Monthly Archives: January 2017

File online reply of Cash Deposit , check how Income tax dept. will issue notices

By | January 31, 2017

 How Income tax dept. will issue notices for  Cash Deposit ( Watch video ) [ Related Post Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 -User Guide ] Watch Press Conference by Revenue Secretary, Dr. Hasmukh Adhia and Chairman CBDT, Mr. Sushil Chandra on Operation Clean Money of Income Tax Department launched on 31.01.2017

India -1st Revised Estimates of National Income, Consumption ,Saving & Capital Formation- 2015-16

By | January 31, 2017

First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2015-16 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2015-16 (with Base Year 2011-12) as per the revision policy*. Second Revised… Read More »

Operation Clean Money of Income Tax Department – 18 Lakh Persons identified

By | January 31, 2017

Income Tax Department (ITD) launches Operation Clean Money Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first… Read More »

Trade Marks Act 1999 -Bare Act (2017 Edition) by Taxmann

By | January 31, 2017

Trade Marks Act 1999 -Bare Act (2017 Edition) by Taxmann (Author) Trade Marks Act 1999 -Bare Act  Incorporating : TRADE MARKS ACT Trade Marks Rules 2002 Trade Marks (Applications and Appeals to the intellectual Property Appellate Board) Rules 2003, Trade Marks (Removal of Difficulties) Order 2004, Intellectual Property Appellate Board (Procedure) Rules 2003 You can buy Trade… Read More »

Now banks can also issue National Savings Certificates

By | January 31, 2017

As per following Notifications , Now banks can also issue National Savings Certificates in India as Govt has allowed banks and Post Offices to Issue National Savings Certificates. NOTIFICATION New Delhi, the 18th January, 2017 G.S.R. 54(E).–In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the… Read More »

CA inter IPCC result of Nov 2016 – Rank holders List and Pass Percentage

By | January 31, 2017

The Institute of Chartered Accountants of India (ICAI) today announced the result for Chartered Accountants Intermediate (IPC) Examination held in November, 2016. The top three rank holders on all India basis of Chartered Accountants Intermediate (IPC) Examination held in November, 2016 are from Pune, Kolkata and Chennai respectively and their details along with the marks… Read More »

Economic Survey 2016-17 – Economic growth to return to normal after new currency notes

By | January 31, 2017

Finance Minister Shri Arun Jaitley Presented Economic Survey 2016-17 in the Parliament today Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken.  The CPI based core inflation remained stable in the current fiscal year averaging around 5… Read More »

Economic Survey 2016-17 – GST will create Common Indian Market

By | January 31, 2017

Economic Survey: The Constitutional Amendment on GST will create a common Indian market, improve tax compliance and governance and boost investment and growth. The Economic Survey states that the world GDP is expected to grow because of a fiscal stimulus in the United States but points out that there are considerable risks. Economic Survey: Addressing… Read More »

Economic Survey 2017 -Impact of Demonetisation & GDP Growth Post-demonetisation

By | January 31, 2017

GDP growth in 2017-18 is projected at 6 ¾ to 7 ½ percent Post-demonetisation Middle class to get affordable housing due to fall in Real Estate prices Remonetisation to eliminate cash squeeze by April 2017. The Government says that the adverse impact of demonetisation on GDP growth will be transitional. The Economic Survey 2017 presented… Read More »

Economic Survey 2016-17 – Fiscal performance by States should be incentivized

By | January 31, 2017

Good fiscal performance by States should be incentivized to keep the overall fiscal performance on track: Economic Survey 2016-17 Centre should take the lead in sound fiscal management suggests Economic Survey The Economic Survey 2016-17 presented in the Parliament today has highlighted the need for fiscal prudence both by the Centre as well as the… Read More »

Economic Survey 2016-17 – Centralised Public Sector Asset Rehabilition Agency

By | January 31, 2017

Economic Survey 2016-17 suggests setting up of a centralised Public Sector Asset Rehabilition Agency The Agency will look after the largest, most difficult Cases, and make Politically Tough Decisions to reduce Debt       The Union Finance Minister Shri Arun Jaitley presented the Economic Survey 2016-17 in the Parliament today. The Survey shows that our  country… Read More »

Economic Survey 2016-17 – Universal Basic Income (UBI) Scheme – alternative to Subsidies

By | January 31, 2017

Economic Survey: Universal Basic Income (UBI) Scheme an alternative to plethora of State subsidies for poverty alleviation; JAM and Center State cost sharing prerequisite for a successful UBI The Economic Survey 2016-17 tabled in Parliament today by the Union Finance Minister Shri Arun Jaitley has advocated the concept of Universal Basic Income (UBI) as an… Read More »

Economic Survey 2016-17 – Improvement in Real per capita GSDP between 1983 and 2014,

By | January 31, 2017

Real per capita GSDP between 1983 and 2014, shows across-the-board improvement: Economic Survey 2016-17 Improved health indicators in life expectancy Striking over performance of Indian States in fertility decline Shri Arun Jaitley presents the Economic Survey 2016-17 The Union Finance Minister Shri Arun Jaitley presented the Economic Survey 2016-17 in the Parliament today. The Economic… Read More »

Economic Survey 2016-17 – one Economic India – Role of Technology, Economics and Politics

By | January 31, 2017

In creating one Economic India, Technology, Economics and Politics are Surging Ahead Survey suggests that it is Time for the Laws to catch up and facilitate this Internal Integration Finance Minister Shri Arun Jaitley today presented the Economic Survey 2016-17 in the Parliament today. The Survey suggest that on the question of creating one economic… Read More »

Economic Survey 2016-17 – Property Tax can be tapped to generate Additional Revenue

By | January 31, 2017

Property Tax can be tapped to generate Additional Revenue at City Level The Economic Survey 2016-17, presented today in the Parliament by the Union Finance Minister Shri Arun Jaitley, stated that Urban Local Bodies (ULBs), having primary responsibility for the development and service provisioning of cities, face major and inextricably linked problems: large infrastructure deficits,… Read More »

Economic Survey 2016-17 -Apparel and Leather industry key for job generation

By | January 31, 2017

Apparel and Leather industry key to generation of formal and productive jobs: Economic Survey 2016-17 Economic Survey recommends reforms in labour and tax policies to make the Apparel and Leather sector globally competitive Apparel and Leather & Footwear sectors are eminently suitable for generating jobs that are formal and productive, providing bang-for-buck in terms of… Read More »

Economic Survey 2016-17 – Labour migration in India increasing at accelerating rate

By | January 31, 2017

Labour migration in India increasing at an accelerating rate, reveals new study: Economic Survey 2016-17 New estimates of labour migration in India have revealed that inter-state labor mobility is significantly higher than previous estimates. This was stated in the Economic Survey 2016-17 presented by the Finance Minister Shri Arun Jaitley in the Parliament today.  The… Read More »

Economic Survey 2016-17 -Redistributive Resource Transfers (RRT) should be significantly linked

By | January 31, 2017

Redistributive Resource Transfers (RRT) should be significantly linked to fiscal and governance efforts on the part of the states: Economic Survey 2016-17 Annual per capita RRT flows for all North-Eastern States (except Assam) and Jammu & Kashmir have exceeded the annual per-capita consumption expenditure that defines the all-India poverty lines, especially the rural line. The… Read More »

Economic Survey 2016-17 -Fiscal activism embraced by advanced economies not relevant for India

By | January 31, 2017

Fiscal activism embraced by advanced economies not relevant for India: Economic Survey 2016-17 India’s economic experience underscores fundamental validity of fiscal policy principles in FRBM Act 2003: Economic Survey 2016-17 India’s economic experience shows that the fiscal activism embraced by advanced economies- giving a greater role to counter-cyclical policies and attaching less weight to curbing… Read More »

Economic Survey 2016-17 advocates reforms to unleash economic dynamism & social justice

By | January 31, 2017

Economic Survey 2016-17 advocates reforms to unleash economic dynamism and social justice India needs an evolution in the underlying economic vision across the political spectrum and further reforms are not just a matter of overcoming vested interests that obstruct them. This was stated in the Economic Survey 2016-17 presented in the Parliament today by the… Read More »

Invoices in name of employees , No denial of Cenvat Credit :ITAT

By | January 31, 2017

Held Even though the invoices are not in the name of the appellant but it is in the name of the directors and the employees of the company, credit should be allowed for the reason that all these expenditure were incurred by the appellant company and the same is not under dispute, therefore even though… Read More »

Taxmann books for CS executives [ Latest Editions of books ]

By | January 31, 2017

Taxmann books for CS executives we have compiled list of Taxmann books for CS executives Economic & Commercial Laws [CS- Executive] (4th Edition 2017) by Tejpal Sheth (Author) Covering : Tabular presentation of theory, All Fully solved theoretical and practical questions of last 25 exams (including December 2016), Approx. 750 questions with hints You can buy this… Read More »

Benami Property -Income tax authorities issued 87 notices , attached 42 properties

By | January 31, 2017

Income tax authorities have begun a multi-city crackdown against black money under the new stringent Benami law, having attached 42 properties worth crores of rupees and issued 87 notices over the last couple of days. The I-T department has also sent notices to the famous Bhajiawala from Surat who was recently raided by the tax… Read More »

OIDAR Service Tax Payment Date for Dec 16 and Jan 17 Extended

By | January 31, 2017

NOTIFICATION New Delhi, the 30th January, 2017 No. 6/2017-Service Tax G.S.R. 73(E).—In exercise of the powers conferred by sub-section (1), read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,namely:- 1. (1) These rules… Read More »

Quick Reference Guide for Online Verification of Cash Deposits

By | January 31, 2017

Quick Reference Guide for Online Verification of Cash Deposits during 9th November to 30th December 2016 Data analytics has been used for comparison of demonetisation data with information in ITD databases to identify taxpayers wherein the cash transaction does not appear to be in line with the taxpayer profile. Email and SMS will be sent… Read More »

Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 -User Guide – Cash Transactions 2016

By | January 31, 2017

User Guide for Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 Income Tax Department released procedure for Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 -User Guide 1. Background Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation data i.e. transactions… Read More »

Compensation paid for use of pirated software is not penalty, allowable Expenses u/s 37 of Income tax

By | January 30, 2017

Issue : Whether the compensation paid of Rs. 23,33,278/- to Microsoft Corporation, USA was allowable as a deduction in view of explanation to Section 37(1). Held by CIT (appeals ) :- Compensation paid by the assessee company to Microsoft Corporation was for infringement of the Copyright Act and therefore, the said payment was for an… Read More »

India Post Payments Bank – Saving Account charges and features

By | January 30, 2017

India Post Payments Bank – Saving Account charges and features IPPB – Schedule of Charges (Tariffs are excluding applicable taxes) Banking Services for Everybody: IPPB offers 3 distinct accounts, tailored to suit the requirements of people everywhere. Regular Account – Safal Basic Savings Bank Deposit Account (BSBDA) – Sugam BSBDA Small – Saral ​ While… Read More »

Result of Combined Defence Services Examination (ii), 2016-written result

By | January 30, 2017

Combined Defence Services Examination (ii), 2016 Declaration of written result On the basis of the results of the Combined Defence Services Examination (II), 2016 held by the Union Public Service Commission on 23rd   October, 2016, 8563 candidates with the following Roll Numbers have qualified for being interviewed by the Service Selection Board of the Ministry… Read More »

List of Bills for Budget Session 2017 to be taken up in Parliament by Govt of India

By | January 30, 2017

PM urges all political parties to enable smooth Budget Session of Parliament Budget advancement for efficient resource utilization; due care will be taken as it comes ahead of polls, says Finance Minister  Government will observe restraint in Budget presentation to ensure level playing field in State Assembly Elections: Finance Minister  Government holds All Party Meet… Read More »

RBI removed Limits on Cash withdrawals from ATMs / Current Accounts / CC /Overdraft

By | January 30, 2017

Limits on Cash withdrawals from Bank accounts and ATMs – Restoration of status quo ante Limits on Cash withdrawals from ATMs and Bank accounts (Exept Saving bank accounts) has been removed by RBI by following Notification dated 30.01.2017.  RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017 The Chairman / Managing Director / Chief Executive Officer, Public… Read More »

ICAI revised GMCS fees w.e.f 01.02.2017

By | January 30, 2017

Revision of fee for General Management and Communication Skills (GMCS) 15 days (90 hrs) – (30-01-2017) You may be aware that the present fee of Rs.5500/- for General Management and Communication Skills Course was fixed way back in 2013 and has not undergone any revision during the last four years. Considering the above, the Council… Read More »

June 2017 Common Proficiency Test (CPT) on 18.06.2017

By | January 30, 2017

June 2017 Common Proficiency Test (CPT) 27th January, 2017 No.13-CA (EXAM)/CPT/June/2017: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test will be held on Sunday, 18th June, 2017 in two sessions as below, at… Read More »