Daily Archives: November 2, 2016

Indexation benefit from period asset was first held by previous owner ITAT

IN THE ITAT VISAKHAPATNAM BENCH Income-tax Officer, Ward-1(2), Guntur v. Padarti Venkata Rama Chandra Rao V. DURGA RAO, JUDICIAL MEMBER AND G. MANJUNATHA, ACCOUNTANT MEMBER IT APPEAL NO. 216 (VIZAG.) OF 2012 [ASSESSMENT YEAR 2009-10] SEPTEMBER  16, 2016 M.N. Murthy Naik, DR for the Appellant. G.V.N. Hari, AR for the Respondent. ORDER G. Manjunatha, Accountant… Read More »

ISA AT December 2016 Exam Announcement by ICAI

2nd November, 2016 IMPORTANT ANNOUNCEMENT Subject: Information System Audit – Assessment Test (ISA – AT), December 2016 Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) (which is open to the members of the Institute) will be held on 24th December, 2016 (Saturday) from… Read More »

Observations of candidates on question papers of CA Nov 16 exam

Observations of the candidates on the question papers of CA examinations-November, 2016. – (01-11-2016) 1st November, 2016 It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2016, by e-mail at examfeedback@icai.in or by… Read More »

Cess plan could mean 10 different GST rates

To ensure that the tax incidence on products like cigarettes, tobacco products and luxury commodities doesn’t decline under the GST regime, the Finance Ministry has proposed differential cess rates to be levied over and above the highest tax rate of 26 per cent for such products. For instance, cigarettes, currently taxed at 53 per cent,… Read More »

Category: GST

Centre withheld info on GST from states

West Bengal Finance Minister Amit Mitra has accused the Centre of withholding crucial information pertaining to service taxpayer base from states, highlighting yet another sign of growing trust deficit between the Union government and the states on the implementation of the Goods and Services Tax (GST). In a letter addressed to Finance Minister Arun Jaitley,… Read More »

Category: GST

Assocham opposes cess in GST

Assocham opposes cess in GST Health activists today said the proposed 2 6 per cent sin rate on tobacco will negatively impact revenue and public health and the tax rate on tobacco products should not be below 4 0 per cent. India has the second largest number of tobacco users (2 7 5 million or… Read More »

Category: GST

Raise tobacco tax under GST

Health activists today said the proposed 2 6 per cent sin rate on tobacco will negatively impact revenue and public health and the tax rate on tobacco products should not be below 4 0 per cent. India has the second largest number of tobacco users (2 7 5 million or 3 5 pc of all… Read More »

Category: GST

RBI updates Branch Locator as per Census 2011

RBI updates Branch Locator as per Census 2011 Date : Nov 01, 2016 The Reserve Bank of India has updated its Branch Locator – a link on its website containing the list of branches/offices of commercial banks. The link now has classification of branches/offices into various population groups with revised base population as per Census… Read More »

Strict Rules for Buyer and Seller of Property notified by Indian Govt

Both promoter and buyer can terminate agreement in case of default by each other Price of apartment escalation free under Agreement for Sale Rules notifiedDate of delivery of possession to be specified in the Agreement; buyers shall take possession in 2 months To ensure timely implementation of real estate projects, the Real Estate (Regulation &… Read More »

GSTN to borrow 800 cr to meet infra building cost

GSTN to borrow 800 cr to meet infra building cost GSTN, the company that is building the world’s biggest and most complex tax system, will borrow Rs. 800 crore from banks to fund infrastructure costs to support Goods and Services Tax rollout from April 1 next year. The Goods and Services Tax Network (GSTN), a… Read More »

Category: GST

Non filing of 15G/15H would not invoke disallowance u/s 40(a)(ia)

Held ”Since separate provisions were prescribed on default for non-filing or delayed filing of Form 15G/15H to Commissioner. non filing of such form would not invoke disallowance under section 40(a)(ia) and that where person responsible to deduct TDS received declaration in form 15G/form 15h non-filing or delayed filing of such form before Commissioner would not… Read More »

Flats held as stock in trade are not second residential house, Section 54F allowed

Held Any stock in trade by profession is excluded from the definition of capital asset and in these circumstances the contention of the Revenue is that stock in trade is also included for applicability of Section 54F of the Act, in our view, cannot be accepted. HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mangalore v.… Read More »

How to compute and pay advance tax ?

 Advance tax Income liable for advance tax Advance tax is payable under section 211 of Income tax Act.All income (including capital gains, winnings from lotteries, crossword puzzles, etc.). are taken into account to compute Advance Tax Liability. Who is not required to Pay Advance Tax ? Resident individuals who are over 60 years of age… Read More »

Enhanced Standards for Credit Rating Agencies

PR No. 150/2016 Circular on Enhanced Standards for Credit Rating Agencies (CRAs) With a view to strengthen the functioning of CRAs and to harmonise the best practices in the industry,SEBI constituted a committee on “Strengthening the Guidelines and Raising Industry Standards for Credit Rating Agencies (CRAs)”, which included representatives from all the CRAs. The objective… Read More »

Exit Order of Bombay Commodity Exchange Limited

PR No. 151/2016 EXIT ORDER IN RESPECT OF BOMBAY COMMODITY EXCHANGE LIMITED (BCEL) Whole Time Member, SEBI has passed an Order on Oct 28, 2016 providing the exit to Bombay Commodity Exchange Limited (BCEL). BCEL is the first commodity derivatives exchange / deemed stock exchange to exit after merger of Forward Markets Commission with SEBI.… Read More »

online maintenance of registers/records under labour laws

EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt. of India) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaji Cama Place, New Delhi – 110 066. (CENTRAL ANALYSIS & INTELLIGENCE UNIT) No. CAIU/011(59)2016/MOL/12872 Dated: 31/10/2016 To All Additional Central P.F. Commissioner (Zones) All Regional P.F. Commissioner-In-charge of ROs/SROs Sub: – Digitization of registers and other… Read More »

International law firms shortlisted by India for representing in arbitrations

Government of India Ministry of Finance Department of Economic Affairs Investment Division North Block New Delhi Dated: 31st October, 2016 SUBJECT – Request for Proposal for engagement of international and/or domestic law firms for representing the Government of India in arbitrations/disputes under Bilateral Investment Treaties and/or investment chapters of Free Trade Agreement/Comprehensive Economic Partnership Agreements/Comprehensive… Read More »