Monthly Archives: October 2016

Input Tax Credit under GST (India)- Process & Conditions

Input Tax Credit under GST Registration for availing Input Tax Credit under GST: 1. The person intending to avail ITC should be Registered taxable person. 2. The supplier of goods and/or supplies in respect of which ITC is intended to be availed has to be registered under IGST or MGST as the case may be.… Read More »

Labour and Industrial Law Book 2016

Labour and Industrial Law: A Comprehensive Encyclopaedia Covering all Important Act, Rules, Regulations, Schemes & Forms (In 2 Volumes) Hardcover – 2016 Description This book is a comprehensive reference book being a compilation of several Acts, Rules, Regulations etc. on Labour and Industrial Laws arranged alphabetically. All latest amendments to the Acts, Rules and Regulations… Read More »

List of cheaper and dearer items after GST

Here’s the list: What is cheaper and what is dearer after GST Salt, bread, fresh fruit and vegetables, eggs, milk, curd, blood (yes blood, the human kind), prasad (the sacred kind), the national flag, kumkum, bindi-sindoor, glass bangles, even contraceptives — all these will continue to enjoy a taxfree run under the proposed goods and… Read More »

Category: GST

Expeditious refunds required of tax officer

“Expeditious refunds” required of tax officer The Bombay High Court in addressing a taxpayer’s writ for mandamus, held that the Assessing Officer is to make a determination about a taxpayer’s request for refund independently and directed the Assessing Officer to consider and process the taxpayer’s representation to process the return and refund request as expeditiously as possible, within… Read More »

Penalty for inaccurate particulars in Income Tax Return

Penalty for inaccurate particulars on return The Mumbai Bench of the Income-tax Appellate Tribunal held that when a taxpayer claimed both a deduction for expensing the purchase of fixed assets and deprecation on the assets (thus, a double deduction), a penalty applies because the claim itself was not bona fide and lacked good faith. Information provided by… Read More »

Sale of partnership, taxable as capital gain

Sale of partnership, taxable as capital gain  The Supreme Court held that the taxpayer, a partner, was liable for capital gains tax on the sale of the partnership because the partnership’s assets were “capital assets” as defined by a provision of India’s tax law. The high court observed that sale of a partnership as a “going concern”… Read More »

MVAT- Exemption from payment of Tax for oil company u/s 41(4)

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 21st October 2016. NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT 1515/ CR 84/Taxation-1.—In exercise of the powers conferred by clause (a) of sub­section (4) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005),… Read More »

Transferability of goods imported by debiting duty in SFIS scrips

Circular No. 49/2016-Cus. F. No. 605/17/2013-DBK Government of India Ministry of Finance, Department of Revenue Drawback Division New Delhi, 27th October, 2016 To Principal Chief Commissioners / Chief Commissioners Principal Directors General / Directors General Principal Commissioners / Commissioners (All under CBEC) Sub: Transferability of goods imported/procured by debiting duty in SFIS scrips– reg. The… Read More »

Registration of Valuers-Income Tax Business Application Functions Module

F.No. System/ITBA/Instruction/Administrative/178/2016-17/ Dated: 24.10.2016 To All Principal Chief Commissioners of Income-tax/ CCsIT (By Name) All Principal Commissioner of Income-tax/CsIT/CsIT(CO) (By Name) Subject: Launch of Income Tax Business Application (ITBA) – Administrative Functions Module Phase-3 (Registration of Valuers) – Reg. Income Tax Business Application Functions Module -Registration of Valuers – Reg. Sir/Madam, This is in reference… Read More »

Income Tax Business Application -Gratuity, Superannuation and PF Approval

F.No. System/ITBA/Instruction/Administrative/178/2016-17/ Dated: 24/10/2016 To All Principal Chief Commissioners of Income-tax/ CCsIT (By Name) All Principal Commissioner of Income-tax/CsIT/CsIT(CO) (By Name) Subject: Launch of Income Tax Business Application (ITBA) – Administration Functions Module Phase-2 (Gratuity, Superannuation and Provident Fund Approval) – Reg. Sir/Madam, This is in reference to the subject mentioned above. The functionality for… Read More »

E-payment gateways under Maharashtra Sales Tax

Office of the Commissioner of Sales Tax, Maharashtra, 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai Trade Circular To ___________ ___________ No : Mahavikas/PDADIC/New Automation/Payment Gateways/B-832  Dt 27/10/2016 Trade Circular No.: 32 T of 2016 Subject: First Phase Go Live of e-payment under SAP-TRM new automation process. Ref: Trade Circular No of 22 T of 2016 Dt.26… Read More »

Bihar Electricity Regulatory Commission notified u/s 10(46) of Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION No. 101/2016 New Delhi, the 27th October, 2016 S.O. 3336(E).-In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Bihar Electricity… Read More »

Entry Tax e-return for Dealers of Maharashtra

Office of the Commissioner of Sales Tax, Maharashtra State, Mumbai 8th Floor, Vikrikar Bhavan, Mazgaon, Murnbai — 400010 TRADE CIRCULAR No. JC(MAHAVIKAS)/ELE-RET/15-16/ADM-20/B-833 Mumbai, Dt: 27/10/2016 Trade Circular No. 33T of 2016 Sub : e-Returns for Dealers registered under the The Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002. BACKGROUND : e-Services… Read More »

Chemicals Handling-Safety, Examination & Storage -E Book

Material Safety in handling, examination & storage of chemicals 1. Introduction 1.1 Customs officers often have to deal with chemicals while inspecting/examining import/export consignment of chemicals or taking samples for testing etc. They are also required to handle chemicals while stock taking in manufacturing premises or godowns. Sometimes the officers also have to supervise transport… Read More »

Disallowance of income component in case of Non Resident u/s 40(a)(ia) : CBDT

F.No.500/39/2015 (US FT & TR-V) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research –II FT & TR-V Division New Delhi, 26th of October, 2016. To All the Pr. Chief Commissioner of Income Tax / Pr Director General of Income Tax Sir Madam, Sub: Withholding… Read More »

Prohibition of Benami Property Transactions Act 1988

Press Information Bureau Government of India Ministry of Finance 28-October-2016 17:30 IST Prohibition of Benami Property Transactions Act, 1988. Benami Property Transactions Act, 1988 has been amended by the Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the provisions of the BTP Amendment Act shall come into force on 1stNovember,… Read More »

Illustrative Consolidated Financial Statements as per IFRS

Illustrative Consolidated Financial Statements This edition contains the illustrative consolidated financial statements for Good Bank (International) Limited and subsidiaries for the year ended 31 December 2016. The illustrative financial statements are prepared in accordance with IFRS in issue at 30 September 2016 and effective for annual periods beginning 1 January 2016. Commentary Companies in certain… Read More »

Why not to opt GST Composition Scheme (India)

Why not to opt GST Composition Scheme (India) Key Points about Composition Scheme under GST { Read GST Composition Scheme Analysis after CGST Act 2017 ] Coverage : Section 8 of Model GST Law cover GST Composition Scheme. Eligibility :- Composition Scheme under GST can be availed by  Registered taxable person and Does not effects… Read More »

Notification of Sovereign Gold Bond Scheme 2016-17 Series III

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th October, 2016 G.S.R. 992(E).—In exercise of the powers conferred by clause (iii) of section 3 of the Government Securities Act, 2006 (38 of 2006), the Central Government hereby makes the following Scheme, namely: 1. Short title and commencement: (i) This scheme may be… Read More »

Revision Application in Indirect Taxes (India) -E Book

Revision Application in Indirect Taxes (India) 1. Introduction 1.1 The Revision Application Unit of the Department of Revenue, Ministry of Finance, Government of India deals with the Revision Applications filed before Central Government in specified Customs and Central Excise matters under section 35 EE of Central Excise Act, 1944 and section 129 DD of Customs… Read More »

Ammonium Nitrate Import/Export Compliance

Compliance For Import/Export of Ammonium Nitrate Abbreviations AN Rules:  Ammonium Nitrate Rules, 2012 CAS No:  Chemical Abstract Service Number [CAS numbers are used to provide a unique, unmistakable identifier for chemical substances and provide an unambiguous way to identify a chemical substance A CAS No. is separated by hyphens into three parts-the first consisting from… Read More »

Dishonour of post-dated cheques covered by section 138 of Negotiable Instruments Act

whether in the facts of the present case, the dishonour of a post-dated cheque given for repayment of loan installment which is also described as “security” in the loan agreement is covered by Section 138 of the Negotiable Instruments Act, 1881 (“the Act”). Held Dishonour of cheque in the present case being for discharge of… Read More »

Authorities notified under Prohibition of Benami Property Transactions Act

Central Government hereby directs that, with effect from the 1st day of November, 2016, specified Income-tax authorities to exercise specified powers and perform the functions of ‘Authority’ under Prohibition of Benami Property Transactions Act, 1988. MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 100/2016 New Delhi, the 25th October, 2016… Read More »

Last date extended for filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) & MGT-7

General Circular No. 12/2016 F. No. MCA 21/153/2012-E-Gov Cell Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan Dr. Rajendra Prasad Road, New Delhi-1 Dated: 27.10.2016 To The Regional Directors, All Registrar of Companies All Stakeholders Subject: Relaxation of additional fee and extension of last date of in filing AOC-4, AOC-4… Read More »

External Commercial Borrowings by Startups – RBI Norms

 External Commercial Borrowings by Startups RBI/2016-17/103 A.P. (DIR Series) Circular No. 13 October 27, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir External Commercial Borrowings (ECB) by Startups Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the announcement made by the Reserve Bank in the Fourth Bi-monthly Monetary Policy… Read More »

EPFO Pensioners to submit digital life certificate at Common Services Centers

EPFO joins network of Common Services Centers To expand the reach of convenience offered to EPF members, Employees Provident Fund Organisation (EPFO) has joined the network of Common Services Centers (CSC). A Memorandum of Understanding (MoU) has been signed between EPFO and CSC e-Governance Services India Limited (CSC SPV) on 25th October 2016. The MoU… Read More »

National Academic Depository for school certificates, degrees and other academic award

Cabinet approves establishment of National Academic Depository The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has accorded its approval for establishment and operationalisation of a National Academic Depository (NAD). The decision aims at bringing another dimension and enhancement of the vision of Digital India. The NAD would be established and operationalised… Read More »

Indian Gold Coin – buy-back option also available

With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council launch a multimedia advertising campaign. With an aim to drive awareness around Diwali on the availability of Indian Gold Coin, MMTC along with World Gold Council has launched a multimedia advertising campaign starting this… Read More »

New Agreement on Trade between India and Bhutan

Cabinet approves the new Agreement on Trade, Commerce and Transit between India and Bhutan The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, has approved an Agreement on Trade, Commerce and Transit between India and Bhutan. The bilateral trade relations between India and Bhutan are governed by the Agreement on Trade, Commerce and… Read More »

De-hoarding of sugar extended upto April 2017

Extension of the validity of Central Order regarding de-hoarding of sugar upto April, 2017 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for extending the validity of the existing Central Order in respect of Sugar for a further period of six months from 29.10.2016 to 28.04.2017. The… Read More »

New Productivity Linked Reward Scheme for Major Port Trusts & Dock Labour

Cabinet approves New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers for the years 2015-16 to 2017-18 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to New Productivity Linked Reward Scheme for all Major Port Trusts and Dock Labour Board employees/workers… Read More »

Govt approved Dearness Allowance for Central Govt employees

Cabinet approves release of an instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 01.07.2016 The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to release an instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners… Read More »

Bank branches to process Rs 100 and above with fake note detection machines

RBI/2016-17/102 DCM (FNVD) No.1134/16.01.05/2016-17 October 27, 2016 The Chairman & Managing Director Chief Executive Officers All Banks Dear Sir / Madam, Detection and Impounding of Counterfeit Notes It has come to our notice that some unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking… Read More »

Retro-amendment in Sec. 80-IB won’t enable AO to reopen assessment

HIGH COURT OF GUJARAT Ganesh Housing Corporation Ltd. v. Deputy Commissioner of Income-tax, Circle-4 & 1 AKIL KURESHI AND A.J. SHASTRI, JJ. SPECIAL CIVIL APPLICATION NO. 13589 OF 2011 SEPTEMBER  12, 2016 R.K. Patel, Advocate for the Petitioner. Mrs. Mauna M. Bhatt, Advocate for the Respondent. JUDGMENT Akil Kureshi, J. – Petitioner has challenged a… Read More »

ICDS Income Tax Applicability

ICDS Income Tax Applicability ICDS Income Tax Applicability and Key Points about ICDS -( Income Computation and Disclosure Standards ) :- ICDS Income Tax Applicability – All assesses following mercantile system of accounting except individual and HUF who is not required to get his accounts audited under Section 44AB of the Income tax act.  Thus in case Assessee… Read More »

Research work applications invited by ICAI

National Economic Advisory Committee of ICAI invites applications for the research work. – (26-10-2016) In terms of the authority given to the President by the Council at its 351st meeting held on 12th February, 2016, the President has constituted a new Non-Standing Committee i.e. the National Economic Advisory Committee whose main function is to conduct… Read More »

Freezing of Promoter Demat accounts for Non-­compliance SEBI Listing obligations

Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/CMD/CIR/P/2016/116 Dated: October 26, 2016 To All the Recognized Stock Exchanges All Depositories Dear Sir/Madam, Sub: Freezing of Promoter and Promoter group Demat accounts for Non-­compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 1. SEBI, vide Circular No. CIR/CFD/CMD/12/2015 dated November 30, 2015,… Read More »

Revised procedure for clearance of imported metal scrap (ferrous & non-ferrous)

Circular No. 48/2016-Customs F. No. 450/148/2009-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No. 229A, North Block, New Delhi, dated the 26th October, 2016 To, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise All Principal Commissioners/Commissioners… Read More »