Daily Archives: November 22, 2016

Action in retrieval of Black money in Swiss Banks : Indian Govt Steps

By | November 22, 2016

Action in retrieval of Black money in Swiss Banks Information of 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double Taxation Avoidance Convention (DTAC) between India and France in 2011. As a result of systematic investigations in these cases, undisclosed income of about Rs.8200… Read More »

Retrieval of Black Money stashed in Foreign Countries : Indian Govt Steps

By | November 22, 2016

Retrieval of Black Money stashed in Foreign Countries The Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures, which are an ongoing process, include putting in place robust legislative and administrative frameworks, systems and processes with focus on capacity building and integration of… Read More »

Accounts of Indian residents in Switzerland :-Sharing of financial information w.e.f sep 2019

By | November 22, 2016

India and Switzerland Sign ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two countries Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the present Government. To further this goal, Mr. Sushil Chandra, Chairman, CBDT signed the‘Joint Declaration’ on behalf of India… Read More »

Declaration of undisclosed Black Money

By | November 22, 2016

Declaration of undisclosed Black Money A total number of 64,275* declarants have made declaration of undisclosed income of Rs.65,250* crore under the Income Declaration Scheme, 2016. (*Provisional). Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty is payable in three instalments. The notified date for payment of first instalment is 30th… Read More »

Indian Govt Action against Black Money in Foreign Accounts

By | November 22, 2016

Action against Black Money in Foreign Accounts In the cases of HSBC overseas bank accounts, tax demand of about Rs.5377 crore was raised till 31st March 2016, which includes demand in protective assessments. Information regarding 628 Indian persons holding bank accounts in HSBC bank in Switzerland was obtained from the Government of France under Double… Read More »

Waiver of Loans to Industrialists

By | November 22, 2016

The details of industrialists against whom a debt exceeding Rs.50 crore remains pending alongwith debt amount is as under: NPA accounts above Rs.50 crore for PSBs as on June 30, 2016 No. of NPA Accounts Amount (Rs. in Crore) 2071   3,88,919  Source: PSBs  In terms of instructions of Reserve Bank of India (RBI), every bank… Read More »

Expenditure on advertisement on television is Revenue Expenditure

By | November 22, 2016

Facts of the case The Assessee incurred expenditure on advertisement on television aggregating to Rs.29.99 crores. This expenditure related to advertisements published on television relating not only to individual products manufactured by it but also towards corporate advertisement to the extent of Rs.5.47 crores. The Assessing Officer disallowed the expenditure claimed towards corporate advertisement amounting… Read More »

SAP software Implementation fees is revenue expenditure : HC

By | November 22, 2016

Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in treating the professional fees paid to its collaborator KSB AG of Germany for implementing the SAP programme as an allowable expenditure when the use of this software enhances the efficiency of the organization which is enduring… Read More »

Switching over from cash to mercantile system is not permissible in middle of FY : HC

By | November 22, 2016

Question  whether the Income Tax Officer was justified in refusing to permit the assessees switching over from the cash to the mercantile system during the midst of the financial year ? Held A switch over in the midst of an accounting year, especially in such cases, could lead to skewed results. An assessee could then… Read More »

GST Bill proposes new anti-profiteering measure

By | November 22, 2016

The revised Goods and Services Tax (GST) Bill draft has proposed a new anti-profiteering measure under the new tax regime and the Centre may constitute an authority to oversee the benefits being passed on. Quoting sources, Sapna Das of CNBC-TV18 reports that the proposed authority may also prescribe penalty against profiteering. Subsidies provided by Centre… Read More »

Category: GST

CBDT amends Rules relating to business connection of offshore funds

By | November 22, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st November, 2016 INCOME-TAX S.O. 3498(E).—In exercise of the powers conferred by section 295 read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More »

PM Modi Invited Views of People of India on Demonetization Decision through Survey

By | November 22, 2016

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000 The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a… Read More »

Attachment order vacated if property not sold in 3 years : Karnataka HC

By | November 22, 2016

HIGH COURT OF KARNATAKA K. Venkatesh Dutt v. Tax Recovery Officer, Range-7, Bengaluru L. NARAYANA SWAMY, J. WRIT PETITION NO. 49185 OF 2016 (T-IT) SEPTEMBER  16, 2016 Vani H., Advocate for the Petitioner. K.V. Aravind, ASG for the Respondent. ORDER 1. Earlier, the Revenue approached this Court in ITRC Nos.101 to 103 and 119 of… Read More »

No Tax on Transfer of Asset by Firm without consideration & Without ” dissolution ” “

By | November 22, 2016

Facts of the case The assessee, a partnership firm .The assessee is engaged in the business of manufacturing and trading of ‘pesticides’ and assessee holds shares of United Phosphorus Ltd (UPL) (19,20,160 shares) and shares of United Enterprises Ltd (UEL) (1,92,016 shares). .The assessee transferred the said shares to M/s. Nerka Chemicals Private Limited (NCPL)… Read More »

No penalty on possession of high denomination notes if period to encash expired

By | November 22, 2016

Facts of the case The Income-tax Officer for the assessment year, namely, 1978-79 had levied a penalty of Rs. 95,000 after completion of the assessment proceedings for the relevant assessment year by invoking the provisions under section 271(1)(c) of the Income-tax Act, 1961 (‘Act’ for short), on the ground, that though the assessee is the… Read More »

DVAT return 2nd quarter 2016-17 -Due date extended

By | November 22, 2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/932-37 Dated: 21-11-2016 CIRCULAR NO. 19 of 2016-17 Sub: Filing of online return for second quarter of 2016-17 – extension of period thereof. In partial modification to this department’s Circular No.18 of 2016-17 on the… Read More »

Tender Invited from CA for Internal Audit for F.Y 2016-17 to 2018-19 of Haryana Power Generation Corporation Ltd

By | November 22, 2016

HARYANA POWER GENERATION CORPORATION LIMITED (A Govt. of Haryana Undertaking) NOTICE INVITING TENDER FOR SHORTLISTING AND ENGAGEMENT OF FIRMS OF CHARTERED ACCOUNTANTS/ COST ACCOUNTANTS FOR CONDUCTING INTERNAL AUDIT IN HARYANA POWER GENERATION CORPORATION LTD , FOR THE FINANCIAL YEARS 2016-17, 20017-18 AND 2018-19 No. COA/IA/NIT/16-17/1    Dated 27.10.2016 NOTICE INVITING TENDER Haryana Power Generation Corporation… Read More »

GST Registration procedure for existing VAT Dealers

By | November 22, 2016

GST Registration procedure for existing State VAT Dealers only State VAT assesses will be required to provide details to the GSTN portal for migration to GST. Other assesses (Service Tax/Excise) will be issued Provisional ID at a later date. Once the Taxpayer provide their details there will be no need to provide the details again.… Read More »

Cancellation of Old Bank Note – Govt. constituted Committees for implementation

By | November 22, 2016

The Central Government constitutes Committees of Addl. Secretaries/Joint Secretaries/Directors for visiting States/UTs and reporting about the status of implementation of its recent decision relating to cancellation of legal tender of high denomination bank notes of Rs. 500 and Rs. 1000.      The Central Government has  decided to constitute teams of Additional Secretaries/Joint Secretaries/Directors –… Read More »

Ban on Imports of Plastic Items from China

By | November 22, 2016

Ban on Imports of Plastic Items from China The Government has comprehensively revised its regulation on hazardous materials through Hazardous and Other Wastes (Management & Tranboundary Movement) Rules, 2016 dated 4th April, 2016 wherein plastic waste has been included in the Schedule-VI of the above Rules and the item is prohibited for import from all… Read More »

Cash Withdrawal limit for Farmers & traders registered with mandis / APMC markets /

By | November 22, 2016

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Revisions RBI/2016-17/146 DCM (Plg) No.1323/10.27.00/2016-17 November 21, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks / District… Read More »

Annex Application Form for Marriage Cash Withdrawal from Bank

By | November 22, 2016

Cash Withdrawal for Marriage from Bank – Application Form Download Annex – Application Form for Cash Withdrawal from Bank for Marriage Related Post / Government circular for cash withdrawal for shadi / Marriage Cash withdrawal for Marriage – RBI circular / Notification

Cash withdrawal for Marriage – RBI circular / Notification

By | November 22, 2016

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) – Cash withdrawal for purpose of celebration of wedding RBI/2016-17/145 DCM (Plg) No.1320/10.27.00/2016-17 November 21, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks Regional Rural Banks /… Read More »