Daily Archives: November 23, 2015

What is Service Tax

What is Service Tax ? Service tax is, as the name suggests, a tax on Services. It is a tax levied on the transaction of certain services specified by the Central Government under the Finance Act, 1994. It is an indirect tax (akin to Excise Duty or Sales Tax) which means that normally, the service… Read More »

Service Tax Return

Every assessee is required to submit a half yearly return in form S.T.3 or S.T.3A (in triplicate) along with proof of payment of tax. For the purpose of filing returns half year is counted from April to September and October to March. In case the assessee has opted for provisional payment of service tax, he… Read More »

Service Tax Registration Procedure

SIMPLIFIED REGISTRATION PROCEDURE Service Tax Registration. Section 69 of the Finance Act, 1994 [(1)] Every person liable to pay the service tax under this Chapter or the rules made thereunder shall, within such time and in such manner and in such form as may be prescribed, make an application for registrationto the [Superintendent of Central Excise]. [(2)… Read More »

What is Swachh Bharat Cess

SWACHH BHARAT CESS (SBC) FREQUENTLY ASKED QUESTIONS (FAQ) Background: Chapter VI (Section 119) of the Finance Act 2015 contains provisions for levy and collection of Swachh Bharat Cess (SBC). Now the Government has announced 15th November, 2015 as the date from which the provisions of Section 119 would come into effect (notification No.21/2015-Service Tax, dated… Read More »

Chartered Accountant/Firms to furnish PAN details to ICAI

The Institute of Chartered Accountants of India Announcement In terms of the decision taken by the Council following advice received from the Income Tax Department, the Permanent Account Number (PAN) Card details of the members and firm of chartered accountants are required to be included in the Central Database of the Institute. The members are… Read More »

Auction for Sale (Re-Issue) of Government Stock

Ministry of Finance of Govt of India on 23-November, 2015 Auction for Sale (Re-Issue) of Government Stock Government of India have announced the Sale (re-issue) of (i) “7.68 per cent Government Stock 2023” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (ii) “7.72 per cent Government Stock 2025” for a… Read More »

Mizoram to be developed as ‘ bamboo State ’

Ministry for Development of North-East Region of Govt of India 23-November, 2015 Mizoram to be developed as ‘ bamboo State ’: Dr.Jitendra Singh Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh addressing a press conference at Aizawl,… Read More »

26th November to be observed as ‘Constitution Day’

Ministry of Social Justice & Empowerment Of Govt of India  on 23-November, 2015       The Government has decided to observe 26th November as ‘Constitution Day. On the day in 1949, the constitution was adopted which came into force on January 26, 1950 marking the beginning of a new era in the history of India.  This… Read More »

Time limit for establishing ‘ Central KYC Records Registry ‘ Extended to 180 days

PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) FOURTH AMENDMENT RULES, 2015 – AMENDMENT IN RULE 9A NOTIFICATION NO. GSR 882(E) [NO.8/2015 (P.12011/15/2011-S.O. (ES CELL)], DATED 18-11-2015 In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act,… Read More »

MCA Released new Form MGT 7

COMPANIES (MANAGEMENT AND ADMINISTRATION) THIRD AMENDMENT RULES, 2015 – SUBSTITUTION OF FORM MGT 7 NOTIFICATION [F.NO.01/34/2013-CL-V-PART-I], DATED 16-11-2015 In exercise of the powers conferred under sub-sections (2) and (3) of section 92 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the… Read More »

Second proviso to section 40(a)(ia) introduced w.e.f 1.4.2013 is prospective

Fact that recipient has subsequently paid tax, will not absolve payee from consequence of disallowance under section 40(a)(ia). Second proviso to section 40(a)(ia) introduced with effect from 1-4-2013 is only prospective Note :Second proviso to section 40(a)(ia) is as follow:- Provided further that where an assessee fails to deduct the whole or any part of the… Read More »

Forex Loss on advances to be calculated at end of Financial year, loss is not to be postponed to a future date when the transaction gets crystalised

Facts of the case :- Assessee claimed an amount of Rs.12.85 lakhs as loss on foreign exchange fluctuation. The appellant had received advances for supply from foreign parties for supply of iron ore. The variation/fluctuation in the exchange rate led to a revenue loss/profit. Therefore, at the end of the accounting period i.e 31st March.… Read More »

Draft Notice of EGM ( Extra-Ordinary General Meeting )

(On the letterhead of the Company) NOTICE Notice is hereby given that the Extra-Ordinary General Meeting of ____________ Private Limited will be held on __________________(date) at ___________ (Time) . at the registered office of the Company, situated at ___________________________ to transact the following business: Special Business: To consider and if thought fit, to pass with or… Read More »

Income from offshore services isn’t taxable if provided outside India without any connection with PE in India

Income from offshore services isn’t taxable if it is provided outside India without any connection with PE in India  IHI Corporation v. ADIT [Mumbai  ITAT] ITA No. 7267 of 2012 Date of Decision: April 17, 2015 Facts of the case The assessee, a Japanese company, was a manufacturer of heavy machinery, providing technology oriented products… Read More »

Other Forms of Capital Regulations, 2015 issued by IRDAI

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] Insurance Regulatory and Development Authority of India NOTIFICATION Hyderabad, the 13th November, 2015 Insurance Regulatory Development Authority of India (Other Forms of Capital) Regulations, 2015 F. No. IRDAI/Reg/20/110/2015- In exercise of the powers conferred by Section 6A (1) (i) and Section 114A (2) (db) of the… Read More »

Guidelines on Indian Owned and Controlled for Insurance Intermediaries

Insurance Regulatory and Development Authority of India Ref:IRDA/INT/CIR/ORD/208/11/2015 Date:20-11-2015 Guidelines on Indian Owned and Controlled for Insurance Intermediaries As you are aware, the Insurance Laws(Amendment) Act, 2015 provides for “Indian Owned and Controlled” requirement for an Indian Insurance Company. The amended Act also provided for increase in the foreign investment cap in the Indian Insurance Companies… Read More »

Appointment of Auditor and Filing ADT-1

I got appointed as statutory auditor in a Private Limited Company on 25th August 2015. Previous auditor has given NOC but till now I have not filed Form ADT-1 and other ROC filing due to confusion in filing Form ADT-1. Like whether I have to attach Form ADT-3 also or not, whether I have to… Read More »

Law Officers appearance fees Rs 37500 per case per day

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs) NOTIFICATION New Delhi, the 1st October, 2015 G.S.R.885(E).—In exercise of the powers conferred by the provision to article 309 read with article 76 of the Constitution, the President hereby makes the following rules further to amend the… Read More »

Special railway project Notified by Railway

THE GAZETTE OF INDIA : EXTRAORDINARY PART II—Section 3—Sub-section (ii) NORTH WESTERN RAILWAY NOTIFICATION Jaipur, the 18th November, 2015 S.O. 3113(E).—In exercise of the powers conferred by clause (37A) of Section 2 of the Railways Act, 1989, the Central Government hereby notifies the following projects as special railway project, as mentioned in column (2) of… Read More »

26th November will be celebrated as “CONSTITUTION DAY”

THE GAZETTE OF INDIA : EXTRAORDINARY PART I—Section 1 MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT (Department of Social Justice and Empowerment) NOTIFICATION New Delhi, the 19th November, 2015 F. No. 19022/11/2015-VI (E).— Whereas the people of India, having solemnly resolved to secure to all its citizens Justice, Liberty, Equality and to promote Fraternity among all,… Read More »

Energy Conservation Rules notified by Govt

THE GAZETTE OF INDIA, EXTRAORDINARY PART II—Section 3—Sub-section (i) MINISTRY OF POWER NOTIFICATION New Delhi, the 19th November, 2015 G.S.R. 891(E).—In exercise of the power conferred by clause (i) of sub-section (2) of section 56 and section 52 of the Energy Conservation Act, 2001 (52 of 2001), the Central Government, in consultation with the Bureau… Read More »

RBI Circular on Facility for Exchange of Notes and Coins

RBI/2015-16/38 DCM (NE) No. G – 2/08.07.18/2015-16 July 01, 2015 The Chairman and Managing Director / The Chief Executive Officer All Banks Madam / Dear Sir Master Circular – Facility for Exchange of Notes and Coins Please refer to the Master Circular DCM (NE) No. G-3 /08.07.18/2014-15 dated July 01, 2014 containing instructions on the… Read More »

RBI Master Circular on Housing Finance

RBI/2015-16/46 DBR.No.DIR.BC.13/08.12.001/2015-16 July 1, 2015 Ashadha 10, 1937, (Saka) All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Master Circular – Housing Finance Please refer to the Master Circular DBOD No. Dir. BC. 18/08.12.001/2014-15 dated July 1, 2014 consolidating the instructions / guidelines issued to banks till June 30, 2014 relating to Housing Finance. This Master… Read More »

Definitive anti-dumping duty on “Carbon Black used in rubber Applications”, originating in or exported from China PR and Russia for a period of five years

Following Notification Seeks to impose definitive anti-dumping duty on “Carbon Black used in rubber Applications”, originating in or exported from China PR and Russia for a period of five years. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification… Read More »

Govt Withdraw TRQ of 15000 MT for total imports of white butter, butter oil and anhydrous milk fat(AMF) at Nil import duty

Following Notification Seeks to further amend Notification No 12/2012 -Customs dated 17.03.2012 so as to withdraw the TRQ of 15,000 MT for total imports of white butter, butter oil and anhydrous milk fat(AMF) at Nil import duty by omitting the said entry(S.No.9) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  NOTIFICATION  No. 52/2015-Customs  … Read More »

PM’s statement in the joint press briefing with PM of Malaysia

Prime Minister’s Office of Govt of India on 23-November, 2015 Text of PM’s statement to media in the joint press briefing with Prime Minister of Malaysia His Excellency Prime Minister Dato Sri Najib Tun Razak ji, Members of the Media, Thank you, Mr. Prime Minister, for your warm sentiments and generous hospitality. I deeply appreciate… Read More »