"13 April 2017" Archive

GST: Draft Assessment and Audit Rules

Every registered person requesting for payment of tax on a provisional basis in accordance with the provisions of sub-section (1) of section 60 shall furnish an application in FORM GST ASMT-01, along with the documents in support of his request, electronically through the Common Portal, either directly or through a Facilitation Centre not...

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All about ITR-3 as applicable for A.Y. 2017-18

Instructions to Form ITR-3 (AY 2017-18)

ITR 3 Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. This Return Form can be filed with the Income Tax Department in any of the following ways, -(i) by furnishing the return electronically under digital signature; (ii) by transmitting the data in the return...

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All about ITR-6 as applicable for A.Y. 2017-18

Instructions to Form ITR-6 (AY 2017-18)

ITR 6 Form for A.Y. 2017-18 can be used by a company, other than a company claiming exemption under section 11. This Form has to be compulsorily furnished electronically under digital signature to the Income Tax Department....

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In Amalgamation waiver of Interest is to be Treated as Income: SC

M/s. Mcdowel & Company Ltd. Vs Commissioner of Income Tax (Supreme Court of India)

This appeal is preferred against judgement dated 05.04.2005 of the High Court of Karnataka whereby the appeal of Commissioner of Income Tax (Revenue) was allowed setting aside the order to the Income Tax Appellate Tribunal(ITAT) which had granted the benefit of provisions...

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Circular No. 206/4/2017-Service Tax, Dated: 13.04.2017

Circular No. 206/4/2017-Service Tax (13/04/2017)

Issues related to levy of service tax on the services provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India to the customs station in India...

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Notification No. 16/2017-Service Tax, Dated: 13.04.2018

Notification No. 16/2017-Service Tax (13/04/2017)

Seeks to amend Service Tax Rules, 1994 so as to,(i) Specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in non-taxable […]...

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President approves all four GST Bills

Marking another landmark day, the Honble President, Mr. Pranab Mukherjee, has given his assent to the four key Goods and Services Tax (GST) Bills, after they were passed by the Parliament. The four GST Bills which are now enacted can be accessed as under...

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Title in Immovable Property cannot Pass unless executed on Proper Stamp Paper

Mother Hospital Pvt. Ltd Vs CIT (Supreme Court of India)

Title In The Immovable Property Cannot Pass When Its Value Is More Than Rs.100 Unless It Is Executed On A Proper Stamp Paper And Is Also Duly Registered With The Sub-Registrar...

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Applicability of various laws on non-convertible debentures (NCD)

The Reserve Bank of India, has given the final guidelines to the agencies dealing in securities and money market instruments regarding issuance of Non-Convertible Debentures (NCDs) of original or initial maturity up to one year....

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Composition Tax under CGST Bill,2017

CGST Bill,2017 under Section -10 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Here this should be noted that this option is not available to registered person who is providing only service except supply of service mentioned in clause b of paragr...

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Petition filed in SC on Mandatory Quoting of Aadhaar for filing ITR

Binoy Viswam- Petitioner Vs Union of India & Ors- Respondents (Supreme Court of India)

Text of Petition filed in Supreme Court on Mandatory Quoting of Aadhaar for filing ITR is as follows. Matter is expected to come up for hearing on Monday 17th April 2017....

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CBI arrests four persons for causing loss of Rs. 2240 crore to banks

The Central Bureau of Investigation has arrested four accused persons including Directors & others of Delhi based private firm in an-going investigation of cases registered on the complaint of Punjab National Bank for causing an alleged loss of Rs.2240 crore(approx) to the consortium member Banks....

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CBI arrests superintendent of customs in separate in bribery case

CBI has arrested Superintendent of Customs, ICD, Patli, District, Gurgaon (Haryana) and a private person while demanding & accepting bribe of Rs. 25,000/-....

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ICSI formally adopts “Satyam Vada, Dharmam Chara” as ICSI Motto

To mark the beginning of Golden Jubilee Celebrations of ICSI and on crossing 50,000th membership mark, The Institute of Company Secretaries of India formally adopts the Golden Quote Satyam Vada, Dharmam Chara – Speak the Truth, Abide by the Law as ICSI Motto....

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TRQ for Raw Sugar: Amendment in import policy

Notification No. 02/2015-2020-DGFT (13/04/2017)

Central Government hereby makes the following amendments in the import policy conditions of 'Raw Sugar' classified under Exim Code 170114 of Chapter 17 of ITC (HS), 2017 - Schedule - 1 (Import Policy), as notified vide Notification No 1 dated 05.04.2017, as under:...

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Amendments in Product Description of 3 items in MEIS Schedule

Public Notice No. 01/2015-2020-DGFT (13/04/2017)

The product description in the MEIS Schedules of Babies Garments and Clothing Accessories of Wool or Fine Animal Hair, Othr Mcanry Parts Of Heading 8485, Other Seats Of Heading 9401 existing prior to Public Notice 61 dated 07.03.2017 has been corrected in line with ITC (HS)....

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Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2017

G.S.R. 368(E) (13/04/2017)

GSR ._ In exercise of the powers conferred by section 234 read with section 469 of the Companies Act, 2013, the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016...

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Sec. 234 notified: Merger or Amalgamation of Company with Foreign Company

S.O. 1182(E). (13/04/2017)

Government hereby appoints 13th day of April, 2017 as date on which provisions of section 234 of Companies Act, 2013 related to 'Merger or Amalgamation of Company with Foreign Company' shall come into force....

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Freight charges are part of sale price & includible in taxable turnover for VAT

Kasturchand Bafna Vs State of Chhattisgarh (Chhattisgarh High Court)

In the present batch of writ petitions, the seminal issue falling for consideration is whether the freight charges for transporting dolomite by the petitioners to the respondent/Bhilai Steel Plant (for short the BSP) would be a part of sale price and hence exigible to commercial tax or not....

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Remedy available under Consumer Protection Act, 1986 is additional remedy

Rajesh Kumar Agrawal Vs Tulsi Electronic (Chhattisgarh High Court)

The remedy available under the Consumer Protection Act, 1986 is an additional remedy for consumers and not in derogation of remedy available under Section 8-B of the Indian Telegraph Act, 1885....

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Copy of FIR to accused cannot be refused except in sensitive cases

Titash Banik Vs State of Chhattisgarh (Chhattisgarh High Court)

In case a copy of the FIR is not provided on the ground of sensitive nature of the case, a person grieved by the said action, after disclosing his identity, can submit a representation to the Superintendent of Police or any person holding the equivalent post in the State....

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Custom notification on TRQ benefit (duty free) for import of raw sugar

Notification No. 13/2017-Customs (13/04/2017)

1. Time line for availing TRQ benefit (duty free) for import of raw sugar [1701] has been extended from 12.06.2017 to 30.06.2017. 2. Actual user condition has been prescribed for importing raw sugar at Nil rate, availing TRQ benefit for manufacture of white/ refined sugar....

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Banks to celebrate June 5-9, 2017 as Financial Literacy Week

RBI/2016-17/275 FIDD.FLC.BC.No.27/12.01.018/2016-17 (13/04/2017)

The literacy week will focus on four broad themes, viz. KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital (UPI and *99#). ...

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Salient features of revised PCA framework for banks

RBI/2016-17/276 DBS.CO.PPD. BC.No.8/11.01.005/2016-17 (13/04/2017)

The provisions of the revised PCA framework will be effective from April 1, 2017 based on the financials of the banks for the year ended March 31, 2017. The framework would be reviewed after three years....

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Inclusion of “Derivatives on Equity shares” – IFSC

Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2017/31 (13/04/2017)

Clause 7 of SEBI (IFSC) Guidelines, 2015 specifies the types of securities in which dealing may be permitted by stock exchanges operating in IFSC....

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Transforming Indian Railways with the OneICT Programme

The Indian Railways have come a long way since the chugging of the first train on Indian soil in April of 1853. India has always looked at the Railways as a vital infrastructure enabling it to deliver goods and services for the growing economy. However, meeting the requirements of fast growing economy is a challenge....

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Object of parole is to rehabilitate the convicted prisoner

Rakesh Shende Vs State of Chhattisgarh (Chhattisgarh High Court)

Application for temporary leave (parole) has to be decided by District Magistrate keeping in view that the object of parole is to rehabilitate the convicted prisoner....

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Notification No. 39/2017-Customs (N.T.), Dated: 13.04.2017

Notification No. 39/2017-Customs (N.T.) (13/04/2017)

Tariff Notification No. 39/2017-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Notification No. 38/2017-Customs (N.T.), Dated: 13.04.2017

Notification No. 38/2017-Customs (N.T.) (13/04/2017)

Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.78/2014- Customs (N.T.), dated the 16th September, 2014, published vide number G.S.R. No. 655 (E), dated the 16th September, 2014, namely:-...

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CENVAT Credit (Second Amendment) Rules, 2017

Notification No. 10/2017-Central Excise (N.T.) (13/04/2017)

Seeks to amend CENVAT credit Rules, 2004 to allow the importer of the goods to take Cenvat credit on basis of the challan of payment of service tax by the said importer on the services provided by a foreign shipping line to a foreign charterer w.r.t. goods destined for India....

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IRDA Circular on Point of Salesperson (POS) Database

IRDA/Int/POS/GDL/PSP/084/04/2017 (13/04/2017)

As you are aware the Authority has issued amendments to the Point of Salesperson (POS) guidelines on 16.03.2017. wherein an insurer or insurance intermediary proposing to engage the POS person shall ensure that the applicant is not engaged as POS with any other insurer or insurance intermediary by cross checking with the database housed i...

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RFP for GST Consultant Appointment in Bank of Baroda

RFP Reference No. BOB/BCC/RFP/GST/01/2017-18 (13/04/2017)

Request For Proposal For Engagement Of Consultant For Implementation Of Goods & Service Tax (GST) in Bank of Baroda...

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Allocation of additional quantity for export of sugar to USA under TRQ

Trade Notice No. 02/2018-DGFT (13/04/2017)

USDA Foreign Agriculture Service has increased the non-country specific Tariff Rate Quota (TRQ) for refined sugar to 2,02,000 MTRV (metric tons raw value) by adding another 40,000 MTRV of speciality sugar, which is available for exporters from all WTO countries for the US fiscal year 2017 (October 1, 2016 to September 30, 2017)....

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Centralized Processing Centre (CPC) gets unique Pincode

A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” for the purpose of submission of ITR-V forms and other document...

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IRDA (Insurance Web Aggregators) Regulations, 2017

Notification No. F. No. IRDAI/Reg/4/141/2017 (13/04/2017)

(a) These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulations, 2017...

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CBEC Chairman on Implementation of GST

The GST Council has in its 13th meeting held on 31.03.2017, approved nine Rules which have been put in the public domain. The same are available on the departmental website....

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Fast Track Merger Under Companies Act, 2013

Section 233 of the Companies Act, 2013 provides for Fast Track Approach for merger and amalgamation between two small companies* or between holding company and its wholly owned Subsidiary Company....

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Service Tax on Import / Export of goods by a vessel

Notification No. 15/2017-Service Tax (13/04/2017)

Seeks to amend notification No. 30/2012-ST dated 20.06.2012 so as to specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in […]...

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Point of Taxation (Amendment) Rules, 2017

Notification No. 14/2017-Service Tax (13/04/2017)

Insertion of Rule 8B in Point of Taxation Rules, 2011 for Determination of point of taxation in case of services provided by a person located in non-taxable territory to a person in non-taxable territory....

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Service Tax (Third Amendment) Rules, 2017

Notification No. 13/2017-Service Tax (13/04/2017)

Seeks to amend Service Tax Rules, 1994 so as to,(i) Specify the importer as defined under clause (26) of section 2 of the Customs Act, 1962 (52 of 1962) of goods as the person liable for paying service tax in case of services provided or agreed to be provided by a person located in non-taxable […]...

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Soon Aadhaar Integration will be must for MCA21 Services

MCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders/Directors/Key Managerial Personnel/Professionals of the Institute of Company Secretaries of India-Institute of Chartered Accountants of India-Institute of Cost Accountants of Indi...

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CBDT Interim Action Plan for first Quarter of Financial Year 2017-18

F.No. 380/1/2017-IT(B) (13/04/2017)

Central Action Plan for the First Quarter i.e. (April, 2017 to June, 2017) of the FY 2017-18 for Assessment Units, (including International Taxation, Central and Exemption Charges), TDS Units Investigation Units International Taxation and Transfer Pricing Units, CIT (Appeals), Exemptions Units, Intelligence & Criminal Investigation Units...

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