Monthly Archives: May 2016

Equalisation levy Salient Features

By | May 31, 2016

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

By | May 31, 2016

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

By | May 31, 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 »

Indirect Tax Dispute Resolution Scheme Rules 2016 Notified

By | May 31, 2016

[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 New Delhi the 31st May, 2016 Notification No 29/2016-CE(NT) G.S.R. (E). – In exercise of the power conferred by sub-sections (1) and (2) of section 218 of the Finance Act, 2016,… Read More »

No Krishi Kalyan Cess on Exempt services

By | May 31, 2016

Seeks to exempt such taxable services from whole of Krishi Kalyan Cess leviable thereon which are either exempt from the whole of service tax by a notification or otherwise not leviable to service tax. Further, the notification seeks to provide that abatement notification shall be applicable for computing Krishi Kalyan Cess NOTIFICATION NO.28/2016-ST, DATED 26-5-2016… Read More »

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

By | May 31, 2016

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 »

Refund of Krishi Kalyan Cess paid on specified services used in SEZ

By | May 31, 2016

Seeks to amend notification No. 12/2013- ST, dated the 1st July, 2013 so as to inter alia allow refund of Krishi Kalyan Cess paid on specified services used in an SEZ. NOTIFICATION NO.30/2016-ST, DATED 26-5-2016 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994),… Read More »

one Model Skill Center in each district of India

By | May 31, 2016

1.04 crore people skilled in 2015-16 under Skill India Mission; a quantum leap by 36.8% since last year: Shri Rajiv Pratap Rudy On the occasion of completion of two years of inclusive growth and development under the NDA government, Union Minister of State for Skill Development and Entrepreneurship (Independent Charge) and Parliamentary Affairs Shri Rajiv… Read More »

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

By | May 31, 2016

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

By | May 31, 2016

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

By | May 31, 2016

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

By | May 31, 2016

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

By | May 31, 2016

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 »

Bad Debt allowed if written off as irrecoverable in books : CBDT

By | May 31, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI CIRCULAR NO. 12/2016, Dated: May 30, 2016 Subject:- Admissibility of claim of deduction of Bad Debt under section 36(1) (vii) read with section 36(2) of the Income-Tax Act, 1961- reg. Proposals have been received by the Central Board of… Read More »

Last date for Direct Tax Dispute Resolution Scheme 2016 notified

By | May 31, 2016

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

By | May 31, 2016

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

By | May 31, 2016

[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 »

Equalisation levy Rules 2016 notified by CBDT

By | May 31, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 38/2016 New Delhi, 27th May, 2016 EQUALISATION LEVY RULES, 2016 S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government… Read More »

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

By | May 31, 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 »

Insolvency and Bankruptcy Code 2016 Notified by Govt

By | May 31, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—Section 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 INSOLVENCY AND BANKRUPTCY CODE, 2016 NO. 31… Read More »

E-Filing of Appeals- Extension of time limit

By | May 31, 2016

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 »

Audit qualifications impact in listed entities in separate format :SEBI

By | May 31, 2016

DISCLOSURE OF THE IMPACT OF AUDIT QUALIFICATIONS BY THE LISTED ENTITIES CIRCULAR NO. CFD/CMD/56/2016, DATED 27-5-2016 1. SEBI has put in place a mechanism to review the audit qualifications contained in the audit reports of the listed entities. The detailed procedure for the same has been prescribed in Schedule VIII read with Regulation 33 and… Read More »

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

By | May 31, 2016

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 »

Income Tax on sale of agriculture land : Analysis

By | May 30, 2016

Income Tax on sale of agriculture land Sale of agriculture land situated in Rural Area Following land is agriculture land in rural area and is not capital asset as per section 2(14). Thus no tax is payable on sale of agriculture land :- Land situated in area within the jurisdiction of a municipality (whether known as municipality, municipal… Read More »

Outstanding Tax demand ? response procedure for Taxpayer

By | May 30, 2016

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 : ITAT Procedure

By | May 29, 2016

Stay of Demand Stay of demand by Income-tax (Appellate Tribunal) Stay of Demand : Procedure for filing and disposal of stay petition. Rule – 35A, Income-tax (Appellate Tribunal) Rules, 1963 35A. (1)(a) Every application for stay of recovery of demand of tax, interest, penalty, fine, estate duty or any other sum shall be presented in triplicate… Read More »

Stay of demand : CBDT Guidelines

By | May 29, 2016

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)

By | May 28, 2016

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 »

Krishi Kalyan Cess credit only for payment of Krishi Kalyan Cess

By | May 27, 2016

NOTIFICATION NO.28/2016-C.E. (N.T.), DATED 26-5-2016 In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely : – 1. (1)… Read More »

Krishi Kalyan Cess rebate in case of export of services

By | May 27, 2016

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 »

Section 12AA Registration cancellation : CBDT Clarification

By | May 27, 2016

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 »

Unique Disability Identity Card : coming soon

By | May 27, 2016

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

By | May 27, 2016

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

By | May 27, 2016

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

By | May 27, 2016

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

By | May 27, 2016

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

By | May 27, 2016

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)

By | May 27, 2016

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 »

The Jalgaon Peoples Co-op Bank Ltd included in second schedule RBI Act

By | May 27, 2016

RBI/2015-2016/407 DCBR.CO.BPD.BC.No.16/16.05.000/2015-16 Jyeshtha 5, 1938 May 26, 2016 All Banks Dear Sir/Madam Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ We advise that the name of ‘The Jalgaon Peoples Co-op Bank Ltd., Jalgaon’ has been included in the Second Schedule to the… Read More »

EMV Chip and PIN cards enabled ATMs

By | May 27, 2016

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

By | May 27, 2016

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 »