"04 May 2017" Archive

No need to Submit FATCA Self-Certification Form for your PRAN under NPS

As per the latest instruction received from PFRDA/NPS Trust, PRAN would not be blocked on account of non-submission of FATCA Self-Certification. PFRDA / NPS Trust will issue revised guidelines on FATCA shortly....

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Posted Under: Income Tax |

Download E-filing Utility for ITR 1, 2, 3, 4, 5, 6, 7 for A.Y. 2017-18

Income Tax Department has released Income Tax Return Utility for Assessment Year 2017-18 / Financial Year 2016-17 for ITR 1, ITR 2, ITR 3 and ITR 4 (SUGAM), ITR 5, IT 6. ITR 7 in both Java and Excel Format....

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Posted Under: Income Tax |

Aadhaar not must for pension claim in North Eastern states till 30.09.2017

No: Pension- Pen-I/17(10)2016-17/Jeevan Pramaan/2609 (04/05/2017)

It has been decided that aadhaar may not be insisted for pension (10 D) claims for members working in establishments located in the North Eastern states till 30.09.2017....

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Transaction Value & Valuation Rule under GST

To determine the value on which GST would be levied has been described in the Chapter IV of CGST ACT, 2017. The Provision says that there are five items such as taxes under other statutes, interest or late fee for the delayed payment of consideration, incidental expenses, subsidy etc, which should be included in the transaction value. The...

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Posted Under: Income Tax |

Removal of Names of Companies by RoC

Removal of Names of Companies by the Registrar of Companies (Roc) from the Register of companies maintained by RoC Section 248 to 252 of the Companies Act, 2013 (the Act) read with the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 deals with removal of names of the Companies from […]...

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Posted Under: Income Tax |

Steps for changing registered office from one state to another state

For changing the registered office from one state to another, the company needs to amend the MOA. 1. A special resolution needs to be passed by the company for alteration in the MOA. This special resolution also needs to be filed to the ROC in Form MGT-14 within 30 days of passing the resolution....

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Posted Under: Income Tax |

GST Impact on Textile Industries

An important determinant of the tax incidence under GST will be the GST rate applicable to the textile segments. While the final GST rates are yet to be announced, even at the 12% lower rate recommended by the Dr. Arvind Subramanian Committee, the textile sector is likely to be negatively impacted....

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Posted Under: Income Tax |

Reimbursements in GST-Whether Taxable

any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government;...

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Posted Under: Income Tax |

All about GSTR-3 Consolidated return with FAQs

GSTR-3 is a consolidated return filed by the taxpayer based on GSTR-1 and GSTR-2. GSTR-3 provides the details of tax liability for a given tax period and details of tax paid. GSTR-3 provides details of gross turnover, export turnover, exempted domestic turnover, Nil rated turnover, Non GST turnover and Net taxable turnover....

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Posted Under: Income Tax |

All about Electronic Cash Ledger under GST regime with FAQs

The Electronic Cash Ledger contains a summary of all the payments made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST, and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee, and Others. It can be accessed under in the post-login mode on the GST portal...

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Posted Under: Income Tax |

All about GSTR 2 return (Statement of Inward Supplies) with FAQs

Receiver taxpayers are required to file GSTR 2 return (Statement of Inward Supplies) on a monthly basis in which they can accept, modify, reject, or keep pending the invoice level outward supplies information furnished by the supplier taxpayer in the GSTR 1 to prepare the details of inward supplies and credit or debit notes....

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Posted Under: Income Tax |

All about GST Invoice Upload Offline Utility

Invoice Upload Offline Utility 1. How can I download and install the GST Offline Utility tool on my system from the GST Portal? 1. Login to the beta testing Portal https://www.prod.gst.gov.in and download Offline Utility. 2. Go to Downloads > Offline Utilities > Returns Offline Utility > Download button. 3. Unzip the downloaded Z...

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Posted Under: Income Tax |

GST: FAQs on Login & DSC, Register / Update DSC

Login & DSC: Overview 1. Do I need to register my DSC before I can use it on the GST Portal to digitally sign any documents? Yes, you must register your DSC before you can digitally sign any document on the GST Portal. 2. Is it mandatory for me to use DSC or can I […]...

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Posted Under: Income Tax |

Goods & Services Tax (GST) (Status as on 01st May, 2017)

PRESENTATION PLAN :- WHY GST : BENEFITS, EXISTING INDIRECT TAX STRUCTURE, FEATURES OF CONSTITUTION AMENDMENT ACT, GST COUNCIL, MAIN FEATURES OF GST LAW, GSTN, ROLE OF CBEC, WAY FORWARD...

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Posted Under: Income Tax |

Key Features of Cabinet approved National Steel Policy 2017

The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry....

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Posted Under: Income Tax |

IBBI constitutes Committee to lay down Technical Standards

The Insolvency and Bankruptcy Board of India (IBBI) constitutes Technical Committee to lay down Technical Standards for the performance of core services and other services under IBBI (Information Utilities) Regulations, 2017...

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Posted Under: Income Tax |

Cabinet approves modifications in 7th CPC pay & pension benefits

Union Cabinet chaired by Prime Minister Shri Narendra Modi approved important proposals relating to modifications in 7th CPC (Central Pay Commission) recommendations on pay and pensionary benefits in course of their implementation. ...

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Posted Under: Income Tax |

States urged to notify RERA expeditiously

Mr. Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing and Urban Poverty Alleviation, today urged the states to complete the process of notification and appointment of full-time regulators at the earliest for Real Estate Regulation Act (RERA) to positively impact the sales and industry’s profit....

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Posted Under: Income Tax |

Section 40(a)(ia) paid vs payable controversy settled by SC

M/s Palam Gas Service Vs Commissioner of Income Tax (Supreme Court of India)

Section 40(a)(ia) covers not only those cases where the amount is payable but also when it is paid. In this behalf, one has to keep in mind the purpose with which Section 40 was enacted and that has already been noted above. ...

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Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2017

G.S.R. 438(E) (04/05/2017)

(1) This Scheme may be called the Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2017. (2) It shall come into effect from the date of its publication in the Official Gazette....

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Amendment in rule for Disbursement of pension and other benefits

G.S.R. 437(E) (04/05/2017)

Disbursement of pension and other benefits.- (1) The Commissioner shall, with the approval of the Central Board, enter into arrangement for the disbursement of pension and other benefits under this Scheme with disbursing agencies like post office or nationalised banks or Treasuries or scheduled commercial banks including regional rural ba...

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Employees’ Provident Funds (Sixth Amendment) Scheme, 2017

Notification No. G.S.R. 436(E) (04/05/2017)

The payment may be made to the person, to whom payment is to be made, through electronic or digital funds transfer system of any Scheduled commercial bank or any post office...

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Tax Exemption on ‘Pradhan Mantri Vaya Vandana Yojana’ Services

Notification No. 17/2017-Service Tax (04/05/2017)

Seeks to amend notification No. 25/2012-ST dated 20.06.2012 so as to exempt life insurance services under 'Pradhan Mantri Vaya Vandana Yojana'....

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Customs Rate of foreign currency exchange WEF 5th May, 2017

Notification No. 43/2017-Customs (N.T.) (04/05/2017)

Customs Rate of exchange of conversion of the foreign currency with effect from 5th May, 2017 as notified by CBEC vide Notification No. 43/2017 - Customs (N.T.) dated the 4th May, 2017...

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President Assents Taxation Laws (Amendment) Act, 2017

No. 18 of 2017 (04/05/2017)

Taxation Laws (Amendment) Act, 2017 been assented by President to amend Customs Act, 1962, Customs Tariff Act, 1975, Central Excise Act, 1944, Central Sales Tax Act, 1956, Finance Act, 2001 and Finance Act, 2005 and to repeal certain enactments....

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CBI arrests Mumbai CIT & 5 others in alleged bribery case & recovers Rs. 1.50 crore

The Central Bureau of Investigation has arrested a Commissioner of Income Tax (Appeals-30), Mumbai (An IRS Officer of 1992 Batch) and five others including MD of a Group of Companies based at Mumbai; Accounts Officer of said private company; a Chartered Accountant; a Real Estate Trade Agent & his relative (private person) in an alleged br...

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Posted Under: Income Tax |

Real Estate Act 2016: Governor to Exercise Powers for Union Territories

S.O.1394(E) (04/05/2017)

President hereby directs that the powers and the functions of the appropriate Government under the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), other than the powers under section 82 and section 84...

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President assents Banking Regulation (Amendment) Ordinance, 2017 on NPA

No. 1 of 2017 (04/05/2017)

Banking Regulation (Amendment) Ordinance, 2017 enables the Union Government to authorize RBI to direct banking companies to resolve specific stressed assets (NPA)...

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Lieutenant Governor to exercise Power under Real Estate Act 2016 in Delhi

S.O. 1395(E) (04/05/2017)

Powers of the appropriate Government under Real Estate (Regulation and Development) Act, 2016 (16 of 2016) shall, subject be exercised, in relation to Delhi, by the Lieutenant Governor thereof....

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RERA: A Gold for Real State Sector

Real Estate sector is the most revenue generating sector in India. But there is no regulatory Authority to regulate it. Because of which the project gets delayed unnecessary and buyers have to face problems. It is the sector in which black money generation is very much high. ...

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Posted Under: Income Tax |

Preliminary Steps for Incorporation of Private Limited Company In India

If the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act, then it is mandatory to attach the trademark registration certificate or trademark application copy...

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Posted Under: Income Tax |

Impact of GST on E-Commerce

Every electronic commerce operator, and every person supplying goods and services through electronic commerce operator (except service providers rendering services through service aggregators notified as discussed above) shall not be eligible for threshold exemption. ...

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Posted Under: Income Tax |

Brief Overview of Goods and Service Tax (GST)

The GSTN is developing a common GST portal and applications for registration, payment, return and monthly information system reports. The GSTN would also be integrating the common GST portal with the existing tax administration. IT systems and would be building interfaces for tax payers. Further the GSTN is developing back end modules lik...

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Posted Under: Income Tax |

Work Contract-Sale Vs Service to Continue in GST Regime

The centre of the litigation was the valuation of such service. Both the laws provided independent valuation measures and that is why the situation of double taxation occurred. VAT and service tax was being paid on the same value. Various judicial pronouncements having immense significance were rendered from time to time like the decision...

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Posted Under: Income Tax |

Some useful exam tips from CA, CS, CMA Navneet Saraf

First of all, I would like to request my fellow future professionals to focus on the concepts. If you are clear on your concepts, you can answer what have been asked to you in the question instead of just writing what all you know. Moreover, if your concepts are clear, it will take you lesser time when you are revising....

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Posted Under: Income Tax |

RBI proposed draft regulations for Cross Border Mergers

The Reserve Bank of India (RBI) on 26th April, 2017 proposed draft of Foreign Exchange Management (Cross border Merger) Regulations, 2017 under Foreign Exchange Management Act, 1999 in relation to cross border mergers and is accepting public comments till 9th May, 2017....

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Posted Under: Income Tax |

Download Rajasthan Goods and Services Tax Act, 2017

THE RAJASTHAN GOODS AND SERVICES TAX BILL, 2017- An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Rajasthan and the matters connected therewith or incidental thereto....

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Posted Under: Income Tax |

A prick in time saves life

While there may be naysayers and people who doubt these efforts and cast aspersions on the government’s immunization program, fact is the vaccines save lives. And we are committed to enabling every child to get an opportunity to lead a healthy life. Through our work guided on science and innovation, keenly supported by evidence and insi...

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Posted Under: Income Tax |

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