Daily Archives: May 11, 2016

Certificate of shares (where shares are not in demat form)

By | May 11, 2016

RULES UNDER COMPANIES ACT, 2013 CHAPTER IV : SHARE CAPITAL AND DEBENTURES COMPANIES (SHARE CAPITAL AND DEBENTURES) RULES, 2014 Certificate of shares (where shares are not in demat form) (rule 5) 5. (1) Where a company issues any share capital, no certificate of any share or shares held in the company shall be issued, except—… Read More »

Penalties under Real Estate Act 2016

By | May 11, 2016

The Real Estate (Regulation and Development) Act, 2016 Penal Provisions Chapter VIII of the Act contains the provisions relating to Offences, Penalties and Adjudication. The quantum of the penalty is severe which is evidenced from the following table: Nature of contraventions Penalties Section 59(1): Contravenes the provisions of section 3 (Failure to get Registration of… Read More »

Big B Income from KBC to be reassessed

By | May 11, 2016

The Supreme Court allowed the Income Tax department to reopen a 2001 tax case against super star Amitabh Bachchan pertaining to this income from the show Kaun Banega Crorepati (KBC). IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.5009 OF 2016 [Arising out of S.L.P.(C) No.11621 of 2009] COMMISSIONER OF INCOME TAX,… Read More »

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 2

By | May 11, 2016

The Accounting Standards Board (ASB) of the ICAI has constituted ‘Ind AS Transition Facilitation Group’ (ITFG)1 for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. 1 Announcement on the Constitution… Read More »

Mines and Minerals Amendment Act 2016

By | May 11, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 9th May, 2016/Vaisakha 19, 1938 (Saka) The following Act of Parliament received the assent of the President on the 6th May, 2016, and is hereby published for general information:— THE MINES AND MINERALS (DEVELOPMENT AND REGULATION) AMENDMENT… Read More »

SCHEDULED CASTES ORDER AMENDMENT ACT 2016

By | May 11, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 9th May, 2016/Vaisakha 19, 1938 (Saka) The following Act of Parliament received the assent of the President on the 6th May, 2016, and is hereby published for general information:— THE CONSTITUTION (SCHEDULED CASTES) ORDER (AMENDMENT) ACT, 2016… Read More »

Submit pending ITR-V, final opportunity to taxpayer : CBDT

By | May 11, 2016

CIRCULAR NO.13/2016 [F.NO.225/46/2016-ITA.II], DATED 9-5-2016 VERTIFICATION OF TAX RETURNS FOR ASSESSMENT YEARS 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 AND 2014-15 THROUGH EVC WHICH ARE PENDING DUE TO NON-FILING OF ITR-V FORM AND PROCESSING OF SUCH RETURNS Under the earlier system of e-filing, in tax-returns which were to be filed electronically without a digital signature, taxpayer had… Read More »

India and Mauritius sign for amendment in DTAA w.r.t Taxes on Income and Capital Gains

By | May 11, 2016

Ministry of Finance 10-May, 2016  India and Mauritius sign the Protocol for amendment of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains             The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal… Read More »

Segregation of impurities from honey grade brass scrap :CBEC clarification

By | May 11, 2016

Circular No.1029/17/2016-CX F.No. 267/33/2014-CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 10th May, 2016 To The Principal Chief Commissioners/ Chief Commissioners/Principal Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners of Central Excise & Service Tax (All) Webmaster Sub:… Read More »

Third Schedule of Delhi vat changed w.e.f 10.5.16

By | May 11, 2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-I) DEPARTMENT DELHI SACHIVALAYA, I.P. ESTATE, NEW DELHI 100 02 No. F.3(3)/Fin(Rev-I)/2016-17/dsvi/148 Dated the 09-05-2016 NOTIFICATION Whereas the Lt. Governor of the National Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public so to do; Now, therefore, in… Read More »

VAT rate of Diesel changed under Delhi Vat

By | May 11, 2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-I) DEPARTMENT DELHI SACHIVALAYA, I.P. ESTATE, NEW DELHI 100 02 No. F.3(2)/Fin(Rev-I)/2016-17/dsvi/141 Dated the 06-05-2016 NOTIFICATION Whereas the Lt. Governor of the National Capital Territory of Delhi is of the opinion that it is expedient in the interest of general public so to do; Now, therefore, in… Read More »

Arrear Demand Verification Portal : ICAI seeks feedback

By | May 11, 2016

Feedback on Arrear Demand Verification Portal – (10-05-2016) The Income Tax Department has launched an “Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the outstanding demand against the assessee’s name. Since a substantial portion of… Read More »

Guidance Note on Accounting for Real Estate Transactions

By | May 11, 2016

The Institute of Chartered Accountants of India Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) 1. Objective and Scope Objective 1.1 The objective of this Guidance Note is to recommend the accounting treatment by entities dealing in ‘Real Estate’ as sellers or developers. The term ‘real estate’… Read More »

Forensic Auditing : Panel of CA/ Firms by ICAI for CBI

By | May 11, 2016

Preparation of Panel of Chartered Accountants/Firms having experience for Forensic Auditing – (10-05-2016) Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the… Read More »

Reset Password on incometaxindiaefiling.gov.in : steps

By | May 11, 2016

Reset Password Options   Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs) Answer Secret Question To Reset Password using the ‘Answer Secret Question’ option, the steps are as below: Step 1: In Homepage , Click on “LOGIN HERE” Step… Read More »

Legal Heir Registration for e-Filing of Income tax Return

By | May 11, 2016

Legal Heir Registration in e-Filing on incometaxindiaefiling.gov.in User should register as a Legal Heir to e-File on behalf of the deceased. Deceased person’s PAN and Legal Heir’s PAN should be registered in the e-Filing portal. If Deceased person PAN is not registered in the portal then the Legal Heir can register on behalf of the deceased… Read More »

Person Competent to Verify IT Return– Registration

By | May 11, 2016

Person Competent to Verify IT Return Register as Person Competent to Verify in e-Filing on portal www.incometaxindiaefiling.gov.in As per section 140 of Income Tax Act 1961, where the individual (assessee) is mentally incapacitated from attending to his affairs, his guardian or any other person competent to act on his behalf can verify the return of… Read More »

Repealing/Rescinding of 6 Rules Under Merchant Shipping Act 1958

By | May 11, 2016

Press Information Bureau Government of India Ministry of Shipping 10-May-2016 Repealing/Rescinding of Six Rules Under the Merchant Shipping Act, 1958 The Ministry of Shipping, in accordance with the Government’s commitment to do away with obsolete laws which hinder efficient governance, has notified the final rescinding of the following six rules under the Merchant Shipping Act,… Read More »