Daily Archives: November 3, 2016

PF- Nepalese / Bhutanese national deemed to be Indian worker on account of Treaty

By | November 3, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 2nd November, 2016 G.S.R.1035(E).— In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’… Read More »

Stipend to be paid through bank account of apprentices w.e.f 01.11.2016

By | November 3, 2016

MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP NOTIFICATION New Delhi, the 31st October, 2016 S.O. 3354(E).—In pursuance of sub-rule (3) of rule 11 of the Apprenticeship Rules, 1992, the Central Government hereby notifies the 1st day of November, 2016 as the date from which the stipend shall be paid through the bank account of apprentices. [No.… Read More »

Infrequent number of sales or insignificant in value used in AS 109 -ICAI clarify

By | November 3, 2016

FAQ on Elaboration of terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109 Question Ind AS 109, Financial Instruments, requires an entity to classify financial assets on the basis of the entity’s business model for managing the financial assets. In this regard, under a business model whose objective is to… Read More »

Dividend Distribution Tax -FAQs clarified by ICAI

By | November 3, 2016

Frequently Asked Questions (FAQs) regarding Dividend Distribution Tax This FAQ on Dividend Distribution Tax has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of this FAQ is to illustrate and to assist in clarifying the requirements regarding treatment of Dividend Distribution Tax Question: What… Read More »

Section 252 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 252 Insolvency and Bankruptcy Code 2016 Amendments of Act 1 of 2004. 252. The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in the manner specified in the Eighth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code… Read More »

Section 250 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 250 Insolvency and Bankruptcy Code 2016 Amendments of Act 32 of 1994. 250. The Finance Act, 1994 shall be amended in the manner specified in the Sixth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Eighth Schedule- Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Eighth Schedule, Insolvency and Bankruptcy Code 2016 THE EIGHTH SCHEDULE (See section 252) AMENDMENT TO SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 (1 OF 2004) In section 4, for sub-clause (b), the following sub-clause shall be substituted, namely — “(b) On such date as may be notified by the Central Government in this behalf,… Read More »

Sixth Schedule Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Sixth Schedule Insolvency and Bankruptcy Code 2016 THE SIXTH SCHEDULE (See section 250) AMENDMENT TO THE FINANCE ACT, 1994 (32 OF 1994) In section 88, for the words and figures “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002”, the words and figures “the Securitisation and Reconstruction of… Read More »

Section 248 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 248 Insolvency and Bankruptcy Code 2016 Amendments of Act 52 of 1962. 248. The Customs Act, 1962 shall be amended in the manner specified in the Fourth Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Section 247 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 247 Insolvency and Bankruptcy Code 2016 Amendments of Act 43 of 1961. 247. The Income-tax Act, 1961 shall be amended in the manner specified in the Third Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »

Fourth Schedule -Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Fourth Schedule -Insolvency and Bankruptcy Code 2016 THE FOURTH SCHEDULE (See section 248) AMENDMENT TO THE CUSTOMS ACT, 1962 (52 of 1962) In section 142A, for the words and figures “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002”, the words and figures “Securitisation and Reconstruction of Financial… Read More »

Third Schedule -Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Third Schedule -Insolvency and Bankruptcy Code 2016 THE THIRD SCHEDULE (See section 247) AMENDMENT TO THE INCOME-TAX ACT, 1961 (43 of 1961) In sub-section (6) of section 178, after the words “for the time being in force”, the words and figures “except the provisions of the Insolvency and Bankruptcy Code, 2016” shall be inserted. Related… Read More »

Section 246 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 246 Insolvency and Bankruptcy Code 2016 Amendments of Act 1 of 1944. 246. The Central Excise Act, 1944 shall be amended in the manner specified in the Second Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision… Read More »

Second Schedule- Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Second Schedule- Insolvency and Bankruptcy Code 2016 THE SECOND SCHEDULE (See section 246) AMENDMENT TO THE CENTRAL EXCISE ACT, 1944 (1 of 1944) 1. In section 11E, for the words, figures and brackets “and the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words, figures… Read More »

Section 244 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 244 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Transitional provisions. 244. (1) Until the Board is constituted or a financial sector regulator is designated under section 195, as the case may be, the powers and functions of the Board or such designated financial sector regulator, including its power to make regulations, shall be… Read More »

Section 240 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 240 Insolvency and Bankruptcy Code 2016 Power to make regulations. 240. *(1) The Board may, by notification, make regulations consistent with this Code and the rules made thereunder, to carry out the provisions of this Code. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all… Read More »

Section 239 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 239 Insolvency and Bankruptcy Code 2016 Power to make rules. 239. *(1) The Central Government may, by notification, make rules for carrying out the provisions of this Code. (2) Without prejudice to the generality of the provisions of sub-section (1) , the Central Government may make rules for any of the following matters, namely:—… Read More »

Section 223 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 223 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Accounts and audit. 223. (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts… Read More »

Section 197 Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 197 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Constitution of advisory committee, executive committee or other committee. 197. The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members as may… Read More »

Section 196 of Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 196 of Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 CHAPTER II POWERS AND FUNCTIONS OF THE BOARD Powers and functions of Board. 196. (1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely :— (a) register insolvency professional agencies, insolvency professionals… Read More »

Section 3 of Insolvency and Bankruptcy Code 2016

By | November 3, 2016

Section 3 of Insolvency and Bankruptcy Code 2016 Definition. 3. In this Code, unless the context otherwise requires,— *(1) “Board” means the Insolvency and Bankruptcy Board of India established under sub-section (1) of section 188; (2)** “bench” means a bench of the Adjudicating Authority; (3)** “bye-laws” mean the bye-laws made by the insolvency professional agency… Read More »

Insolvency and Bankruptcy Code 2016 certain provisions w.e.f 01.11.2016

By | November 3, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st November, 2016 S.O. 3355(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 1st November, 2016 as the date on which the provisions of the following sections of… Read More »

Transfer pricing not applicable between Indian Head Office and Foreign Branch

By | November 3, 2016

Held The transfer pricing provisions cannot apply in respect of transactions between the Indian head office and branch office in Canada. (para 8) IN THE ITAT DELHI BENCH ‘I-1’ Aithent Technologies (P.) Ltd. v. Deputy Commissioner of Income Tax, Circle-1(1) R.S. SYAL, ACCOUNTANT MEMBER AND KULDIP SINGH, JUDICIAL MEMBER IT APPEAL NO. 6446 (DELHI) OF… Read More »

GST Council (India) decides four-tier GST Rate structure

By | November 3, 2016

GST Council decides four-tier rate structure of 5%, 12%, 18% and 28% – NDTV Assocham, KPMG Warn against Sharp Anomalies in GST Rates Ahead of the crucial Goods and Services Tax Council meeting on Thursday and Friday, industry body Assocham and consultancy KPMG have called for avoiding sharp anomalies in taxation structure across different industries… Read More »

Category: GST

Indian GST – Dual & Cessed GST

By | November 3, 2016

Indian GST – Dual & Cessed GST The makers of the Indian Constitution gave India a federal economy where both Central and the State Government had separate rights and obligations towards the citizens of India. To fulfil such obligations, they were empowered by the Constitution to raise funds by levy of taxes on various types… Read More »

Category: GST

Issuance of Rupee denominated bonds overseas by Indian banks

By | November 3, 2016

Issuance of Rupee denominated bonds overseas by Indian banks RBI/2016-17/107 A.P. (DIR Series) Circular No. 14 November 03, 2016 To All Category-I Authorised Dealer Banks Madam / Dear Sir Issuance of Rupee denominated bonds overseas by Indian banks Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the measures… Read More »

Indian Banks permitted to raise funds through rupee denominated bonds

By | November 3, 2016

Issue of Rupee Denominated Bonds overseas RBI/2016-17/108 DBR.BP.BC.No.28 /21.06.001/2016-17 November 03, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Issue of Rupee Denominated Bonds overseas Please refer to A.P. (DIR Series) Circular No.14 dated November 03, 2016 on issue of rupee denominated bonds overseas by Indian banks. 2. We advise that banks… Read More »

Bidding Guidelines for setting up 1000 MW Wind Power Projects -ISTS scheme

By | November 3, 2016

MNRE issues bidding Guidelines for setting up 1000 MW Wind Power Projects connected to ISTS scheme Ministry of New and Renewable Energy (MNRE) issued Guidelines for transparent bidding process for implementation of Scheme for setting up of 1000 MW Wind Power Project connected to inter-state transmission system (ISTS). As per Guidelines the Wind Power Projects… Read More »

Real Estate Act 2016 Amended by Indian Govt

By | November 3, 2016

Real Estate (Regulation and Development) Removal of Difficulties Order, 2016. [F. No. O-17034/18/2009-H] MINISTRY OF HOUSING AND URBAN POVERTY ALLEVIATION ORDER New Delhi, the 28th October, 2016 S.O. 3347(E).––Whereas, certain sections of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) (hereinafter referred to as the Act) came into force with effect from… Read More »

Financial services industry deserve a better GST

By | November 3, 2016

The financial services industry must be spared a compliance nightmare when the goods and services tax (GST) is rolled out. The industry is happy to pay whatever tax is due but would like the Centre and the states to sort out how to share the proceeds amongst themselves without making service providers jump through hoops… Read More »

Category: GST

Committee for National Corporate Social Responsibility Award

By | November 3, 2016

SECTION 135 OF THE COMPANIES ACT, 2013 CORPORATE SOCIAL RESPONSIBILITY CONSTITUTION OF STEERING COMMITTEE FOR CONDUCTING NATIONAL CORPORATE SOCIAL RESPONSIBILITY AWARD OF MINISTRY OF CORPORATE AFFAIRS GENERAL CIRCULAR NO.11/2016 [F.NO.02/04/2016-CSR], DATED 15-9-2016 In pursuance to the approval of Hon’ble Corporate Affairs Minister, National CSR Award is being set-up by the Ministry of Corporate Affairs. A… Read More »

Industry bodies call for eventual streamlining of multiple GST rates

By | November 3, 2016

Industry bodies call for eventual streamlining of multiple GST rates Industry bodies have raised concerns over the government’s proposed multiple rate structure for the Goods and Services Tax regime, saying that the four proposed rates should eventually be collapsed into fewer rates. They also called for a clear roadmap for the withdrawal of the cesses… Read More »

Category: GST

Application us/ 10 (23(C) can be filed even prior to 1st April of relevant Assessment Year from which exemption is sought

By | November 3, 2016

Held The application can be filed even prior to 1st April of the relevant Assessment Year, from which the exemption is sought. HIGH COURT OF PUNJAB AND HARYANA Shri Guru Ram Dass Ji Educational Trust v. Chief Commissioner of Income-tax, Amritsar S.J. VAZIFDAR, CJ. AND DEEPAK SIBAL, J. C.W.P. NO. 14010 OF 2016 SEPTEMBER  28,… Read More »

List of Documents required for GST Migration (India)

By | November 3, 2016

 Documents required for GST Migration (India) Following information/documents should be readily available with existing taxapayer before begining  to enroll with GST Portal I. Provisional ID received from State/Central Authorities; II. Password received from the State/Central Authorities; III. Valid Email Address; IV. Valid Mobile Number; V. Bank Account Number VI. Bank IFSC Documents a. Proof of… Read More »

How to Enroll on GST Portal (India) -FAQ’s

By | November 3, 2016

FREQUENTLY ASKED QUESTION For Enrolment of the Existing Taxpayer on the GST System Portal Part-A: – General Information 1. Who is an existing taxpayer? An existing taxpayer is an entity currently registered under any of the Acts as specified below:- a. Central Excise b. Service Tax c. State Sales Tax / VAT (except exclusive liquor… Read More »

GST- Puducherry govt asked traders to provide Mobile No & emails

By | November 3, 2016

The Commercial Taxes division of the Government on Wednesday asked traders to validate their mobile numbers and e-mail addresses at the department’s website. A press note said that as a precursor to the introduction of Goods and Services Tax, a provisional User ID and password for migration to GST Network (GSTN) portal has to be… Read More »

Protocol amending Convention between Indian and Japan

By | November 3, 2016

Protocol amending the Convention between the Government of the Republic of India and the Government of Japan MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 102/2016 New Delhi, the 28th October, 2016 INCOME-TAX S.O. 3346(E).— Whereas the annexed Protocol amending the Convention between the Government of the Republic of India and the Government of Japan… Read More »

Amendments in Standard Input Output Norms (SION) of Food product

By | November 3, 2016

GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE Public Notice No. 41/2015-2020 New Delhi, the 02nd November,2016 Subject:- Amendments in Standard Input Output Norms (SION) of Product group: Food products -reg. In exercise of the powers conferred under Paragraph 1.03 of the Foreign Trade Policy, 2015- 2020,… Read More »

Deferred Payment of Import Duty Rules 2016

By | November 3, 2016

Deferred Payment of Import Duty Rules 2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 134/2016-Customs (N.T.) New Delhi, dated the 2nd November, 2016 G.S.R. (E)—– In exercise of the powers conferred by the proviso to sub-section (1) of sections 47 and section 156 of the… Read More »

Deferred payment of import duty allowed to certain Improter

By | November 3, 2016

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 135/2016-Customs (N.T.) New Delhi, dated the 2nd November, 2016 G.S.R. (E)––In exercise of the powers conferred by proviso to sub-section (1) of section 47 of the Customs Act, 1962 (52 of 1962), the Central Government permits the following… Read More »

7 Top Priorities of new Chairman of Income Tax Department

By | November 3, 2016

SUSHIL CHANDRA Chairman. CBDT & Special Secretary to the Government of India GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-110001 E-mail : chairmancbdt@nic.in Tele 23092648 & Telefax : 23092544 FTS: 300311806/2016 DO No. CBDT/19/2016/Com-coord 1st November 2016 My dear colleagues, On taking over responsibility of the… Read More »

Constitution of Committee for changes in Income Tax Returns /Forms /scrutiny selection

By | November 3, 2016

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 Phone: 0120-2770061, Email: abkkumar@incometax.gov.in F.No:. DGIT(S)/ADG(S)-2/CASS 2016-17/93/2016  Dated: 02.11 2016 OFFICE ORDER Subject: Constitution of CASS Committee for F.Y. 2016-17. 2. The CASS committee for F.Y. 2016-17 has been constituted with following members: 1. Shri S. S. Rathore, DGIT(Risk Assessment) –… Read More »

Banks to have 10% ATMs for Dispensation of Rs.100 banknotes exclusively

By | November 3, 2016

Dispensation of Rs.100 denomination banknotes through exclusive ATMs RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Circulation and… Read More »

MVAT -Exemption of late fee for Monthly return -April 2016 to September 2016.

By | November 3, 2016

Office of the Commissioner of Sales Tax, 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai-10 TRADE CIRCULAR No. MAHAVIKAS/ADIC/New Automation/B- 840 Mumbai Dt. 02/11/2016 Trade Cir. No. 34T of 2016 Sub: Extension of due date for filing of monthly returns for the period from April 2016 to September 2016. Ref: 1. Trade Circular 22T of 2016 Dt.… Read More »