It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.
SIT has recommended that there should be a total ban on cash transactions above Rs. 3,00,000 and an Act be framed to declare such transactions as illegal and punishable under law. SIT has also suggested an upper limit of Rs. 15 lakhs on cash holding.
In this update I would be discussing briefly about the definition of Electronic Commerce, Electronic Commerce operator under Draft GST Law and definition of Electronic Commerce under OECD Guidelines.
Government has decided to revise the time schedule for making payments under the Income Declaration Scheme 2016 as under: (i) a minimum amount of 25% of the tax, surcharge and penalty to be paid by 30.11.2016; (ii) a further amount of 25% of the tax, surcharge and penalty to be paid by 31.3.2017; and (iii) the balance amount to be paid on or before 30.9.2017.
SEBI had notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015. A time period of ninety days had been given for implementing the Regulations. However, two provisions of the regulations, which are facilitating in nature, were applicable with immediate effect i.e. w.e.f September 2, 2015.
This article is in continuation of our earlier article Service tax implications on freight forwarding and logistics industry. The Government’s efforts to release the Model GST Law in June 2016 is an admirable effort towards introduction of the much awaited Goods and Services Tax (‘GST’). Certain business processes like registration, payment, refund and filing of return were already released earlier.
Personal financial management is a matter that almost everyone has to deal with at some point in our lives. Your money and the way you manage it are the two most important things in life. Since these are the factors that influence the way you live, the people you meet and almost all other things […]
Cost audit report means the duly signed cost auditor’s report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report
The Special Judge, CBI Cases, Karkardooma Courts, Delhi has sentenced Sh. K.K. Mishra, then Chief Manager, State Bank of Saurashtra, Lodhi Road, New Delhi & Sh. V.B. Borar, Chartered Accountant (private person), both to undergo five years Simple Imprisonment with fine of Rs. 10 lakh each
Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent.of the latter in all other cases
