No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance....

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All you wanted to know about Travel Insurance

Just imagine, you are surfing on the blue green waters of Mauritius, sipping the serene and spiritual beauty of Bhutan in your soul or just wandering on the green pastures of Switzerland! Then all of a sudden, you develop severe stomach- upset in Mauritius, lost your baggage in Bhutan or misplace your passport during night train travel in...

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Reliance Jio promotional offer to continue till March 31, 2017

under the Jio Happy New Year Offer, Jio customers will get 30 times the average usage on other networks absolutely free till 31st March 2017. AND the overall service experience for all customers will be much better...

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Impact of Demonetization of Currency Notes on Toll Collection

Post demonetization of currency notes of 500 and 1000, Government has suspended user fee collection on National Highways w.e.f. 09.11.2016 to 02.12.2016...

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Information from Social Media – RBI Advisory to banks

RBI/2016-17/166 DCM (Plg) No.1500/10.27.00/2016-17 (01/12/2016)

Certain fake guidelines / instructions purported to be issued by RBI are circulated in social media by some unscrupulous elements to create confusion ...

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SEBI Review of guidelines for Co-location / proximity hosting facility offered by stock exchanges

Circular No. SEBI/HO/MRD/DP/CIR/P/2016/129 (01/12/2016)

SEBI, in consultation with Technical Advisory Committee of SEBI (TAC), has reviewed the applicable provisions of the SEBI circular dated May 13, 2015 regarding guidelines to be followed by stock exchanges while facilitating co-location / proximity hosting, particularly with respect to the following...

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Reduction in Coupon Rate on 54EC Bonds from 6% P.A. to 5.25% P.A.

Application Money to be credited in NHAI’s Collection Accounts on or after 1st December 2016 will be 5.2 5% P.A. till maturity of bonds...

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Customs Rate of exchange of foreign currency WEF 02.12.2016

Notification No.145/2016-Customs (N.T.) (01/12/2016)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.138/2016-CUSTOMS (N.T.), dated 17th November, 2016, except as respects things done or omitted to be done before such supersession...

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Encouraging usage of Debit Cards among Government employees

F.No. 25 (30)/E.Coord/2016 (01/12/2016)

In the recent years advancements in banking technology, progress in mobile banking and innovative technologies to facilitate digital payments have enabled large number of small denomination transactions to be handled smoothly in electronic mode. The Government of India has taken policy decisions encouraging cashless/electronic transaction...

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Demonetisation- Rely on official Notification instead of Social Media

Press Release : 2016-2017/1382 (01/12/2016)

It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by some unscrupulous elements creating confusion in the minds of the public/bank personnel....

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A bird’s eye view on Taxation Laws (Second Amendment) Bill, 2016

To bring more clarity and to capture the possible concealing black money, The Taxation Laws (Second Amendment) Bill, 2016 (‘the Bill’) has been introduced in the Parliament to amend the provisions of the Act to ensure that defaulting assessees are subjected to tax at a higher rate and stringent penalty provision....

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S.10(46) Income of Maharashtra Electricity Regulatory Commission notified

Notification No. 110/2016-Income Tax (01/12/2016)

Central Government hereby notifies for Section 10(46) Maharashtra Electricity Regulatory Commission, a Commission constituted by the State Government of Maharashtra, in respect of the following specified income arising to that Commission...

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RBI issues final guidelines on Large Exposure Framework (LEF)

RBI/2016-17/167 DBR.No.BP.BC.43/21.01.003/2016-17 (01/12/2016)

A bank’s exposures to its counterparties may result in concentration of its assets to a single counterparty or a group of connected counterparties....

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Taxation & Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

1. Any person may make a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with specified entityon or before 01.04.2017....

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CMA : Cost Benefits Activity Analysis Part I : Demonetization

Prime Minister Narendra Modi has boldly taken strong steps of Demonetization for unearth undesired Black Money. Naturally, those who are effected chunk who are holding huge cash will attempt all their means to get rid of them....

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CBEC withdraws CVD exemption on gold coins & gold findings

Notification No. 59/2016 - Customs (01/12/2016)

Seeks to further amend notification No. 12/2012-Customs dated 17th March, 2012, so as to withdraw CVD exemption on gold coins having gold content not below 99.5%, and gold findings. ...

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Guidelines for sale of seized/ confiscated gold – reg.

Circular No. 57/2016-Customs (01/12/2016)

In addition to State Bank of India, sale of seized/ confiscated gold found ripe for disposal can be routed through all Public Sector Banks (approved by RBI to import and sell gold), MMTC Ltd. and STC Ltd....

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Section 10(46)- CBDT notifies Bureau of Indian Standards

Notification No. 111/2016-Income Tax (01/12/2016)

Central Government hereby notifies for the purposes of the said clause, the Bureau of Indian Standards (BIS), set up by the Bureau of Indian Standards Act, 1986 (63 of 1986) in respect of the following specified income arising to that Bureau, namely:-...

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Financing of Infrastructure – ‘Definition of ‘Infrastructure Lending’

RBI/2016-17/168 DBR.BP.BC.No.42/08.12.014/2016-17 (01/12/2016)

It is advised that for the purpose of definition of ‘Infrastructure Lending’, banks and select All India Term-Lending and Refinancing Institutions may henceforth be guided by the Gazette Notifications issued by the Department of Economic Affairs, Ministry of Finance, Government of India, from time to time....

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S. 10(46)- CBDT notifies Chandigarh Building & Workers Welfare Board

Notification No. 109/2016-Income Tax (01/12/2016)

Government here by notifies for the purposes Section 10(46), the ‘Chandigarh Building and Other Construction Workers Welfare Board’, a board constituted by the Administrator, Union Territory, Chandigarh in respect of the following specified income arising to the said board...

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Notification No. 6/2016-Customs (N.T./CAA/DRI), Dated: 01.12.2016

Notification No. 6/2016-Customs (N.T./CAA/DRI) (01/12/2016)

In compliance of the Hon’ble CESTAT Order No. A/1633-1638/14/CSTB/C-I dated 20.10.2014 arising out of Appeal No. C/1241/08-MUM, C/1242/08-MUM, C/1253/08-MUM, C/1254/08-MUM, C/1255/08-MUM & C/13/09-MUM and in pursuance of notification No. 60/2015- Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of Indi...

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Notification No. 5/2016-Customs (N.T./CAA/DRI), Dated: 01.12.2016

Notification No. 5/2016-Customs (N.T./CAA/DRI) (01/12/2016)

In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015....

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Excise duty exemption on branded gold coins – Reg

Notification No. 36/2016–Central Excise (01/12/2016)

Seeks to further amend notification No. 12/2012-Central Excise dated 17th March, 2012, in respect to the excise duty exemption on branded gold coins of purity 99.5% and above. ...

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Government staff to never submit Declaration of Assets and Liabilities

No. 407/1612016-AVD-IV(LP) (01/12/2016)

On and from the date of commencement of this Act, every public servant shall make a declaration of his assets and liabilities in such form and manner as may be prescribed...

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