Daily Archives: January 6, 2017

Indian Customs Traveller Guide Mobile App for Baggage rules

By | January 6, 2017

Indian Customs Traveller Guide Mobile App for Baggage rules Download Indian Customs Traveller Guide Mobile App for Baggage rules for Android User Download Indian Customs Traveller Guide Mobile App for Baggage rules for Apple User Download Indian Customs Traveller Guide Mobile App for Baggage rules for Window User A simplified guide to Baggage rules applicable to passengers travelling by air. This… Read More »

Guidance Note for Dept Officer on Migration to GST of Excise & Service tax Assessees

By | January 6, 2017

GUIDANCE NOTE FOR DEPT. OFFICERS Annexure A :  GUIDANCE NOTE FOR DEPT. OFFICERS Procedure of migration of existing Central Excise and Service tax assessees to GST The roll out of Goods and Services Tax (GST) is scheduled from 01.04.2017. The taxes of Central Excise and Service Tax would be subsumed in the GST. So a… Read More »

Migration to GST of Excise and Service Tax Assesses – Helpline Number

By | January 6, 2017

Communication to the Central Excise/Service Tax Taxpayers on migration to GST GST Helpline Number India CBEC : 1800-1200-232. GSTN: 0124 – 4688999 You can also send us mail at cbecmitra.helpdesk@icegate.gov.in. Dear Central Excise/Service Tax Taxpayers, Greetings from Central Board of Excise and Customs (CBEC). We thank you for your duty/tax payments which have contributed to… Read More »

Guide for GST Enrolment for existing Central Excise & Service Tax Assessees

By | January 6, 2017

GST Enrolment for existing Central Excise & Service Tax Assessees All existing Central Excise and Service Tax assessees will be migrated to GST starting 7th January 2017. To migrate to GST, assessees would be provided a Provisional ID and Password by CBEC. Provisional IDs would be issued to only those assessees who have a valid… Read More »

Indian Govt. amends rules for Special Economic Zone

By | January 6, 2017

SPECIAL ECONOMIC ZONES (AMENDMENT) RULES, 2016 – SUBSTITUTION OF RULE 5A NOTIFICATION NO. GSR 2(E) [F.NO.C.2/1/2016-SEZ], DATED 26-12-2016 In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely:—… Read More »

No direct investment by Indian Party in overseas entities located in non co-operative countries

By | January 6, 2017

No direct investment in overseas entities located in non co-operative countries FEM (TRANSFER OR ISSUE OF ANY FOREIGN SECURITY) (SECOND AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN REGULATION 6 NOTIFICATION NO.FEMA.382/2016-RB/GSR 01(E), DATED 2-1-2017 In exercise of the powers conferred by clause (a) of sub-section (3) of section 6 and sub-section (2) of section 47 of… Read More »

First Advance Estimates of National Income 2016-17 (India)

By | January 6, 2017

Press Note : First Advance Estimates of National Income, 2016-17  The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2016-17. These are presented in Statements 1-4. The First Advance Estimates of GDP have been… Read More »

Hawala racket busts -Rs. 1 Crore foreign currencies seized

By | January 6, 2017

Delhi Zonal Unit of the Directorate of Revenue Intelligence (DRI) busts Hawala racket, seizes foreign currencies worth Rs.One Crore at IGI Airport. The Delhi Zonal Unit (DZU) of the Directorate of Revenue Intelligence (DRI),Ministry of Finance  has busted at Hawala racket adopting an ingenious modus operandi of foreign currency smuggling at the IGI airport, New… Read More »

Form No. 24G by PAOs /DTOs and CDDOs – FAQ’s

By | January 6, 2017

Furnishing of Monthly Form No. 24G Statements by Pay and Accounts Officers (PAOs)/District Treasury Officers (DTOs)/Cheque Drawing and Disbursing Officers(CDDOs) 1. Under what income tax rule should Form 24G be filed? Income-tax Department Notification no. 41/2010 dated May 31, 2010amended the Income Tax Rule 30 which mandates that in case of an office of the… Read More »

FORM NO. 10BA -Declaration for Claiming Deduction u/s 80GG

By | January 6, 2017

FORM NO. 10BA n(See rule 11B) DECLARATION TO BE FILED BY THE ASSESSEE CLAIMING DEDUCTION U/S 80 GG I/We……………………………………………………………………………………………………………………. ( Name of the assessee with permanent account number) do hereby certify that during the previous Year………….I/We had occupied the premise………………………….(full address of the premise) for the purpose of my/our own residence for a period of…………………..months and… Read More »

India and Kazakhstan sign to amend Double Taxation Avoidance Convention

By | January 6, 2017

India and Kazakhstan sign Protocol to amend the Double Taxation Avoidance Convention (DTAC) India and Kazakhstan signed here today  in the national capital a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries  which was earlier signed on 9thDecember, 1996 for the avoidance of double taxation and for the prevention… Read More »

Media Coverage during General election – RP Act and Guidelines

By | January 6, 2017

General election to Legislative Assemblies of Goa, Manipur, Punjab, Uttar Pradesh & Uttarakhand, 2017 – Media Coverage during the period referred to in Section 126 of RP Act, 1951. The schedule for calling general election to the Legislative Assemblies of Goa, Manipur, Punjab, Uttar Pradesh & Uttarakhand has been announced on 4th January, 2017. Poll… Read More »

TDS on Salary for Financial Year 2016-17 (Assessment Year 2017-18) : CBDT Circular

By | January 6, 2017

 TDS on Salary for FY 2016-17 / Financial Year 2016-17 ( Assessment Year 2017-18 ) Following Circular of TDS on Salary for FY 2016-17 issued by CBDT explains how much TDS to be deducted and valuation of perquisites, Allowances etc. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION… Read More »

33 Points Checklist for Statutory Bank Audit

By | January 6, 2017

Checklist for Statutory Bank Audit 1.Download Closing circular issued to the branch / reference in their website. 2. The extent, size and specialization of the branch 3. The profile of the branch and performance in the past two years. 4. Comparative analysis of movement of interest income and expenses vis a vis advances and deposits… Read More »

Loan to HUF is deemed dividend when shareholder-Karta has substantial interest in HUF

By | January 6, 2017

Facts of the Case The assessee is a Hindu Undivided Family (HUF). During the previous year to the Assessment Year, the assessee had received certain advances from one M/s. G.S. Fertilizers (P) Ltd.   In the audit report and annual return for the relevant period, which was filed by it before the Registrar of Companies… Read More »

Comments invited on Public Issuance of Non-Convertible Debentures having credit rating below Investment Grade

By | January 6, 2017

Views/Suggestions solicited on SEBI Consultative Paper on Public Issuance of Non-Convertible Debentures having credit rating below Investment Grade SEBI has placed the Consultation paper on Public Issuance of Non-Convertible Debentures having credit rating below Investment Grade on its website for public comments. We enclose the Consultative Paper for ready reference and seek your views/suggestions on… Read More »

Exposure Draft of Revised SA 720- The Auditor’s Responsibilities Relating to Other Information

By | January 6, 2017

Exposure Draft of Revised SA 720, “The Auditor’s Responsibilities Relating to Other Information” for Comments Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report. An… Read More »

Exclusively listed companies on Dissemination Board ; Time extended by SEBI

By | January 6, 2017

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2017/5 January 05, 2017 All recognised/Non-operational /Exited Stock Exchanges. All Exclusively Listed Companies in the Dissemination Board (shares of companies available for buying and selling and not for companies referred as vanishing companies.) Dear Sir/Madam, Sub: Exclusively listed companies of De-recognized/Non-operational/exited Stock Exchanges placed in the Dissemination Board (DB). 1. SEBI vide circular dated… Read More »

SEBI Guidance Note on Board Evaluation

By | January 6, 2017

Guidance Note on Board Evaluation CIRCULAR SEBI/HO/CFD/CMD/CIR/P/2017/004 January 5, 2017 To All listed entities Sir / Madam, Sub: Guidance Note on Board Evaluation 1. The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) contain broad provisions on Board Evaluation i.e. evaluation of the performance of: (i) the Board as… Read More »

SEBI Alternative Investment Funds (Amendment) Regulations 2016.

By | January 6, 2017

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JANUARY 04, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 4th January, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) (AMENDMENT) REGULATIONS, 2016 No. SEBI/LAD/NRO/GN/2016-17/026.– In exercise of the powers conferred by subsection (1) of… Read More »

Anti-dumping duty on import of Jute Products from Bangladesh or Nepal

By | January 6, 2017

Seeks to levy definitive anti-dumping duty on import of ‘Jute Products’ viz. Jute Yarn/Twine (multiple folded/cabled and single), Hessian fabric and Jute sacking bags from Bangladesh or Nepal for a period of five years (unless revoked, superseded or amended earlier) [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]… Read More »

Notification No. 02/2011 – Central Excise Amended

By | January 6, 2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 01/2017 – Central Excise New Delhi, the 5 th of January, 2017 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 5A of the… Read More »

Form 61 and Form 61A – ITDREIN Registration and Upload -User Manual

By | January 6, 2017

User Manual : ITDREIN Registration and Upload of Form 61 and Form 61A Version 1.0. Introduction……………………………………………………………………………………………………………………….4 ITDREIN Services ……………………………………………………………………………………………………………..4 Steps to Generate ITDREIN …………………………………………………………………………………5 Steps to Add Authorised Person………………………………………………………………………….6 Steps to Upload Forms………………………………………………………………………………………….8 Steps to View Forms ……………………………………………………………………………………………10. Download Complete User Manual : ITDREIN Registration and Upload of Form 61 and Form 61A Related Post ITDREIN… Read More »

Menu Restructuring on Incometaxindiaefiling.gov.in – Income Tax Website of India

By | January 6, 2017

Menu Restructuring on Income Tax India E filing Income tax Return The Functionalities under menus available post login to e-Filing portal are restructured for making better user experience. After restructuring, the functionalities available under “My Account” are explained below: 1. View Form 26AS (Tax Credit ) 2. View e-Filed Returns/Forms: a) e-Filed Returns/Forms b) Form… Read More »

Aadhaar mandatory for Individuals registered under MNREGA : Govt Notification

By | January 6, 2017

MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 3rd January, 2017 S.O. 19(E).––Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates… Read More »

Indian Skill Development Service Rules 2017 Notified

By | January 6, 2017

MINISTRY OF SKILL DEVELOPMENT AND ENTREPRENEURSHIP NOTIFICATION New Delhi, the 4th January, 2017 G.S.R. 5(E).—In exercise of the powers conferred by the proviso to article 309 of the Constitution and in Supersession of the Deputy Director General (Group ‘A’) Recruitment Rules, 2002 and the Directorate General of Training (Group ‘A’ Posts) Recruitment Rules, 2011, except… Read More »