"27 January 2017" Archive

Definition of Consideration under Revised Model GST Law

Another point of probable litigation is that the definition states that consideration can be voluntary or non voluntary. Although the main phrase uses the term ‘any act or forbearance’, but it does not limits the scope of the involuntary considerations. ...

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De-FACTO Control – Ind-As/ IFRS

We have a situation where standard says that an entity will have power over other entity when it has current ability(refer Para 10 above) to direct the “relevant activities” (as defined in Ind-As 103- “Business Combinations”) of an investee which essentially means that existing rights which can in substance direct these relevant ...

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CA IPC November 2016 result likely on 31st January 2017

Result of Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, 31st January 2017....

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UIDAI Achieves 111 Crore Mark on Aadhaar Generation

Aadhaar generation has crossed the 111+ crore mark. It’s a great achievement towards inclusion of everyone into national development fabric. As on date, Aadhaar’s total saturation percentage is 91.7% (as per Census 2011) while over 99% adult population above the age of 18 have been assigned Aadhaar numbers. Twenty two States/UTs have ...

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16 FAQS on implementation of GAAR provisions

Circular No. 07/2017-Income Tax (27/01/2017)

Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist and are applicable. as may be necessary, i...

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ICAI discontinues OMR Exam Application Forms WEF May, 2017 Exam

ICAI decided to discontinue OMR examination application forms with effect from May, 2017 Examination onwards for the students’ examinations. In other words candidates would not be able to submit OMR exam forms along with demand draft for the applicable fee, henceforth....

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CBDT issues Clarifications on implementation of GAAR

Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by CBDT to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions on 27th January, 2017....

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Get the Highest Tax Benefits with ELSS Funds!

ELSS is a type of diversified equity mutual fund (MF), which is qualified for tax exemption under section 80C of the Income Tax Act. Since it is an equity fund, returns from an ELSS fund reflect returns from the equity markets....

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3Q DVAT return due date extended to 13/02/2017

Circular No. 21 of 2016-17 (27/01/2017)

Last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures extended to 13/02/2017....

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SEBI clarifies on listing of stock exchanges on any recognised stock exchange

Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/9 (27/01/2017)

In order to address any conflict arising out of aforesaid provisions of listing of a stock exchange on any recognised stock exchange, other than itself, and also to ensure effective compliance with the applicable laws, it has been decided that:...

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Notification No. 02/2017-Customs, Dated: 27.01.2017

Notification No. 02/2017-Customs (27/01/2017)

The principal notification no. 96/2008-Customs, dated the 13th August, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 590(E), dated the 13th August, 2008 and was last amended by notification No. 67/2016-Customs, dated the 31st December, 2016, published in the Gazette of In...

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DGFT clarifies on Export Policy of Sandalwood

Notification No. 37/2015-2020-DGFT (27/01/2017)

Export Policy of sandalwood against Sl. No. 182 to 187, Chapter 44 of Schedule 2 of ITC(HS) Classification of Export & Import Item has been amended to bring clarity for export of specified categories....

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All about StandUp India Scheme

This government has shown its keen interest in building an entrepreneurial culture in the country. To encourage more entrepreneurs, the government has regularly taken necessary steps. Culture is an important part of the entrepreneurial environment. Standup India scheme is one of such step in this direction. The scheme was launched by Prim...

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Brief on Service Concession Arrangement

A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop (or upgrade), operate and maintain the grantor's infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals. ...

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Contribute to Men in Uniform to be a proud citizen !!

With the advent of the 68th Republic Day which marks the adoption of The Constitution of India on 26th January 1950 replacing the Government of India Act (1935) as the governing document of India, the whole country is in joy mood and remembering the strength of India in the world economy....

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Service Tax –Monitoring of Non-Filers / Stop-Filers

F.No. IV/26/24/2016-Systems (S) (27/01/2017)

There are several methods for identifying Non-filers and Stop-filers of ST-3 Returns. Directorate General of Systems has taken steps to send bulk mails to Non-filers and Stop-filers of ST-3 Returns, so that they actively participate in the filing. ...

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GST Migration Seva Kendras to help Migration of CX & ST Assessees

D.O.No. IV (33) 16/2016 - Systems (27/01/2017)

It is the responsibility of CBEC to adequately support all such Central Excise / Service Tax assessees in their migration to GST. For this purpose, I would urge all Chief Commissioners to personally arrange to have special GST MIGRATION SEVA KENDRAS in their Zonal Headquarters/Commissionerates /Divisions....

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