Daily Archives: January 3, 2017

LPG customers to now get discount for on-line payment of LPG refill

By | January 3, 2017

LPG customers to now get a discount for on-line payment of LPG refill Oil Marketing Companies, viz IndianOil, BPCL & HPCL are now offering an upfront discount of Rs 5/- on every LPG refill to all LPG customers who will book and pay for their LPG cylinders online. Customers can make payment through existing online… Read More »

Scheme for pregnant & lactating mothers -Cash incentive of Rs.6000/

By | January 3, 2017

Pan-India expansion of Maternity Benefit Programme (MBP) to benefit pregnant and lactating mothers across the country Government of India is committed to ensure that every woman attains optimal nutritional status – especially from the most vulnerable communities as nutrition constitutes the foundation for human development.  This is all the more important during the period of… Read More »

Assessee acquires new house on credit , Benefit of Section 54 is available

By | January 3, 2017

Held Even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction u/s 54 because what is required by sub-clause (i) is that cost of new house should be equal to or more than the amount of… Read More »

GST #Issue3 : Software is Goods or Service under GST ?

By | January 3, 2017

 Software is Goods or Service under GST ? In the Old Model GST Law released in June 2016 , Definition of Services includes intangible and definition of Goods was excluding Intangibles . Hence it could be said that the Software is to be treated as Service under GST But under the Revised Model GST Law released in Nov 2016… Read More »

Key Insights on revised GST Law -watch Webinar

By | January 3, 2017

Key Insights on revised GST Law While keeping the broad frame-work of GST intact, the Government has further fine-tuned the earlier Model GST Law which would have wide ramifications. In the backdrop of significant development, BMR Advisors organized a webinar on “Key insights on Revised GST law including key sector wise impact”. Rajeev Dimri –… Read More »

ITDREIN Registration & Upload of Forms -User Manual

By | January 3, 2017

ITDREIN Registration & Upload of Forms Users who have already registered in e-Filing portal can use this functionality to generate ITDREIN (Income Tax Department Reporting Entity Identification Number) and upload certain forms in e-Filing portal using the generated ITDREIN. [ Related Post Registration & submission of statement in Form 61A ] ITDREIN is the Unique ID issued… Read More »

GSTN revised enrollment schedule for taxpayers plus State wise enrollment details

By | January 3, 2017

GSTN revised enrollment schedule for taxpayers and  State wise enrollment details provided Enrolment schedule for your State The schedule of the enrolment activation drive for states is given below. GSTN encourages assessees to complete the enrolment during the specified dates. State Start Date End Date % Enrolled Puducherry 08-11-2016 07-12-2016 41.02% Sikkim 08-11-2016 07-12-2016 43.27%… Read More »

Disinvestment Target and Achievements during 2016-17 of Govt of India

By | January 3, 2017

Disinvestment Target  and Achievements during  2016-17 Government realizes Rs.21,432.38 crore, by end-November 2016, through CPSEs’ disinvestment receipts, constituting around 59.53 % of the Budgeted Target of Rs. 36,000 crore ; Government takes various steps to accelerate the disinvestment process including replacement of annual plan with rolling plans, Fast tracking of approval process and to make… Read More »

Supply 40% of bank notes to rural areas : RBI to Banks

By | January 3, 2017

Allocation of cash for rural areas RBI/2016-17/207 DCM (Plg) No.2200/10.27.00/2016-17 January 03, 2017 The Chairman / Managing Director/ Chief Executive Officer, (All banks with currency chests) Dear Sir / Madam Allocation of cash for rural areas Please refer to our circulars DCM (Plg) No.1345/10.27.00/2016-17 dated November 22, 2016 and DCM (Plg) No.1508/10.27.00/2016-17 dated December 02,… Read More »

GST #Issue2- Pay GST on leasing out farmland on rent

By | January 3, 2017

While expanding the definition of agriculture to include dairy, poultry and stock breeding, the Goods and Services Tax (GST) Council last month declined entry of individuals leasing out farmland on rent or share cropping as agriculturist, thereby bringing absentee landlords and food processing companies hiring land for farming under the proposed indirect tax net. As… Read More »

TDS Default- Payer Liable to pay Interest even if Payee furnishes NIL Income Tax Return

By | January 3, 2017

Issue “Whether a person who fails to deduct at source under section 194C is not liable to pay interest under section 201(1A) if the payee of such amounts has files a nil return or a return showing a loss? Held The language of Section 201 is clear and unqualified. It indeed does not permit an… Read More »

Commission paid to doctors for MRI and CT scan of patients disallowed : HC

By | January 3, 2017

Held it is clear that though the assessee had claimed deduction of amounts allegedly paid to doctors towards commissions, the assessee did not produce the vouchers or any other supporting documents to substantiate the claim. The assessee did not even disclose the names of the recipients. In other words, these are cases where the assessee… Read More »

Credit of proceeds due to write off of securities held by Foreign Portfolio Investors/deemed Foreign Portfolio Investors.

By | January 3, 2017

CIRCULAR IMD/HO/FPIC/CIR/P/ 2017/ 001 January 02, 2017 To, All Designated Depository Participants (“DDPs”)/ Custodian of Securities All Foreign Portfolio Investors through their designated Custodians of Securities Sir / Madam, Subject : Reference to Circular no. FITTC/FII/02/2002 dated May 15, 2002- In regard to credit of proceeds due to write off of securities held by Foreign… Read More »

Simplified Proforma for Incorporating Company electronically

By | January 3, 2017

Vide the Companies (Incorporation) Amendment Fifth Rules, 2016 dated 29th December 2016, INC-2 is deprecated and INC-7 shall be used for incorporating Part I Companies and companies with more than seven subscribers only. The revised INC-7 shall be made available on the portal for filing purposes w.e.f 15th January 2017. For incorporating OPCs and Companies… Read More »

Registration & submission of statement in Form 61A

By | January 3, 2017

Registration for statement of financial transactions (SFT) in Form 61A as per section 285BA of Income-tax Act, 1961 The procedure for registration and submission of statement of financial transactions  in Form 61A has been notified as follow by Principal DGIT (Systems) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax… Read More »

Registration & Submission of Form V for Reporting under Pradhan Mantri Garib Kalvan Deposit Scheme

By | January 3, 2017

DGIT(S)-ADG(S)-2/e-filing notification/106/2016 Government of India  Ministry of Finance Central Board-of Direct Taxes Directorate of Income Tax (Systems) Notification No. 14 of 2016 New Delhi, 30thDecember, 2016 Procedure for Registration and Submission of Form V for Reporting under Pradhan Mantri Garib Kalvan Deposit Scheme (PMGK), 2016 In exercise of the powers conferred by Subsection (c) of… Read More »