No Penalty for non payment of self-assessment tax due to recession

Share this on WhatsApp Issue The appellant failed to deposit the self assessment tax before the due date of filing of return.The Assessing Officer imposed a penalty Held We find that in the facts of the present case the assessee is consistently pleading lack of funds on account of a sudden recession in the industry. In… Read More »

Corporate & Allied Laws Book for CA Final May 2017 by Munish Bhandari

Share this on WhatsAppCorporate & Allied Laws Book for CA Final May 2017 by Munish Bhandari Corporate & Allied  Laws Book for CA Final May 2017 by Munish Bhandari has been specially designed for the students appearing in May 2017 CA (Final) Examination of ICAI. It has been written in accordance with the latest syllabus prescribed by ICAI… Read More »

Filing Appeals – CBDT Clarification -when Revenue Audit Objection accepted

Share this on WhatsAppCBDT Issues Clarification on Filing Appeals CBDT Issued following clarification on Filing Appeals by Income tax Department against Assessee Circular No 5/2017 FTS No 279157 /ITJ Govt of India Ministry of Finance Central Board of Direct Taxes New Delhi , Dated 23rd January 2017 Subject : Measure of Reducing Litigation -Clarification on… Read More »

Presidential Award of Appreciation Certificate to 40 Officers of Customs & Excise

Share this on WhatsApp40 Officers of the Customs & Central Excise selected for Grant of Presidential Award of Appreciation Certificate for Specially distinguished Record of Service. Every year, the Officers of the Board of Customs & Central Excise, Department of Revenue are considered for grant of Presidential Award of Appreciation Certificate for ‘exceptionally meritorious service… Read More »

CPE Hour Credit – Link to upload and check CPE Hours -ICAI members

Share this on WhatsAppCPE Hour Credit -ICAI Members Check Structured and Unstructured Learning Activities Link to upload and check  CPE Hour Credit  The members are required to submit their Self-declaration in the form once in a year on or before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in… Read More »

EOI for Statutory Audit of Institute of Cost Accountants of India for 2016-17

Share this on WhatsAppEOI for Statutory Audit of Institute  Cost Accountants of India for the year 2016-17 The tender should reach the following address latest by 15:00 hours of 9th February 2017. The Director (Finance) ,CMA Bhawan, 12, Sudder Street, Kolkata-700016 Download EOI for Statutory Audit of the Institute for the year 2016-17 Share this on WhatsApp

SBI DigiVoucher: Download & Register for Cash Deposit through Mobile

Share this on WhatsAppSBI DigiVoucher : Download & Register As a part of the Green India initiative, State Bank of India has launched the DigiVoucher application. Using this application you can perform a variety of transaction from your smartphone. You can now use your smart phone to initiate these banking transactions using SBI DigiVoucher : 1)… Read More »

Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme -Notification

Share this on WhatsAppAs per the following Notification now Co operative Banks can not accept Deposits under Pradhan Mantri Garib Kalyan Deposit Scheme 2016 MINISTRY OF FINANCE (Department of Economic Affiairs) NOTIFICATION New Delhi, the 19th January, 2017 Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme,Notification No S.O. 4061 (E) S.O. 204(E).— In exercise of the… Read More »

Stewardship Code for Insurers in India 2017 -Exposure Draft

Share this on WhatsAppRef: 309/3/FandA/2016-17 Date: 19-01-2017 Exposure Draft Stewardship Code for Insurers in India The growth in the Insurance Industry in recent years has resulted in a significant increase in the Funds of insurance companies. They are also significant investors in the securities markets and act as investors on behalf of the policyholders. There… Read More »

GST Cell -in Pune to help on GST Clarification/ Guidance

Share this on WhatsAppOFFICE OF THE COMMISSIONER OF CENTRAL EXCISE, PUNE IV, ICE HOUSE, 41 ” FLOOR, 41/A, SASSOON ROAD, PUNE – 411001 TRADE NOTICE NO. 36/2016-C. Ex. Subject:- Creation of GST Cell – regarding GST is the biggest transformational business reform. Trade & Industry are important stakeholders in this historic reform and government fully… Read More »

GST Video- Value of supply under Revised Model GST Law

Share this on WhatsAppValue of supply under Revised Model GST Law Published on Jan 20, 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… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 – Amended

Share this on WhatsAppDate : Jan 20, 2017 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this Scheme shall be made by any person who declared undisclosed income… Read More »

Sections 20 & 21 w.e.f 18.01.2017 of Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

Share this on WhatsAppMINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 18th January, 2017 S.O. 176(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (44 of 2016), the Central Government hereby appoints… Read More »

Interest @ 8% for Q4 of FY 2016-17 on Special Deposit Scheme for Non-Govt Provident, Superannuation & Gratuity Funds

Share this on WhatsAppMINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th January, 2017 No.5(4)-B(PD)/2016.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with… Read More »

Tribunal under Bankruptcy code -NCLT authorizes 10 benches

Share this on WhatsAppNCLT authorizes 10 benches to exercise functions of Tribunal under Bankruptcy code Related Post on Insolvency and Bankruptcy Board of India Insolvency and Bankruptcy Code, 2016 National Company Law Tribunal Rules 2016 and NCLAT Rules 2016 Notified by MCA Insolvency and Bankruptcy Board of India w.e.f 01 oct 2016  Insolvency and Bankruptcy Board… Read More »

Revised minimum rates of wages -Notified by Govt w.e.f 19.01.2017

Share this on WhatsAppRevised Minimum Rates of wages MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 19th January, 2017 S.O. 186(E).—Whereas the draft proposal to revise the minimum rates of wages per day payable to the Schedule mentioned categories of employees engaged in the employment of Agriculture was published in the Gazette of India,… Read More »

Video Tutorial- Refresher Course on Ind AS

Share this on WhatsAppRefresher Course on Ind AS Refresher Course on Ind AS Part-1 Published on Dec 29, 2016 Refresher Course on Ind AS Part-2 Refresher Course on Ind AS part-3 Refresher Course on Ind AS Part 4 Refresher Course on Ind AS Part-5 Refresher Course on Ind AS part-6 Published on Dec 30, 2016… Read More »

ITC (HS) 2017 – Schedule-1 (Import Policy) notified by DGFT

Share this on WhatsAppGovernment of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan Notification No. 36/2015-2020 New Delhi, Dated: 17 January, 2017 Subject: Notification of ITC (HS), 2017 – Schedule-1 (Import Policy) S.O. (E): In exercise of powers conferred by Section 5 of the Foreign Trade (Development… Read More »

RBI Master Directions on Access Criteria for Payment Systems

Share this on WhatsAppMaster Directions on Access Criteria for Payment Systems RBI/DPSS/2016-17/51 Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 January 17, 2017 The Chairman/ Managing Director/ Chief Executive Officer All Scheduled Commercial Banks including RRBs/ Urban Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Banks/ Payment Banks/ Small Finance Banks/ Primary Dealers/ Authorised Payment System Providers Dear Sir, Master… Read More »

GST Video -Input Credit under GST

Share this on WhatsAppInput Credit under GST Published on Jan 19, 2017 on 18/01/2017 by CA Hanish S 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… Read More »

Corporate Laws -35th Edition 2017 by Taxmann -Set of 2 Volumes

Share this on WhatsAppCorporate Laws (Paperback Pocket Edition) (Set of 2 Volumes) (35th Edition 2017) Paperback – 2017 Volume 1 : Annotated Text of Companies Act 2013, Rules Framed under Companies Act 2013, Circulars & Notifications Issued under Companies Act 2013 as well as New SS-1 & SS-2, Annotation under each section. Annotated Text of… Read More »

FEMA & FDI Ready Reckoner 2017 by V.S. Datey

Share this on WhatsAppFEMA & FDI Ready Reckoner (January 2017 Edition) Paperback – 2017 by V.S. Datey (Author) Buy FEMA & FDI Ready Reckoner (January 2017 Edition) Paperback: 368 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) Language: English Contents of FEMA & FDI Ready Reckoner (January 2017 Edition) Share this on WhatsApp

Exchange Rate of Foreign Currency w.e.f 20.01.2017

Share this on WhatsAppExchange Rate of Foreign Currency Relating to Imported and Export Goods Notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs(CBEC) No.1/2017-CUSTOMS (N.T.), dated 05th January, 2017, except as respects… Read More »

Rule 114E.- Updated List Transactions to be reported

Share this on WhatsAppTransactions to be reported under Rule 114E. Updated List-Transactions to be reported under Rule 114E. Nature and value of transactions to be reported under Rule 114E. CBDT Notification 1/2017 Sl. No. Nature and value of transaction Class of person (reporting person) (1) (2) (3) 1. (a) Payment made in cash for purchase… Read More »

Schema of Form 61A

Share this on WhatsAppSchema of Form 61A Download Scheme of FORM61A Release Date 17.01.2017 by Income Tax Department Share this on WhatsApp

Statement of financial transactions -Procedure for registration& submission

Share this on WhatsAppProcedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 1 of 2017 New Delhi,… Read More »

Transaction Codes for Preparation of SFT (Financial Transactions) u/s 285BA Rule 114E

Share this on WhatsAppTransaction Codes for Preparation of SFT u/s 285BA Rule 114E Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash SFT- 002: Purchase of… Read More »

SFT Report Generation Utility Quick Reference Guide

Share this on WhatsAppSFT Report Generation Utility Quick Reference Guide [Statement of Financial Transaction (SFT) Report ] 1 Downloading the utility 1. Go to e-filing portal at https://incometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) tab under the Downloads section. 3. Click on the Download link against Form 61A to download the Utility. It… Read More »

Draft Aircraft (Security) Amendment Rules 2017

Share this on WhatsAppMINISTRY OF CIVIL AVIATION NOTIFICATION New Delhi, the 11th January, 2017 G.S.R. 37(E). ––Whereas, the following draft of certain rules to amend the Aircraft (Security) Rules, 2011 which the Central Government proposes to make in exercise of the powers conferred by section 4, read with section 5 of the Aircraft Act, 1934… Read More »

Govt of India advisory on fraudulent e-mails

Share this on WhatsAppDepartment of Consumer Affairs issues an advisory on fraudulent e-mails It has come to the notice of Department of Consumer Affairs, Government of India that consumers are receiving e-mails from fraudulent people asking for payment as security amount, etc.  on behalf of this Department. Consumers are advised that the Department of Consumer Affairs… Read More »