Cabinet approves Listing at stock exchange of Govt owned General Insurance Companies

Share this on WhatsApp Cabinet approves Listing of Government owned General Insurance Companies at the stock exchanges The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its ‘in principle’ approval  for listing the following five Government owned General Insurance Companies in the stock exchanges.  These are: (i)                 The… Read More »

Modified Special Incentive Package Scheme – Cabinet approves amendment

Share this on WhatsAppCabinet approves amendment in Modified Special Incentive Package Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of ‘ Net Zero imports’ in… Read More »

Cabinet approves repealing of 105 obsolete and redundant laws

Share this on WhatsAppCabinet approves the repealing of the obsolete and redundant laws The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Repealing and Amending Bill, 2017 to repeal 105 Acts. Background: The two Member Committee constituted by the PMO, the Law Commission of India… Read More »

12 FAQ’s on PMGKY 2016 released by CBDT

Share this on WhatsAppCircular No.2 of 2017 F.No.142/33/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 18th of January, 2017 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016… Read More »

Comments Invited on Consolidated FDI Policy we.f 07.june.2016

Share this on WhatsAppConsolidated Foreign Direct Investment Policy Circular of 2017 – inviting comments from stakeholders Department of Industrial Policy & Promotion issued a ‘Consolidated FDI Policy Circular (Circular 1 of 2010)‘ on 31/03/2010, compiling all the information on FDI policy at one place. The Circular subsumed all the earlier Press Notes/ Press Releases/ Clarifications… Read More »

CA Final November 2016 Pass Percentage

Share this on WhatsAppCA Final November 2016 Pass Percentage ttempt Group No. Of Candidate Appeared No. of candidates cleared pass percentage CA Final November 2016 Pass Percentage Both 36768 4256 11.57% CA Final Nov 2016. Group – 1. 37200 2655 07.14% CA Final Nov 2016. Group – 2. 36896 4545 12.32% CA Final may 2016… Read More »

Ministry of Corporate Affairs updates dated 18.01.2017

Share this on WhatsAppMinistry of Corporate Affairs updates dt. 18.01.2017 Forms ADJ, DIR-6 and 23AC are likely to be revised on MCA21 Company Forms Download page w.e.f 19th Jan 2017. Stakeholders are advised to check the latest version before filing. Revised INC-7 form for incorporating Part 1 companies and companies with more than 7 Subscribers… Read More »

Rounding off of tax under GST

Share this on WhatsAppRounding off of tax under GST As per Section 160 of Revised Model GST Law, 160. Rounding off of tax etc.  The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of the Act shall be rounded off… Read More »

Tax sparing credit

Share this on WhatsAppTax sparing credit The Hyderabad Bench of the Income-tax Appellate Tribunal held that: (1) the “ tax sparing ” credit is allowed on the interest income under the India-Cyprus income tax treaty; (2) payment for clinical trials is not taxable as “fees for technical services” under the India-United States income tax treaty;… Read More »

PANs and reporting of cash transactions

Share this on WhatsAppPANs and reporting of cash transactions The Central Board of Direct Taxes issued guidance with respect to permanent account numbers (PANs) reflecting the links to bank accounts with PAN/Form No. 60. The rules were also amended to provide details of bank accounts in which cash deposits were made during the demonetisation period… Read More »

Foreign tax credit allowed gross receipts basis

Share this on WhatsAppForeign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ”… Read More »

Depreciation on goodwill -When claim not made in Return – Case Law

Share this on WhatsAppDepreciation on goodwill The Ahmedabad Bench of Income Tax Appellate Tribunal allowed the taxpayer’s claim of depreciation on goodwill under Section 32 of the Income-tax Act, 1961 (even though the claim was not made by the taxpayer on an amended return, but was made during the course of assessment proceedings). The case… Read More »

Employees not covered with EPFO but covered with ESIC : EPFO Circular

Share this on WhatsApp Difference in EPFO ESIC registered employee Difference in EPFO ESIC registered employee membership. EPFO to conduct meetings with employers to bring employees under coverage Employees Provident Fund Organisation MINISTRY OF LABOUR & EMPLOYMENT GOVERNMENT OF INDIA Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place, New Delhi-110066 No.CAIU/011(67)2016/EPFO-ESICDATA/17617 Dated: 16/01/2017 To All RPFCs (In… Read More »

EPFO Circular on Employees Enrolment Campaign 2017

Share this on WhatsAppEmployees Provident Fund Organisation No. C-I/4(1)2017/Enrolment Campaign Date 17.01.2017 Subject: Employees Enrolment Campaign 2017 from 01.01.2017 to 31.03.2017 Related Post on Employees Enrolment Campaign 2017 Share this on WhatsApp

Suspension of Circular on Indirect Transfer provision under Income Tax Act 1961

Share this on WhatsAppClarification on Indirect Transfer provision under the Income Tax Act, 1961   Circular No. 41/2016 was issued on 21 December, 2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. The stakeholders have presented… Read More »

Comment invited on Information Utilities by Insolvency and Bankruptcy Board

Share this on WhatsAppInsolvency and Bankruptcy Board of India invite public comments on draft regulations on Information Utilities. The Ministry of Corporate Affairs had set up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group- 4 had a mandate to deliberate and submit its recommendations on rules, regulations… Read More »

CA Final November 2016 Pass Percentage / CPT December 2016 Pass Percentage

Share this on WhatsAppCA Final November 2016 Pass Percentage The results of the Chartered Accountants Final Examination, November 2016 declared by ICAI on 17.01.2017 . The details of percentage of candidates passed in the above examination is given below: Pass Percentage CA Final November 2016 Candidates applied for No. of candidates appeared No. of candidates… Read More »

Withdrawal of Old bank Notes – RBI Updated FAQ till 17.01.2017

Share this on WhatsAppWithdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs 500 and Rs 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 (Updated as on January 17, 2017) 1. Why was the Scheme of Withdrawal of Legal Tender Character of the old Bank Notes in… Read More »

Important legal maxim with Case Laws

Share this on WhatsAppLEGAL MAXIMS AND PHRASES Introduction: A legal maxim or legal phrase elucidates or expounds a legal principle, proposition or concept. There are many legal maxims, which are commonly used. This chapter selectively seeks to explain some maxims/phrases, which are relevant to tax context. An attempt is made to not only state the… Read More »

GST Video- Important Legal Maxims (With Examples) can be used in GST

Share this on WhatsAppImportant Legal Maxims (With Examples) Published on Jan 16, 2017 Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply & Valuation Rules (3rd technical… Read More »

CA Final and CPT result declared on 17.01.2017

Share this on WhatsAppResult of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.-(17-01-2017) Share this on WhatsApp

Chartered /Cost Accountant Empanelment for Internal Audit for FY 16-17 in IRCON

Share this on WhatsAppChartered /Cost Accountant Empanelment for Internal Audit 2016-17 in Ircon International Limited Last Date : Jan 31, 2017 Appointment of Firms/LLP of Chartered / Cost Accountants to conduct the Internal Audit in IRCON International Limited for FY 16-17 (period 01.12.2016 – 31.03.2017) Address: New Delhi – Delhi Download Complete Documents on Chartered /Cost Accountant Empanelment… Read More »

Comments on amendments to IAS 12 ( Income Taxes ) ,IAS 23 ( Borrowing Costs) and IAS 28 (Investments in Associates and Joint Ventures.)

Share this on WhatsAppAnnual Improvements to IFRS® Standards 2015–2017 Cycle – (16-01-2017) Exposure Draft issued by the International Accounting Standards Board (the Board) on proposed amendments to three Standards for public consultation as part of its annual improvements process. The document contains proposed amendments to IAS 12 Income Taxes, IAS 23 Borrowing Costs and IAS… Read More »

DVAT and CST – Grant of Registration in one day

Share this on WhatsAppDEPARTMENT OF TRADE & TAXES, GOVT. OF NCT OF DELHI (POLICY BRANCH) VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI No F.3 (521)/Policy/VAT/2015/1046-51  CIRCULAR NO. 20 OF 2016-17 Dated 13/01/2017 Subject:- Grant of Registration under DVAT and CST In partial modification of this department’s Circular No 06 of 2016-17 Dt 17-05-2016 and in keeping… Read More »

CA Final May 2017 -Applicable Standards/Guidance Notes/ Amendments

Share this on WhatsAppApplicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Final Examination Paper 1: Financial Reporting I. Framework for the Preparation and Presentation of Financial Statements. II. Accounting Standards AS No. AS Title 1 Disclosure of Accounting Policies 2 Valuation of Inventories 3 Cash Flow Statements 4 Contingencies and Events Occurring after… Read More »

Video Lectures on Insolvency and Bankruptcy Code 2016

Share this on WhatsApp Insolvency and Bankruptcy Code 2016 Video Lectures -1 on Insolvency and Bankruptcy Code 2016 Video Lecture 2A on Insolvency and Bankruptcy Code 2016 Video Lecture 2B on Insolvency and Bankruptcy Code 2016 Video Lecture 2C on Insolvency and Bankruptcy Code 2016 Video Lecture 2D on Insolvency and Bankruptcy Code 2016 Video Lecture… Read More »

The Citizenship (Amendment) Bill 2016 -Video Discussion

Share this on WhatsAppThe Citizenship (Amendment) Bill 2016 Published on Oct 28, 2016 Hindus, Jains, Sikhs, Buddhists, Parsi, and Christian community members who are minorities in Afghanistan, Pakistan and Bangladesh may become Indian citizenship more easily. The citizenship amendment bill 2016 empowers and simplifies the stringent criteria granting citizenship to group. Now the proposals will… Read More »

Arrest Provisions under GST

Share this on WhatsAppAmit Mitra After GST Council 9th Meeting Speaking on Arrest Provisions under GST Share this on WhatsApp

GST Council 9th Meeting – Key Decisions

Share this on WhatsAppGST Council 9th Meeting – Key Decisions GST Council 9th Meeting was held on 16.01.2017 [ watch Address by Arun Jaitlely after GST Council 9th meeting ] . Following are the Key Points GST Implementation Date in India India will likely be able to roll out the goods and services tax (GST)… Read More »

IDS 2016- Condonation of delay in Payment of Tax

Share this on WhatsApp Instruction No. 2 of 2017 F.No.142/8/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *** New Delhi, the 16th January, 2017 To, All Principal Chief Commissioners of Income-tax Sub.: The Income Declaration Scheme 2016 – reg. Representations have been received from field authorities and stakeholders… Read More »

Export Policy of Animal By-Products revised

Share this on WhatsAppMINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) Notification New Delhi, the 13th January, 2017 No. 34 /2015-2020 Subject : Export Policy of Animal By-Products. S.O. 131(E).—In exercise of powers conferred by Section 3 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992), as amended, read with Para… Read More »

Child Adoption Regulations 2017 w.e.f 16.01.2017

Share this on WhatsAppAdoption Regulations 2017 Dated 15th January, 2016 Adoption Regulations, 2017 to become operational from tomorrow The Adoption Regulations to further strengthen the adoption programme in the country Adoption Regulations, 2017 framed by ‘Central Adoption Resource Authority’ (CARA) as mandated under section 68 (c) of Juvenile Justice (Care and Protection of Children) Act,… Read More »

SEZ India Mobile App launched by Commerce Ministry

Share this on WhatsAppApp named ‘SEZ India’ launched by Commerce Ministry A Mobile app named “SEZ India” has been launched by the Commerce Secretary on 06.1.2017.  SEZ Division, Department of Commerce under its broader e-Governance initiative i.e. SEZ Online System, has developed mobile app for Special Economic Zones (SEZs). Commerce Secretary launched the app and… Read More »

HSN Code for GST -Section-1- Live animals and Animal products

Share this on WhatsAppHSN Code for GST: Section 1- LIVE ANIMALS, ANIMAL PRODUCTS Chapter 1: HSN Codes for live animals HSN Codes Item Covered 0101 LIVE HORSES, ASSES, MULES AND HINNIES 0102 LIVE BOVINE ANIMALS 0103 LIVE SWINE 0104 LIVE SHEEP AND GOATS 0105 LIVE POULTRY, THAT IS TO SAY, FOWLS OF THE 0106 OTHER LIVE… Read More »

7th meeting of SEBI International Advisory Board- 6 key issues

Share this on WhatsAppPR No. 4/2017 Seventh Meeting of the International Advisory Board of SEBI The seventh meeting of the International Advisory Board (IAB) of the Securities and Exchange Board of India (SEBI) was held on January 13 & 14, 2017. The following major issues were inter alia discussed during the meeting: i. Issues and… Read More »

SEBI Board Meeting -8 key decisions on 14.01.2017

Share this on WhatsApp PR No. 5/2017 SEBI Board Meeting The SEBI Board met in Jaipur today and took the following decisions:   I. Reduction of Fees payable by brokers by 25% and Calibration of other fees  SEBI has been following the practice of calibrating the fees either upwards or downwards as per SEBI’s requirements from… Read More »

Do not approach Politicians for Transfer / Posting – EPFO to Employees

Share this on WhatsAppEmployees’ Provident Fund Organisation Ministry of Labour & Employment, Govt. of India Head Office Bhavishya Nidhi Bhawan, 14-Bhikaji cama place, New Delhi-110066 www.epfindia.gov.in, www.epfindia.nic.in No.HRM-1./Misc./2017/26043 Dated 11.01.2017 Share this on WhatsApp