"January, 2018" Archive - Page 60

Reporting of U.S. TINs for pre-existing accounts by Financial Institutions

India and USA have signed the Inter-Governmental Agreement (IGA) under FATCA in 2015. To enhance the effectiveness of information exchange and transparency, both the sides committed to establish, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFIs) to obtain the Tax Identity Number (TIN) of each report able pe...

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Posted Under: Income Tax |

Classification of Telecommunication Antenna used at Base Transceiver Station/ NodeB/eNodeB

Instruction No. 01/2018-Customs (15/01/2018)

Board has received references regarding the classification of Telecommunication Antenna which are used at Base Transceiver Station/NodeB/eNodeB in wireless or cellular networks. ...

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CA Final and CPT result likely on 17th January 2018

The results of the Chartered Accountants Final Examination held in November, 2017 and Common Proficiency Test (CPT) held in December, 2017 are expected to be declared on January 17, 2018 around 2.00 P.M. The results and the details of marks of Final Examination and Common Proficiency Test (CPT) will be hosted on the following websites:...

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Posted Under: Income Tax |

JNCH discontinues practice of taking NOC from AC/DC for delayed bill of entry presentation

Standing Order No. 01/2018-JNCH (15/01/2018)

It has been decided to discontinue the practice of taking NOC from AC/DC, Appraising Main (Import) in case of presentation of bill of entry for more than 20 days....

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Outsourcing of Duties & Responsibilities by Insolvency Resolution Professionals – A Massive Confusion

A recent circular No. No. IP/003/2018 dated 03.01.2018 by IBBI puts virtually a complete ban on outsourcing of the activities required to be done for performing his duty and responsibility by nsolvency resolution professional. It states that – “It is hereby directed that an insolvency resolution professional shall not outsource a...

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Posted Under: Income Tax |

Input Tax Credit under new GST regime

Uninterrupted and seamless chain of input tax credit (ITC) is one of the key features of Goods and Services Tax (GST). Input Tax Credit is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under the present system of taxation, credit of taxes being levied by Central […]...

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Posted Under: Income Tax |

Tariff Notification No. 05/2018-Customs (N.T.) Dated 15th January, 2018

Notification No. 05/2018-Customs (N.T) (15/01/2018)

Notification No. 05/2018-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...

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Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...

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Posted Under: Income Tax |

Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI

In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...

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Posted Under: Income Tax |

Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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Posted Under: Income Tax |