Monthly Archives: May 2016

Equalisation levy Salient Features

Equalisation levy ( CHAPTER VIII  of Finance Act 2016) Salient Features of Equalisation levy Equalisation levy shall come into force w.e.f 01.6.2016 Equalisation levy is covered in CHAPTER VIII  of Finance Act 2016 ,which extend to whole of India except the State of Jammu and Kashmir. Equalisation levy  shall be charged on any specified service received or receivable by… Read More »

Section 206c(1d) of Income Tax act

Section 206c(1d) of Income Tax act Section 206c(1d) of Income-tax Act, 1961 after Amendment by Finance Act , 2016 (1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion  or jewellery or any other goods (other than bullion or jewellery) or providing any service , shall, at the time of receipt of… Read More »

RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVERSITY ACT 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th May, 2016/Jyaistha 7, 1938 (Saka) The following Act of Parliament received the assent of the President on the 28th May, 2016, and is hereby published for general information:— THE DR. RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVERSITY ACT, 2016… Read More »

Krishi Kalyan Cess Notifications

Krishi Kalyan Cess notifications Krishi Kalyan Cess notifications : Levied by Finance Act 2016 KRISHI KALYAN CESS is levied as per CHAPTER VI of Finance Bill 2016. It shall come into force on the 1st day of June, 2016. As per Finance bill 2016 ” There shall be levied and collected a cess to be called the Krishi Kalyan… Read More »

Composition rate for Krishi Kalyan Cess under rules 7,7A,7B,7C of rule 6 of STR, 1994

Seeks to inter alia provide composition rate for Krishi Kalyan Cess as applicable to ST under sub-rules 7,7A,7B,7C of rule 6 of STR, 1994 SERVICE TAX (THIRD AMENDMENT) RULES, 2016 – AMENDMENT IN RULE 6 NOTIFICATION NO.31/2016-ST,  DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94… Read More »

Rules and forms for Direct Tax Dispute Resolution Scheme and Equalisation Levy notified

The Direct Tax Dispute Resolution Scheme 2016 & Equalisation Levy to come into effect from 1st June 2016;Relevant rules and forms in this regard notified and are available on http://www.incometaxindia.gov.in . Press Release 31.5.2016 The Direct Tax Dispute Resolution Scheme, 2016 incorporated as Chapter X of the Finance Act, 2016, shall come into force on… Read More »

Depository to maintain a wind-down plan :SEBI

GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 27, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 27th May, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) (THIRD AMENDMENT) REGULATIONS, 2016 No. SEBI/ LAD-NRO/GN/2016-17/007- In exercise of the powers conferred by Section 30… Read More »

e verify Form 35 : user mannual

e-Verification User Manual For Form 35 e-Verify Form 35 (Individuals) e-Verify Form 35(other than Individuals) Electronic Verification Code (EVC) has been enabled for online filing of appeal before Commissioner (Appeal) in Form 35 for taxpayers not required to file using DSC. Related Post 1, Online filing of Appeal before CIT (appeals) enabled 2. How to e -file… Read More »

Amendment in Appendix -6H

Amendment in Appendix -6H {Procedure to be followed for reimbursement of Central Sales Tax (CST) on supplies made to Export Oriented Units (EOUs) and units in electronics Hardware Technology Park (EHTP) and Software Technology Park (STP) and ANF 7A {Application for claim of TED Refund / Duty Drawback/Brand Rate Fixation} as contained in teh Appendices… Read More »

Claim under MEIS for shipments, Single Application

GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 13/2015-2020 Dated: May 27, 2016 Subject: Single application for filing claim under MEIS for shipments from different EDI Ports. In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy, 2015-2020, the Director General… Read More »

Last date for Direct Tax Dispute Resolution Scheme 2016 notified

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO. 34/2016 New Delhi, the 26th May, 2016 S.O. 1902(E).– In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 31st day of December, 2016 as the date on or before which… Read More »

Direct Tax Dispute Resolution Scheme Rules 2016 Notified

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION NO. 35/2016 New Delhi, the 26th May, 2016 S.O. 1903 (E). – In exercise of the powers conferred by sub-sections (1) and (2) of section 211 of the Finance Act, 2016, (28 of 2016), the Central Government hereby makes the following rules, namely : 1.… Read More »

Equalisation levy applicability date notified by CBDT

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI NOTIFICATION NO. 37/2016, Dated: May 27, 2016 S.O.1904(E). – In exercise of the powers conferred by sub-section (2) of section 163 of the Finance… Read More »

Draft of Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill 2016

WCD Minister, Smt Maneka Sanjay Gandhi releases Draft ‘Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2016’   The Minister of Women & Child Development Smt Maneka Sanjay Gandhi released the draft “Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2016” in New Delhi on 30.5.2016 for further stakeholders consultations and comments. The Bill aims to… Read More »

E-Filing of Appeals- Extension of time limit

ICAI ANNOUNCEMENT The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals, it has been decided to extend the time limit for filing of such e-appeals. E-appeals which were due to be filed… Read More »

Fare Fixation Committee for Delhi Metro notified

Fare Fixation Committee for Delhi Metro notified ; to submit report in 3 months Ministry of Urban Development has notified the Fare Fixation Committee (FFC) for recommending the passenger fares for Delhi Metro network in Delhi and its extension to National Capital Region. Set up under Sections 33 and 34 of the Metro Railway (Operations… Read More »

DS1 (Delhi Sugam-1) Form under DVAT withdrawn by Delhi Govt

NOTIFICATION NO.F.3 (671)/POLICY/VAT/2016/284-296, DATED 27-5-2016 Whereas, the Department of Trade and Taxes, Government of National Capital territory of Delhi vide Notification No. F.3(671)/Policy/VAT/2016/251-63 dated 19-5-2016, had notified an online Form Delhi Sugam-1 (DS1), in exercise of the powers conferred under section 70 of the Delhi Value Added Tax Act, 2004, for furnishing the details in… Read More »

Outstanding Tax demand ? response procedure for Taxpayer

PROCEDURE FOR RESPONSE TO ARREAR DEMAND BY TAXPAYER AND VERIFICATION AND CORRECTION OF DEMAND BY AOs CIRCULAR NO.8/2015 [F.NO.225/151/2014/ITA.II], DATED 14-5-2015 The CBDT vide instruction No.4 of 2014, dated 7th April, 2014, inter alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or uploaded by AOs in CPC Demand Portal. Further a… Read More »

Stay of demand : CBDT Guidelines

Stay of demand (Stay of demand as per  Income tax Act 1961 ) Stay of demand : Revised guidelines of CBDT PRESS RELEASE, DATED 3-3-2016 With a view to streamline the process of grant of stay of demand when the case of the taxpayer is pending before Commissioner (Appeals) and to standardize the quantum of… Read More »

Disallowance of expenses for non deduction of TDS : Section 40(a)

Section 40(a)(ia) of Income Tax Act 1961 Disallowance of expenses for non deduction of TDS BUY Analysis of Section 40(a)(ia) relating to Disallowance of expenses for non deduction of TDS 30%  disallowance of expenses for non deduction of TDS  under Section 40(a)(ia) This 30% disallowance of expenses for non deduction of TDS  under Section 40(a)(ia) of… Read More »

2 new Cost Accounting Standards

CAS 23 :  Overburden Removal Cost  CAS 24 : treatment of Revenue in Cost Statements. The Institute of Cost Accountants of India (ICAI) has issued two new Cost Accounting Standards (CAS), CAS 23 and CAS 24 The standard (CAS 23) provides guidance on following matters:-   1. Principles of measurement of Overburden Removal Cost;  … Read More »

Krishi Kalyan Cess rebate in case of export of services

NOTIFICATION NO.29/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by rule 6A of the Service Tax Rules, 1994, the Central Government, hereby makes following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue),No. 39/2012- Service Tax, dated the 20th June, 2012, published in the Gazette of… Read More »

E filing of appeals in Form 35 : CBDT extended time

Circular No 20/ 2016 F.No 279/Misc/M-54/2016/ITI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Subject :E filing of Appeals : Extension of Time limit- Reg Related Post EVC for efiled Form 35 to CIT (appeals) EVC for electronically filed Form of Appeal to CIT (Appeals) Online filing of Appeal… Read More »

Section 12AA Registration cancellation : CBDT Clarification

Circular No 21/2016 F.No.197/17/2016-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes DATED 27-5-2016 Subject :Clarification regarding cancellation of registration u/s 12AA of the Income tax act 1961 in certain Circumstances -regarding  Sections 11 and 12 of the Income-tax Act, 1961 (‘Act’) exempt income of charitable trusts or institutions,… Read More »

Mission 11 Million relating to Football in India

“Mission 11 Million” to engage more than 11 million children in activities relating to Football to be launched in October, 2016 The Union Ministry of Youth Affairs and Sports has urged the states and Union Territories to take necessary steps to popularize and promote the sport of Football in their territory in order to make… Read More »

Unique Disability Identity Card : coming soon

Unique Disability Identity Card will be soon made Available – Shri Thaawarchand Gehlot Shri Thaawarchand Gehlot, Union Minister for Social Justice & Empowerment today felicitated the beneficiaries of its various schemes in a special function held at Vigyan Bhawan, here. Speaking on the occasion after felicitating the beneficiaries Shri Gehlot said that it is the… Read More »

Net Zero Energy Buildings in India

Portal launched to promote Net Zero Energy Buildings Ministry of Power  and the United States Agency for International Development (USAID) today launched India’s first integrated web portal designed to promote and mainstream Net Zero Energy Buildings (NZEB) in India. The portal (www.nzeb.in) was launched by Shri Pradeep Kumar Pujari, Secretary, Ministry of Power, and Ambassador… Read More »

GAAR ; Govt invites comments

Ministry of Finance 27-May, 2016 Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards,… Read More »

Clarification on implementation of FATCA and CRS

Ministry of Finance 27-May, 2016 Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)   An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of… Read More »

Self Help Group Credit information reporting

RBI/2015-16/409 DCBR.BPD.Cir.No.17/16.74.000/2015-16 Jyeshtha 5, 1938 (saka) May 26, 2016 The Chief Executive Officers All Primary (Urban) Co-operative Banks, State / Central Co-operative Banks Dear Sir/Madam Credit information reporting in respect of Self Help Group (SHG) members Please refer to the instructions contained in paragraph (v) of the Annex II/III to our circulars UBD.CO.BPD.PCB.Cir.No.4/16.74.000/2014-15 and RPCD.RRB.RCB.… Read More »

Banks allowed own policy on merchant acquisition for card transactions

RBI/2015-2016/410 DPSS.CO.PD.No./2894/02.14.003/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Sir, Merchant Acquisition for Card transactions Please refer to our circular RBI/2011-12/194.DPSS.PD.CO No 513/02.14.003/2011-2012 dated September 22, 2011 wherein various… Read More »

channeling transactions through Asian Clearing Union (ACU)

RBI/2015-16/411 A.P. (DIR Series) Circular No.72 May 26, 2016 To All Authorised Dealer Category-I Banks Madam / Sir, Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU) Attention of Authorised Dealer Category-I Banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union (ACU) (Memorandum ACM)… Read More »

EMV Chip and PIN cards enabled ATMs

RBI/2015-2016/413 DPSS.CO.PD.No./2895/02.10.002/2015-2016 May 26, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/ Authorised ATM Network Operators / Card Payment Network Operators/White Label ATM Operators Madam / Sir, ATMs – Security and Risk Mitigation Measures… Read More »

Revitalising Distressed Assets : RBI Review

RBI/2015-16/408 DNBR.CC.PD.No.081/03.10.01/2015-16 May 26, 2016 To All Non-Banking Financial Companies (NBFCs) Madam/Sir, Review of Framework for Revitalising Distressed Assets in the Economy and Strategic Debt Restructuring Mechanism The Reserve Bank of India (the Bank) has issued various guidelines aimed at revitalising the stressed assets in the economy. The measures taken by the Bank include Strategic… Read More »