"03 January 2017" Archive

Applicability of Aadhaar for Mahatma Gandhi NREGA scheme notified

Notification No. S.O. 19(E) (03/01/2017)

An individuals registered under the Mahatma Gandhi NREGA are hereby required to furnish proof of possession of Aadhaar or undergo Aadhaar authentication....

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Transitional Provisions under Revised Model GST Law- Part-IX

179. Pending refund claims to be disposed of under earlier law This section provides for the treatment of such refund claims which have been filed before the appointed day in respect of any tax, amount of cenvat credit, duty, tax or interest paid before the appointed day. ...

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Posted Under: Corporate Law |

Revised Import policy of few items under Chapter 41 & 43 of ITC (HS) 2012

Notification No. 33/2015-2020-DGFT (03/01/2017)

Central Government hereby amends the import policy of the following items classified under Chapter 41 and 43 of ITC (HS), 2012 – Schedule – 1 (Import Policy), as under:...

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Form of Declaration under Employees Enrolment Campaign, 2017

No. Coord/3(1)2016/EPF Member Enrolment Scheme,2017 (03/01/2017)

Form of declaration to be furnished by the employer in respect of membership of the employees who were required or entitled to become members of the fund on or after the 1st day of April, 2009 but before the 1st day of January, 2017 but were not enrolled as members for any reason under the Employees Enrolment Campaign,2017....

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Next Generation Revolution in Indian Farming…Green House

Greenhouses are framed by inflated structure of Galvanized Iron, covered with a transparent U.V. stabilized plastic film material in which crops are grown under controlled environment conditions. ...

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Posted Under: Corporate Law |

Dept can adjudicate Show Cause Notices despite unconditional stay by SC

F.No.276/104/2016-CX.8A (Pt.) (03/01/2017)

In view of the unconditional stay in force, granted by the Hon'ble Supreme Court, the Department could continue with adjudication of the Show Cause Notices hitherto covered by the Mangali Impex judgment....

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Permission in respect of “part delivery” where OOC is obtained-Reg.

Public Notice No. 184/2017-JNCH (03/01/2017)

RMS Facilitation center does not have any access or physical control over the CFS. Hence, the permission for part delivery of cargo (other than DPD) will be permitted by AC/DC/Docks in charge of the concerned CFS....

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Scheme for Rebate of State Levies on Export of Made-ups 2016

F. No. 12015/47/2016-IT (03/01/2017)

. The scheme shall be called Scheme for Rebate of State Levies on Export of Made-ups 2016. (hereinafter referred to as the ROSL Scheme for Made-ups). ...

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Tea (Marketing) Control (Amendment) Order, 2017

Notification No. S.O. 21(E) (03/01/2017)

2A. No objection certificate.– A manufacture who intend to set up a tea factory shall obtain a ‘no objection certificate’ from the Registering authority:...

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SEBI grants recognition to India International Exchange (IFSC)

Notification No. SEBI/LAD-NRO/GN/2016-17/027 (03/01/2017)

SEBI grants recognition to International Exchange (IFSC) Limited- stock exchange U/s. 4 of Securities Contracts (Regulation) Act, 1956 for a period of one year...

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Restriction on currency exchange for foreigners to continue till 31.01.2017

RBI/2016-17/208 A.P. (DIR Series) Circular No. 24 (03/01/2017)

Permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week to continue till 31.01.2017. ...

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Supply 40% bank notes / cash to bank branches in rural areas

RBI/2016-17/207 DCM (Plg) No.2200/10.27.00/2016-17 (03/01/2017)

With a view to ensure that at least 40% bank notes are supplied to rural areas and to mitigate the issue in a more enduring manner, banks maintaining currency chests are advised to take following steps...

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Demonetization – Pains and Gains

It is now almost two months that a very bold decision was taken by dynamic Prime Minister Mr. Narendra Modi. After initial shock within few days the opinion was divided vertically. ...

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Restaurants billing ‘service charges’ in addition to taxes is optional

Hotels and restaurants are charging 'service charge' in range of 5-20%, in lieu of tips, which a consumer is forced to pay irrespective of kind of service provided to him....

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Posted Under: Corporate Law |

GST- The Need of the Hour

GST- the new tax regime is much talked about as a major tax reform. It is a comprehensive tax regime to be levied on manufacture, sale and consumption of goods and services throughout India...

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Loans received in earlier Years – Addition u/s 68 Cannot be Made in Present Year

Income Tax officer 3(2) Vs shri kamal raheja (ITAT Lucknow)

ITAT held that No addition can be made u/s 68 in respect of any loan received prior to start of previous year relevant to present assessment year....

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Vacancy For CA having knowledge of SAP

Job Details;- Keyword: CA, Industry: Accounting, Infrastructure, Manufacturing, Real Estate, Role: Manager, Condition: CA with 7-8 years of post-qualification experience, Qualifications: CA, Profile: Accounts Manager, Expiry Date: 31 Mar 2017...

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Posted Under: Corporate Law |

Demonetization May Lead to Lower Taxes

There is a general sentiment everywhere that India may witness a lower tax regime hence forth. This is the hope of citizens and businessmen as also being realized (off late) by the Government and tax administration....

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Transitional Provisions under Revised Model GST Law- Part-VIII

Articles deal with Section 175 of revised model GST Law on Inputs removed for job work and returned on or after the appointed day....

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Posted Under: Corporate Law |

Removal of Names of Companies under Companies Act, 2013

Now, the process of removing the name of the company from register of Registrar has been simplified. Now instead of sending several notices as required in section 560 of the Companies Act, 1956...

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Posted Under: Corporate Law |

Impact of GST on Real-Estate Sector

One of the most complex areas of the tax levied by the Centre and the States is works contract and sale of property. Currently, such transactions are broken into three parts – the value of goods and materials, value of services and value of land....

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Subvention amount received from parent company is not a revenue receipt

Siemens Public Communication Network P. Ltd. vs. CIT (Supreme Court)

SC held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by parent company to protect its investment made in subsidiary....

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