Daily Archives: October 27, 2016

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

By | October 27, 2016

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

By | October 27, 2016

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 »

No penalty for delay in filing TDS return as it was first year of e-TDS return

By | October 27, 2016

Held where there was case of reasonableness, there was no merit in levying the penalty under section 272A(2)(k) of the Act. Thus, in order to adjudicate the issue before us, we accept the case of reasonable cause as relevant to section 273B of the Act put up by the assessee in the respective cases in… Read More »

Change in method of valuation of closing stock allowed : High Court

By | October 27, 2016

Held so long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed, the Revenue has no cause to complain. The conclusion drawn by the Tribunal that the change in the method of valuation adopted by the assessee, namely, from “lowest… Read More »

ICDS Income Tax Applicability

By | October 27, 2016

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

By | October 27, 2016

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

By | October 27, 2016

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)

By | October 27, 2016

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 »

Powers of officers Customs & Excise -E Book

By | October 27, 2016

Powers , Classes, Appointment of officers of Customs & Central Excise Officer under Indirect Tax Laws 1. Introduction 1.1. It is essential that officers working in various wings of Customs, Excise and Service tax department remain aware of legal provisions relating to their appointment, powers and functions under three main tax laws dealing with in-direct… Read More »

World Bank Doing Business 2017 Report & Rank of India

By | October 27, 2016

World Bank Doing Business 2017 Report The World Bank’s annual Doing Business 2017 report released today recognizes India’s achievements in implementing reforms in four of its ten indicators – Trading Across Borders, Getting Electricity, Enforcing Contracts and Paying Taxes. This is the first time in its history that India has been recognized for improvement in… Read More »

CBDT released Income Tax Return Statistics for AY 2013-14 & 2014-15

By | October 27, 2016

CBDT releases data relating to Income Tax Return Statistics for Assessment Years (AY) 2013-14 & 2014-15; Reports containing the data are available at www. incometaxindia.gov.in Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number of taxpayers, cost of collection, etc., data of number of… Read More »

Relaxation of time for Intimation u/s 143(1) for AY 2012-13 to 14-15

By | October 27, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 25th of October, 2016 Order under section 119 of Income-tax Act, 1961 Subject: Issue of Intimation under section 143(1) of Income-tax Act, 1961 beyond the prescribed time in non-scrutiny cases-reg.- It has come to notice that… Read More »

RBI Advisory on fake Currency Notes

By | October 27, 2016

Circulation of Counterfeit (fake) Currency Notes – Public Notice Date : Oct 26, 2016 It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public. We… Read More »

Category: RBI

GST Law and Analysis -Book

By | October 27, 2016

GST LAW & ANALYSIS – WITH CONCEPTUAL PROCEDURES We are pleased to announce release of our book (2nd Edition) on Goods and Services Tax, titled, “GST LAW & ANALYSIS – WITH CONCEPTUAL PROCEDURES” Key features of the Book: Detailed commentary on Model GST Law, Draft GST Business Processes for Registration, Payment, Return and Refunds to encapsulate the provisions… Read More »