Daily Archives: October 26, 2016

CBDT Circulars on TCS

By | October 26, 2016

CBDT Circulars on TCS / Instructions, FAQ’s on TCS CBDT Circulars on TCS :- CLARIFICATIONS ON AMENDMENT MADE BY FINANCE ACT, 2016 [CIRCULAR NO.23/2016 [F.NO.370142/17/2016-TPL], DATED 24-6-2016] -para 1.1-1 CLARIFICATIONS ON AMENDMENT MADE IN SECTION 206C BY FINANCE ACT, 2016 [ CIRCULAR NO.22/2016 [F.NO.370142/17/2016-TPL], DATED 8-6-2016] para 1.1-2 PROCEDURE FOR ONLINE SUBMISSION OF STATEMENT OF DEDUCTION… Read More »

Who killed GST?

By | October 26, 2016

Who killed GST? It is becoming increasingly clear that what was expected to be a game-changing reform by ushering in the goods and services tax (GST) may end up being closer to a name-changing exercise. This statement is likely to be perceived by some as an exaggeration, but just consider the facts. The proposed GST… Read More »

Category: GST

Reasons for GST Tax slabs & Cess explained by Indian Finance Minister

By | October 26, 2016

Arun Jaitely explains rationale behind tax slabs & Cess under GST Hon’ble Finance Minister, Arun Jaitley, explained the rationale behind the two important issues pending before the GST Council. A. Multi Tax structure Food items which constitute nearly 50% of Consumer Price Index basket should be exempt. The object of this is to ensure that… Read More »

Time of Supply Under Model GST Law

By | October 26, 2016

Time of Supply Under Model GST Law First let us understand the major difference between current system of tax and under GST Law. Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal Service Tax is charged on rendering services at the time of Receipt… Read More »

New DTAA between India and Korea w.e.f 12.09.16

By | October 26, 2016

Press Information Bureau Government of India Ministry of Finance 26-October, 2016 New Revised Double Taxation Avoidance Agreement (DTAA) between India and Republic of Korea comes into force with effect from 12th September, 2016; Will have effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017. A new… Read More »

Adjudicating Authority for Prohibition of Benami Property Transactions Act 1988

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th October, 2016. S.O. 3288(E).—In exercise of powers conferred under section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby notifies that, with effect from the 1st day of November, 2016, the… Read More »

Prohibition of Benami Property Transactions Rules 2016

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 25th October, 2016 G.S.R. 1004(E).—In exercise of the powers conferred by section 68 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.— (1) These rules may be called… Read More »

Benami Transaction Amendment Act effective from 01 Nov 2016

By | October 26, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th October, 2016 S.O. 3289(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Benami Transaction (Prohibition) Amendment Act, 2016 (43 of 2016), the Central Government hereby appoints the 1 st day of November, 2016 as… Read More »

Law Relating to Power of Attorney -Book

By | October 26, 2016

Law Relating to Power of Attorney with 125 Specimen Forms of Power of Attorney   Topic Covered under Book- Law Relating to Power of Attorney *The Power-of-attorney Act, 1882 *Power-of-attorney and agency *Litgations, suits and poceedings on power-of-attorney *Advocate as power-of-attorney *Power-of-attorney and registration *Power-of-attorney and arbitration *Power-of-attorney and tax law *Power-of-attorney and the indian evidence… Read More »

Hindu Law -Book

By | October 26, 2016

Hindu Law Hardcover – 23 Mar 2016 • First published in 1912, this legal classic is the most highly acclaimed and authoritative commentary on Hindu Law • It is widely cited in numerous Supreme Court and High Court judgments • The commentary is divided into two Parts: Part 1 dealing with customary Hindu Law and… Read More »

Bank Frauds- Prevention & Detection -Book

By | October 26, 2016

Bank Frauds: Prevention & Detection including Computers Internet, Smart Phones, ATMs & Credit Cards Crimes   Hardcover: 830 pages Publisher: Universal Law Publishing – An Imprint of LexisNexis; Fourth edition (1 March 2016) Bank Frauds are on the increase and effective defence against this scourge is knowledge about them. If the information is available, it… Read More »

Indian Govt liberalized FDI policy on Other Financial Services and NBFC

By | October 26, 2016

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 6 (2016 Series) Subject: Foreign Direct Investment (FDI) Policy on Other Financial Services The Government has liberalized its FDI policy on Other Financial Services and Non-Banking Finance Companies (NBFCs). Accordingly, amended policy provisions are mentioned below. 2.0 Para… Read More »

Change ATM PIN and passwords periodically : RBI

By | October 26, 2016

ATM/Debit Card Data Breach Date : Oct 24, 2016 The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been… Read More »

Category: RBI

No Taxability of compensation received by land owners under RFCTLARR Act : CBDT Circular Clarify

By | October 26, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA.II division, North Block, New Delhi, Circular No. 36/2016 Dated: 25th of October, 2016 Subject: Taxability of the compensation received by the land owners for the land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and… Read More »

Caveat -Section 148A Code of Civil Procedure 1908

By | October 26, 2016

Caveat Section – 148A, Code of Civil Procedure, 1908 Right to lodge a caveat.[Inserted by Amendment Act, 1976, w.e.f. 1-5-1977.] 148A . (1) Where an application is expected to be made or has been made, in a suit or proceeding instituted, or about to be instituted, in a Court, any person claiming a right to… Read More »

Improvised Explosive Devices (IEDs)-E book

By | October 26, 2016

Improvised Explosive Devices (IEDs) In this E-book, attempts have been made to explain about Improvised Explosive Devices. It is expected that it will help departmental officers in their day-to-day work. 1. Introduction 1.1 An improvised explosive device is basically a “homemade” bomb and/or destructive device, used by criminals, vandals, terrorists, suicide bombers, and insurgents to… Read More »

Summons (e-book) under Customs, Excise & Service Tax Laws of India

By | October 26, 2016

Summons under Customs, Excise & Service Tax 1. Introduction: 1.1 A successful investigation is substantially dependent on a good interrogation and recording of statements to convert the findings into admissible evidence. The process involves questioning a suspect or a witness to seek information leading to solution of a case of evasion being investigated. Calling suspect… Read More »

Instruction F. NO. 137/39/2007-CX-4 DATED 26-2-2007 -Summons

By | October 26, 2016

INSTRUCTION F. NO. 137/39/2007-CX-4, DATED 26-2-2007 It has come to the notice of the Board that on many occasions, merely for obtaining information or documents pertaining to service tax cases/matters, officers of field formations or intelligence agencies resort to issuance of summons (Under section 14 of the Central Excise Act, 1944 as is made applicable… Read More »