Daily Archives: February 2, 2017

Demonetization – Impact and Challenges -Panel Discussion Video

By | February 2, 2017

PANEL DISCUSSION ON IMPACT & CHALLENGE OF DEMONETIZATION Published on Feb 1, 2017 Indian National Bar Association Under The Patron-Ship Of Shri KTS Tulsi Organised A National Conference On Criminal Justice In India & Debate On Impact & Challenge Of Demonetisation . The conference has been attended & graced by Shri KTS Tulsi, Senior Advocate… Read More »

FEMA – Powers to compound contraventions delegated by RBI

By | February 2, 2017

Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999 RBI/2016-17/220 A.P. (DIR Series) Circular No. 29 February 02, 2017 To All Category- I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules)… Read More »

Category: RBI

RBI Reviewed Guidelines on Pricing of Credit

By | February 2, 2017

RBI/2016-17/219 DNBR.CC.PD.No. 084/22.10.038/2016-17 February 02, 2017 To All NBFC-MFIs, Madam/Sir, Review of Guidelines on “Pricing of Credit” As per extant instructions on “Pricing of Credit” issued to NBFC-MFIS under “Master Direction-Non-Banking Financial Company-Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and “Master Direction – Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking… Read More »

RBI cautions users of Bitcoin or any Virtual Currencies

By | February 2, 2017

Date : Feb 01, 2017 The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises… Read More »

Digital payment promotion schemes – 6.26 lakh people win prizes of Rs.97.07 crore

By | February 2, 2017

Over 6.26 lakh people win prizes worth Rs.97.07 crore as a part of NITI Aayog’s Digital payment promotion schemes More than 6,26,000 people have won prizes worth Rs. 97.07 crore as a part of NITI Aayog’s digital payment promotion schemes to give a boost to cashless economy across the country till since 25th December last… Read More »

New Benefits for National Pension System Subscribers in Union Budget 2017-18

By | February 2, 2017

New Benefits announced for NPS Subscribers in Union Budget 2017-18 In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today. Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A)of… Read More »

Exchange Rate of Foreign Currency w.e.f 03.02.2017

By | February 2, 2017

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.5/2017-CUSTOMS (N.T.), dated 19thJanuary, 2017, except as respects things done or omitted… Read More »

Highlights of Indirect Tax Proposals – Union Budget 2017-18 by ICAI

By | February 2, 2017

Highlights of Indirect Tax Proposals Union Budget 2017-18 SERVICE TAX Amendments effective from 02.02.2017 Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012 Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force… Read More »

Highlights of Tax Proposals – Union Budget 2017-18 by ICAI

By | February 2, 2017

Highlights of Tax Proposals Union Budget 2017-18 DIRECT TAX PROPOSALS BUSINESS TAXATION The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. [ Read Tax Audit Limit for Presumptive Taxation w.e.f AY 2017-18 ] The threshold… Read More »

271J- Penalty on professionals for furnishing incorrect information to income tax dept w.e.f 01.04.2017

By | February 2, 2017

Penalty on professionals for furnishing incorrect information in statutory report or certificate -section 271J of Income tax Act Summary: As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) , if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the… Read More »

Disallowance for Non Deduction of TDS of Residents -Income from Other Sources

By | February 2, 2017

Disallowance for non-deduction of tax from payment to resident Summary :As per Finance Bill 2017 w.e.f 01.04.2017 FY 2017-18 (AY 2018-19)  Disallowance u/s Section 40(a)(ia) for non-deduction of tax from payment to resident will now also apply under the head “income from other sources”. Existing provisions of section 58 of income tax the Act, specify the amounts… Read More »

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000

By | February 2, 2017

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000 Summary  w.e.f 01.04.2017, Finance Bill 2017 proposed to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of the sum of money or the property by any person without consideration or for… Read More »

TDS u/s 194J @ 2% if Payee is Call Center w.e.f 01.06.2017

By | February 2, 2017

TDS u/s 194J @ 2% if Payee is Call Center  w.e.f 01.06.2017 Summary :- section 194J   Amendment – Finance Bill 2017  w.e.f 01.06.2017 reduced the rate of deduction of tax at source to two per cent. from ten per cent. in case of payments received or credited to a payee, being a person engaged only in… Read More »

No Person can receive cash of Rs 3 Lakh or more w.e.f 01.04.2017 – Section 269ST

By | February 2, 2017

Restriction on cash transactions in India -Section 269ST of Income Tax Act [ Section 269ST of Income Tax Act  proposed by Finance Bill 2017 w.e.f 01.04.2017] Commentary on Section 269ST – Cash Receipt of Rs 3 Lakh or More  w.e.f 01.04.2017 Read  Analysis of Section 269ST – Cash Receipt Rs 2 Lakh or more Banned w.e.f… Read More »

Restrictions on cash Payments w.e.f 01.04.2017 by Businessmen – section 40A(3) Amended

By | February 2, 2017

Restrictions on cash Payments w.e.f 01.04.2017 Summary –Amendment in Section 40A(3): As per Finance Act 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) reduced threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in… Read More »

Restriction on cash donations w.e.f 01.04.2017

By | February 2, 2017

Restriction on cash donations Summary : As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) no deduction shall be allowed under the section 80G in respect of donation of any sum exceeding two thousand rupees unless such sum is paid by any mode other than cash. Under the existing provisions of section 80G of… Read More »

No notional income for house property held as stock-in-trade w.e.f 01.04.2017

By | February 2, 2017

Income for house property held as stock-in-trade Summary : As per Finance Bill 2017 w.e.f 01.04.2017  i.e FY 2017-18 (AY 2018-19) where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part… Read More »

CPT Exam Books / Common Proficiency Test Exam Books -Latest Books

By | February 2, 2017

CPT Exam Books / Common Proficiency Test Exam Books we have compiled CPT Exam Books / Common Proficiency Test Exam Books of ICAI Section-A : Fundamentals of Accounting Fundamentals Of Accounting For CA CPT By CA Raj K Agrawal – 2016 This book has 192 pages  incorporates all concepts in simple language and contains numerous MCQ’s… Read More »

Analysis of Changes in Service tax by Budget 2017-18 – By CA Atul Kumar Gupta

By | February 2, 2017

In-Depth Analysis of Changes in Service tax by Budget 2017 (Finance Bill 2017) – By CA Atul Kumar Gupta Published on Feb 1, 2017 Hon’ble Finance Minister Shri Arun Jaitley presented Union Budget for Financial Year 2017-18 on 1st February 2017. In the Budget speech, Hon’ble Finance Minister proposed a number of changes under Direct… Read More »

Capital Gains Related Amendment in Finance Bill 2017

By | February 2, 2017

Capital Gains Related Amendment in Finance Bill 2017 Shifting base year from 1981 to 2001 for computation of capital gains The existing provisions of section 55 provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for… Read More »