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Archive: July, 2017

Posts in July, 2017

Mobile app GST Rates Finder to be soon available on IOS platform

July 14, 2017 1641 Views 0 comment Print

CBEC Mobile app GST Rates Finder which is available on android platform and soon will be available on ios platform as well. To install GST Rate Finder, user of Android mobile has to first open Google Play Store and in the search option has to type GST Rate Finder. There may be many more apps available with similar names. The user has to download the app with CBEC Logo i.e.

CBI arrests Principal CIT; Recovers Rs. 3.5 Crore in Cash

July 14, 2017 1653 Views 0 comment Print

CBI Registers A Case Against Principal Commissioner Of Income Tax & Others And Recovers Cash Of Rs. 3.5 Crore (Approx) & 05 KG (Approx) God During Searches

Bogus share capital: If document shows genuineness of transaction it cannot be treated as bogus for non appearance of shareholder

July 14, 2017 1878 Views 0 comment Print

The balance sheet and profit and loss account of these persons discloses that these persons had sufficient funds in their accounts for investing in the shares of the Assessee. In view of these voluminous documentary evidence, only because those persons had not appeared before the Assessing Officer would not negate the case of the Assessee.

Service Tax cannot be Levied on Chit Fund Business: SC

July 14, 2017 8460 Views 0 comment Print

In these appeals, the appellant is Union of India, which has assailed the common judgment and order dated July 14, 2008, passed by High Court of Judicature at Andhra Pradesh, in a batch of writ petitions. Those writ petitions were filed by some chit fund companies (hereinafter referred to as the ‘assessees’) assailing the validity […]

Anti Virus Security come across a new strain of Petya Ransomware

July 14, 2017 1509 Views 0 comment Print

Anti Virus Security Labs has come across a new strain of Petya Ransomware that is affecting users globally. This clearly looks like early signs of a new ransomware attack that is spreading fast across the globe.

FAQs on Banking Ombudsman Scheme, 2006

July 14, 2017 1950 Views 0 comment Print

(Updated as on July 14, 2017) Q.1 What is the Banking Ombudsman Scheme? Ans: The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by […]

Notification No. 67/2017 – Customs Dated: 14th July, 2017

July 14, 2017 4296 Views 0 comment Print

Notification No. 67/2017-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 25/2005-Customs, dated the 1st March, 2005.

Notification No. 71/2017-Customs (N.T.), Dated: 14.07.2017

July 14, 2017 3711 Views 0 comment Print

Notification No. 71/2017-Customs (N.T.), Dated: 14.07.2017 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001.

ROSL Scroll generation has been activated

July 14, 2017 14859 Views 4 comments Print

Temporary ROSL Scroll of smaller amounts (10-15 Cr.) to be generated, so that rejections, if any, does not affect major number of SBs / Exporters. One Scroll may be generated for every week starting after last ROSL scroll generation date, latest till May 2017. Drawback Officers to be directed to complete the entire process for a week’s file till final scroll generation, before starting next week’s scroll generation.

Modification in Circular related to Tax Effect for Appeal Filing

July 14, 2017 2100 Views 0 comment Print

References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into the merits of the case by relying on the definition of `tax effect’ as defined in Circular No. 21/2015, which prescribes the monetary limit for filing appeals before various appellate authorities.

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