Daily Archives: November 25, 2016

Schedule III of Model GST Law (India)

By | November 25, 2016

Empowered Committee of State Finance Ministers June, 2016  Model GST Law SCHEDULE III LIABILITY TO BE REGISTERED 1. Every supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds [Rs nine lakh]:… Read More »

CPT Dec 2016 Admit cards

By | November 25, 2016

Announcement Admit cards – CPT December 2016 24th November, 2016 Admit cards in respect of candidates admitted to the CPT December 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to login… Read More »

Marriage shagun in old currency notes ( Rs 500/ Rs 1000) – Deposit into Bank ?

By | November 25, 2016

Q Guests came to attend my  marriage and had given the shagun in old currency notes of Rs 500 / Rs 1000. Can I deposit the notes in Bank account. If marriage shagun is given on or before November 8, 2016 (in notes of Rs. 500/1,000), then it can be deposited in bank up till December 30,… Read More »

Cash Sale Exceeding Rs 2 Lakh -Reporting by person who is liable for audit u/s 44AB

By | November 25, 2016

Rule 114-E (2) of Income Tax Rules requires reporting by any person who is liable for audit under Section 44 AB of Income Tax Act in respect of transaction mentioned at Sr. No. 11 .Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other… Read More »

Section 44 AB of Income Tax Act ( After Amendment by Finance Act 2016)

By | November 25, 2016

Section 44 AB of Income Tax Act [Section 44AB After Amedment by the Finance Act, 2016 ] 69[Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a) carrying on business shall if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 73[one crore… Read More »

Consequences if banned currency notes accepted after 8th November 2016

By | November 25, 2016

Govt of India has banned Old Rs 500 and Rs 1000 Bank Notes w.e.f 09.11.2016 except for certain exempt payments. read Permissible payments with old bank note Date Extended till 15 Dec 2016 with new items added What are the consequences if I accept banned currency after 8th November? Any contract in lieu of an illegal… Read More »

Acknowledgement of Notice served u/s 143(2) not available, Assessment is Void

By | November 25, 2016

Held The AO had failed to produce any evidence regarding the issuance of notice or service of said notice. In our opinion, notice of hearing should not only the issue properly but it has to be served upon the assessee and the prove of service has to be placed on record. In the case under… Read More »

Use your old Rs 500 notes for 23 transactions

By | November 25, 2016

Demonetisation : 23 places you can still use your old Rs 500 notes 24 Nov, 2016, 20:38 pm Government has permitted various exemptions for certain transactions and activities wherein payment could be made only through old Rs 500 notes. [ read Govt Notification Permissible payments with old bank note Date Extended till 15 Dec 2016 with… Read More »

Mate receipt abolished for containerised cargo

By | November 25, 2016

F. No. 450/221/2014-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Room No. 227B, North Block, New Delhi Circular No. 56/2016-Customs dated the 24’h November, 2016 To, Principal Director General/Director General, Directorate of Revenue Intelligence, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Principal Chief Commissioners/Chief Commissioners… Read More »

Permitted payments with onlly old Rs 500 till 15.12.2016 + New additions

By | November 25, 2016

After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the counter exchange of old Rs. 500 and Rs. 1000 notes after midnight of 24.11.2016;.Certain other exemptions… Read More »

Discontinuation of over the Counters Exchange of Rs 500 and Rs 1000 Bank Note : RBI

By | November 25, 2016

Discontinuation of over the Counters Exchange of SBN RBI/2016-17/155 DCM (Plg) No.1391/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Discontinuation of over the Counters Exchange of SBN Please refer to our… Read More »

Subsidy Scheme -Revision of North East Industrial and Investment Promotion Policy 2007

By | November 25, 2016

MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 22nd November, 2016 Subject: Revision of North East Industrial and Investment Promotion Policy, 2007 for new industrial units No.10(3)/2007-DBA-II/NER.—The Government had approved a package of incentives and concessions to promote industrialization and investment in the North East Region (including Sikkim)… Read More »

Permissible payments with old bank note Date Extended till 15 Dec 2016 with new items added

By | November 25, 2016

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 24th November, 2016 S.O. 3544(E).— In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry… Read More »

No Exchange of Old Bank Notes w.e.f 25.11.2016 – Govt Notification

By | November 25, 2016

No Exchange of Old Bank Notes w.e.f 25.11.2016 Now the Old Bank notes of Rs 500/ 1000 can not be exchanged in the Bank/ Post Office over the counter w.e.f 25.11.2016 . These Bank Notes can only be deposited in the Bank /Post office as the Govt of India has omitted the following caluse vide… Read More »