Daily Archives: May 8, 2016

2 Types of Front office in Accessing MCA 21 portal

By | May 8, 2016

Ministry of Companies Affairs (India) FRONT OFFICES – Front Office represents the interface of the corporate and public users with the MCA 21 portal. This comprises VirtualFront Office and Physical Front Office. Virtual Front Office merely represents a computer facility for filing of digitally signed e-forms by accessing the MCA portal through internet. It also… Read More »

Registrar Power to call for information, inspect books and conduct inquiries

By | May 8, 2016

Companies Act, 2013 CHAPTER XIV INSPECTION, INQUIRY AND INVESTIGATION Power to call for information, inspect books and conduct inquiries ( Section 206:  Enforced with effect from 1-4-2014 ) 206. (1) Where on a scrutiny of any document filed by a company or on any information received by him, the Registrar is of the opinion that… Read More »

Financial statements to be filed with ROC

By | May 8, 2016

Section – 137 Companies Act, 2013 (Enforced with effect from 1-4-2014.) Financial statement to be filed with Registrar 137. (1) A copy of the financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such financial statements under this Act, duly adopted at the annual… Read More »

Stamp Duties by whom payable ?

By | May 8, 2016

Section – 29, INDIAN STAMP ACT, 1899 Duties by whom payable 29 . In the absence of an agreement to the contrary, the expense of providing the proper stamp shall be borne— (a) in the case of any instrument described in any of the following Articles of Schedule I, namely :— No. 2 (Administration Bonds),… Read More »

Govt Steps to give relief to small tax payer

By | May 8, 2016

Revenue Department takes various measures to boost-up growth and employment generation; Steps to give relief to the small tax payers and to the small business and professionals The Revenue Department of the Ministry of Finance takes several steps for boosting-up growth and employment generation: (a)    Lowering the Corporate tax rates to 25% for new manufacturing… Read More »

Profession Tax Enrolment Amnesty Scheme 2016

By | May 8, 2016

8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010. TRADE CIRCULAR No PT/2016/AMD-2015/5/ADM-8/B ­(Trade Cir 12T of 2016) Mumbai, Dt. 06/05/2016 Sub : Profession Tax Enrolment Amnesty Scheme 2016. Amendment to Maharashtra State Tax on Professions, Trades, Callings and Employments Act 1975, by Maharashtra Act no. XV of 2016. The Maharashtra State Tax on Professions, Trades, Callings and… Read More »

Form 402A, 404A, 424A, 703, 703A,703B, 703C, 703D, 703E : Mvat

By | May 8, 2016

FINANCE DEPARTMENT Madam Cama Road, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 29th April 2016. NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT. 1516/CR 64/Taxation-1- Whereas, the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules,… Read More »

Offshore Tax Evasion : Govt steps to deal with black money

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Offshore Tax Evasion While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Government has taken several measures to effectively… Read More »

Levy of Tax on Digital Services

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Levy of Tax on Digital Services A Committee constituted by the Central Board of Direct Taxes (CBDT) has recommended for the levy of tax on most digital services. The Committee constituted to examine taxation of E-Commerce, has recommended that Equalization Levy may be imposed… Read More »

Taxing Foreign Artists Performing in India

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Taxing Foreign Artists Performing in India Pakistani and other foreign artists who come to India for working in Indian films and other stage shows charging fees are subjected to income tax as per Indian rules. These artists are subjected to tax in India as… Read More »

Policy/Guidelines to Promote Cashless Transactions

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Policy/Guidelines to Promote Cashless Transactions Reserve Bank of India (RBI) has issued instructions on Credit/Debit card transactions – Security and Risk mitigation measures to enhance the security of card transactions (including card based online transactions) and Security and Risk Mitigation measures for electronic payment… Read More »

One Stop Government e-Marketplace (GeM)

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Insertion of Rule 141-A after Rule-141 in General Financial Rules (GFR), 2005 for proposed creation of One Stop Government e-Marketplace (GeM) by Directorate General Supply and Disposal (DGS&D). Department of Expenditure,Ministry of Finance has added a New Rule 141-A in the General Financial Rules(GFR)… Read More »

8 temples deposited gold under Gold Monetization Scheme

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Gold Monetization Scheme: Deposits by Temple/Religious Bodies Eight (08) temples have deposited gold under Gold Monetization Scheme, 2015 so far and the State-wise details are as under:   Name of the State Number of temples deposited gold under GMS Tamil Nadu 04 Maharashtra 02… Read More »

RBI Norms for Protecting Customers

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 RBI Norms for Protecting Customers Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment,… Read More »

Govt steps to tackle tax evasion

By | May 8, 2016

Press Information Bureau Government of India Ministry of Finance Date: 06-May-2016 Capital Gains Tax Appropriate action against tax evasion, including evasion of tax on capital gains, is an on-going process. Whenever such cases are noticed by the Income Tax Department, appropriate action is taken under direct taxes law. Such action is not dependent upon a… Read More »

Form GE-II : Purchases upto Rs 1000 not required in Delhi Vat

By | May 8, 2016

DELHI VALUE ADDED TAX ACT, 2004 CLARIFICATION ON FILING OF RETURNS IN FORM GE-II FOR ALL FOUR QUARTERS OF FINANCIAL YEAR 2015-16 NOTIFICATION NO.F.3(619)/POLICY/VAT/2016/183-196, DATED 6-5-2016 In exercise of the powers conferred on me under section 27 of the Delhi Value Added Tax Act, 2004 and in partial modification to the notification number F3(619)/Policy/VAT/2016/1291-1304 dated… Read More »

No cancellation without proving misuse of eligibility certificate :SC

By | May 8, 2016

SUPREME COURT OF INDIA Commissioner of Trade Tax, U.P. v. Chetna Chemicals (P.) Ltd. A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NO. 5103 OF 2007 APRIL  1, 2016 D.K. Goswami, Adv., Ravi Prakash, Adv. and Ashutosh Sharma, Adv. for the Appellant. Kavin Gulati, Sr. Adv., Avi Tandon, Adv., Rohit Sthalekar, Adv. and T.… Read More »