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NSDL Operational guidelines on transfer of shares to IEPF Authority

November 2, 2017 6426 Views 0 comment Print

Further to Circular No. NSDL/CIR/II/4/2017 dated April 28, 2017 regarding transfer of shares to the demat account of IEPF Authority, attention of Issuers/R&T Agents is invited to notification of Ministry of Corporate Affairs vide its General Circular no. 12/2017 dated October 16, 2017 wherein the Ministry has notified demat account opened by IEPF Authority in NSDL system through Punjab National Bank having DP ID: IN300708 and Client ID 10656671.

Rate of exchange of conversion of foreign currency wef 03.11.2017

November 2, 2017 909 Views 0 comment Print

Notification No. 103/2017-Customs (N.T.) CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 3rd November, 2017, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

GST Impact on Service Sector

November 1, 2017 20907 Views 0 comment Print

Service sector is gaining much more importance day by day when it comes to revenue collection, contribution to GDP and employment. Service sector constitutes for more than 50% of Nation’s GDP.

Section 271AAA(2) nowhere mandates offering of undisclosed income in return of income

November 1, 2017 1956 Views 0 comment Print

Income declared cannot be called retraced if same was included in 2nd revised return but not in Original and First Revise Return further Sec. 271AAA(2) not mandates offering of undisclosed income in return of income.

Discontinuing requirement for physical copies of certain documents at Custom House

November 1, 2017 828 Views 0 comment Print

Discontinuing requirement for physical copies of certain documents (OOC copy, delivery order issued by shipping line, proof of payment of stamp duty), presently being collected by Terminal Operators for DPD delivery from Port Terminal, reg

Society allowing Loan to non-members cannot claim deduction U/s. 80P

October 31, 2017 3852 Views 0 comment Print

The only issue in the present appeal is whether the respondent- assessee co-operative society is entitled for deduction u/s. 80P of the Act. The respondent- assessee is registered under the Karnataka Co-operative Societies Act. According to the respondent- assessee, the primary activity of the assessee is only to provide credit facilities to its members and therefore it is not a co-operative bank.

Role of CMA- GST Era

October 31, 2017 6162 Views 2 comments Print

Non-controversial: needs and truths; effective implementation of GST for Nation building, thrust and role of professionals for the same. Yes the entire word is looking at India for the desired success of getting it’s implemented achieving the desired benefits

Operational Guidelines & File Formats for Transfer of Shares to Demat A/c of IEPF Authority

October 31, 2017 4284 Views 0 comment Print

Issuers/RTAs are advised to refer to communiqué no CDSL/OPS/RTA/POLCY/2017/63 dated October 17, 2017 regarding notification and circular issued by Ministry of Corporate Affairs for transfer of shares to IEPF account.

Tariff Notification No. 101/2017-Customs (N.T.) dated 31.10.2017

October 31, 2017 1281 Views 0 comment Print

Notification No. 101/2017-CUSTOMS (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

Invocation of rule 8D justified if exempt income is earned

October 30, 2017 624 Views 0 comment Print

Outsource Partners International (P.) Ltd. Vs DCIT (ITAT Bangalore) It was not a case where no exempted income is earned and AO applied rule 8D for as rule 8D of Income Tax Rules takes care of all aspects of interest bearing funds and interest free funds and expenditure incurred in management of portfolios, etc., once […]

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