Daily Archives: December 14, 2016

Airtel Payments Bank rolls out pilot services in Andhra Pradesh and Telangana

Airtel Payments Bank rolls out pilot services in Andhra Pradesh and Telangana Over 15,000 neighborhood Airtel retail outlets in towns and villages across Andhra Pradesh and Telangana will also act as banking points and offer convenient banking services to customers Interest rate of 7.25% p.a. on savings account deposits; Personal Accidental Insurance of Rs. 1… Read More »

Airtel Payments Bank Saving Bank Interest Rate 7.25% p.a

Airtel Payments Bank Announces Initiatives to Drive Adoption of Digital Payments To contribute to Government’s Digital India vision and the country’s transition to a cashless economy • Will educate customers on benefits of digital payments, in particular USSD based transactions using feature phones. Encourage and incentivise Airtel’s 260 million plus customers to open savings accounts… Read More »

Scrutiny of Revised Income Tax Returns filed post De-Monetisation of Currency

Press Information Bureau Government of India Ministry of Finance 14-December-2016 13:17 IST Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section… Read More »

Documents required for GST Migration (enrolment)

Documents required for GST Migration (enrolment)*1 Following information/documents should be readily available by existing tax payer to enrol with GST Portal  Provisional ID received from State/Central Authorities; Password received from the State/Central Authorities; Valid Email Address; Valid Mobile Number; Bank Account Details Copy of Registration Certificate in any law (RC) Documents:  a) Proof of Constitution of Business: In case… Read More »

Category: GST

Advance payment for flat would be eligible for relief u/s section 54 of Income Tax

IN THE ITAT CHENNAI BENCH ‘A’ Assistant Commissioner of Income-tax, Non Corporate Circle-16, Chennai v. Kannan Santhanam N.R.S. GANESAN, JUDICIAL MEMBER AND D.S. SUNDER SINGH, ACCOUNTANT MEMBER IT APPEAL NO.636 (MDS.) OF 2016 [ASSESSMENT YEAR 2011-12] SEPTEMBER  15, 2016 Shiva Srinivas, JCIT for the Appellant. P.B. Srinivasan, CA for the Respondent. ORDER N.R.S. Ganesan, Judicial… Read More »

Tax rate in slump sale

Tax rate in slump sale The Delhi High Court held that a transaction was a genuine “ slump sale ” that qualified for specific tax treatment. In this case, the sale involved a “going concern” that also included ongoing service contracts, employment contracts, and other tangible and intangible assets such as technical know-how. The case is: Triune… Read More »

Companies Removal of Difficulty regarding transfer of winding-up cases

The Companies (Removal of Difficulties) Fourth Order, 2016 MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 7th December, 2016 S.O. 3676(E).—Whereas clause (c) of sub-section (1) of section 434 of the Companies Act, 2013 (hereinafter referred to as the 2013 Act) provides that on a date which may be notified by the Central Government for… Read More »

Online furnishing of CA certificate in Form 27BA w.e.f 15.01.2017

Furnishing of CA certificate in Form 27BA in electronically shall be enabled w.e.f. from 15-01-2017 CBDT Notification 12/2016 [F.No. DGIT(S)/CPC (TDS)/Notification /2016-17], dated 8-12-2016 Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non collection of Tax at Source – reg. 1. As per first proviso… Read More »

Companies (Compromises, Arrangements and Amalgamations) Rules 2016 Notified

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 14th December, 2016 G.S.R. 1134(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 469 read with sections 230 to 233 and sections 235 to 240 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely:- 1.… Read More »