The powers to compound the contraventions have also been delegated to all Regional Offices (except Kochi and Panaji) without any limit on the amount of contravention.
Central Board of Excise and Customs hereby determines rate of exchange of conversion of each of foreign currencies with effect from 03rd February, 2017.
The Institute of Chartered Accountants of India (ICAI) has released E-Flash on amendment proposed by Finance Bill 2017 i.e. Union Budget 2017-18. It Contains Ive Sections below- 1. ICAI Press Release—Union Budget 2017 2. Direct Tax Proposals—Highlights 3. International Tax Proposals—Highlights 4. Indirect Tax Proposals—Highlights 5. State Of The Economy—Major Highlights ICAI Press Release— Union […]
Definition of following terms is proposed to be incorporated in section 2 of the Customs Act, 1962: Beneficial owner, Passenger Name Record Information, Foreign Post Office and International Courier Terminal
Amendment in Central Excise Rules, 2002- Rule 21 provides for the remission of duty in case the goods have been lost or destroyed etc. A new sub-rule (2) has been inserted providing a time limit of three months [further extendable by 6 months] for granting such remission of duty from the receipt of application under this rule read with section 5 of the Central Excise Act, 1944.
A new section 96HA proposed to be inserted so as to provide for transferring the pending applications before the Authority for Advance Rulings (Central Excise, Customs and Service Tax) to the Authority constituted under section 245-O of the Income-tax Act from the stage at which such proceedings stood as on the date on which the Finance Bill, 2017 receives the assent of the President.
The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs. 1.2 lakhs to Rs. 2.5 lakhs.
ASSOCHAM congratulated PM and FM for giving a truly workman and business-like Budget, with a great focus on rural economy, small and medium enterprises, small income tax payers and importantly bringing reforms in political funding.
Union Budget 2017-18 will strengthen the economic muscle of the country It is directionally correct, fiscally prudent and strengthens the governance fabric of the nation
CS (Dr.) Shyam Agrawal, President, ICSI welcomes Union Budget 2017-18 with a focus on stimulating growth, providing relief to middle class, affordable housing, curbing black money, promoting digital economy, transparency in electoral funding and simplification of tax administration. The Budget marks a major shift owing to the preponed presentation of the Budget for the first […]
