Daily Archives: May 31, 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 »