"24 January 2017" Archive

Employees’ Provident Funds (Second Amendment) Scheme, 2017

Notification No. G.S.R. 67(E) (24/01/2017)

G.S.R. 67(E).—In exercise of powers conferred by section 5, read with sub-section 1 of section 7 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following scheme further to amend the Employees' Provident Funds Scheme, 1952...

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Enabling Assets – Ind-As/ IFRS

CA Anuj Agrawal There are many situations where an entity needs to incur substantial amount of money to ensure proper use/ access to its existing Assets by way of constructing roads, electricity transmission lines, water well etc. which is generally being called as Enabling Assets. These are eventually not in the name of the entity [&hell...

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Posted Under: Company Law |

Dedicated structure for Tax Payer Services in Income Tax Department

Order No.01/Ad.VII/2017 (24/01/2017)

Competent Authority has accorded approval for setting up a dedicated structure for delivery and monitoring of tax payers services in the Central Board of Direct Taxes (CBDT) and its attached and subordinate offices, with immediate effect and until further orders....

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GST-Have you registered yet??

GST is a tax that would be levied on all supplies except those which are specifically exempted or come under non-taxable supplies. Therefore, all the suppliers who are supplying taxable supplies would be required to abide by GST provisions and with India going Digital all the GST procedures are going to be online....

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Posted Under: Company Law |

Impact of GST on Inter State & Imports Transactions of Goods

Revised Model GST Law has been released by GST Council Secretariat in the month of November, 2016. Whatever be the fate of GST in this Budget session, this is certain that Govt. needs to bring it by 15th Nov, 2017, otherwise we will be living in an Indirect Tax Free World....

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Posted Under: Company Law |

Service Tax amendments on Hotel Aggregators

The Hotel aggregators such as OYO Rooms, Make my trip etc. who arranges stay for us are cruelty come under the ambit of service tax. These aggregators are liable to pay service tax on the entire accommodation. The service tax law defines the aggregator as a person who owns and manages an application...

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Posted Under: Company Law |

CBDT rectifies mistakes in Circular related to TDS on Salary

Corrigendum to Circular No. 1/2017 (24/01/2017)

Corrigendum to Circular No. 1/2017 dated 02.01.2017 on TDS under section 192 of Income-tax Act, 1961. In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years appearing in line 1 may be read as 5 years....

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Note ban has negative impact on SMEs; large firms can benefit in long run

Demonetisation of high value currency notes would leave quite a negative impact on small and medium enterprises, rural consumption and job creation in the immediate run while the large and well organised sectors of the corporate India stand to benefit in the long term horizon, the latest ASSOCHAM Bizcon Survey pointed out....

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Posted Under: Company Law |

Will Budget 2017 prove its Kaabiliyat??

This year the story is different. Modi army is in mood to break all the traditions. There wont be a separate railway budget. In fact, it will be merged with Jaitley's budget, ending a 92-year-old practice of a separate budget for the country's largest transporter....

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Posted Under: Company Law |

Reg. Transfer of unlisted shares by SEBI Category I & II Alternative Investment Funds

F.No. 225/12/2016/ITA.II (24/01/2017)

Vide order dated 02.05.2016 in F.No.225/12/2016/ITA.II, the Central Board of Direct Taxes (the Board) had clarified the position regarding tax treatment of income arising from transfer of unlisted shares. It was communicated that income from such a transfer would be taxable as Capital Gains...

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