Daily Archives: February 17, 2017

Expert’s talk on GST law in India

Expert’s talk on GST law in India Published on Feb 17, 2017 Panel Discussion led by Sachin Menon, KPMG, India. Panelists: Prashant Deshpande, India – Bhavna Doshi, India – Bela Sheth Mao, India – Rohan Shah, India

Category: GST

Income Tax Notice u/s 143(2) invalid as issued by ACIT instead of ITO

IN THE ITAT KOLKATA BENCH ‘D’ Krishnendu Chowdhury v. Income-tax Officer, Ward-1 WASEEM AHMED, ACCOUNTANT MEMBER AND S.S. VISWANETHRA RAVI, JUDICIAL MEMBER IT APPEAL NO. 1153 (KOL.) OF 2015 [ASSESSMENT YEAR 2010-11] NOVEMBER  18, 2016 Mahadeb Ghosh, Advocate for the Appellant. Md. Ghayas Uddin, JCIT – DR for the Respondent. ORDER Waseem Ahmed, Accountant Member… Read More »

No Service tax on services of transportation of goods intended for transshipment by vessel to country Outside India

Applicability of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India w.r.t. goods intended for transshipment to any country outside India Circular No.204/2/2017-Service Tax F.No.354/42/201 6-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *****… Read More »

U.S. Master Tax Guide 2017

U.S. Master Tax Guide 2017 CCH’s U.S. Master Tax Guide – Hardbound Edition provides helpful and practical guidance on today’s federal tax law. This 100th Edition reflects all pertinent federal taxation changes that affect 2016 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. 1008 pages Publisher: Cch… Read More »

How to attempt CA IIPC Paper-2: Business Laws, Ethics and Communication ? Explained via video

IIPC Paper-2: Business Laws, Ethics and Communication on 17.02.2017 Online Mentoring Session by CA. Shraddha Saxena and Ms. Megha Goel Watch Video by ICAI Related Post for CA Inter Exam Books CA inter Exam Books CA Inter IPCC Exam Books   Accounting Standards Book for CA Inter IPCC by DS Rawat   A Handbook on… Read More »

Payment of Wages (Amendment) Act 2017 Notified w.e.f 28.12.2016

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi,the 16th February, 2017/Magha 27, 1938 (Saka) The following Act of Parliament received the assent of the President on the 15th February, 2017, and is hereby published for general information:— THE PAYMENT OF WAGES (AMENDMENT) ACT, 2017 NO. 1 OF 2017 [15th February, 2017] An Act further… Read More »

History of Direct Taxation​ In India

History of​ Taxation Pre – 1922 “It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold” ––Kalidas in Raghuvansh eulogizing KING DALIP. It is a matter of general belief that taxes on income and wealth… Read More »

Last date for submission of CAG empanelment Extended

Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18. – (15-02-2017) Considering the difficulties faced by Chartered Accountant firms/LLPs in submitting the online empanelment for audit of PSUs for the year 2017-18, the office of C&AG at the request of ICAI… Read More »

RBI updated FAQs on Foreign Investments in India

Foreign Investments in India (Updated as on February 13, 2017) These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. However, for conducting a transaction, the Foreign Exchange Management Act, 1999 (FEMA) and the Regulations made or directions issued thereunder may be referred… Read More »

Indian subsidiary of Dutch holding company not “ permanent establishment ” in India

Indian subsidiary of Dutch holding company not “ permanent establishment ” in India  The Delhi Bench of the Income-tax Appellate Tribunal held that an Indian subsidiary of the taxpayer—a Dutch group holding company, engaged in selling storage system equipment and products (including embedded software) and rendering certain services in India—is not a permanent establishment under provisions of the… Read More »

Tax treatment of payments for bandwidth on underwater sea cable

Tax treatment of payments for bandwidth on underwater sea cable The Delhi Bench of the Income-tax Appellate Tribunal held that payments received by the taxpayer (operating a call center) for bandwidth connectivity charges are not taxable as royalty payments or as “fees for technical services” under provisions of the Income-tax Act, 1961 or the India-United States income… Read More »

Rupee denominated bonds overseas – RBI allowed to Multilateral and Regional Financial Institutions as Investors

RBI/2016-17/233 A. P. (DIR Series) Circular No.31 February 16, 2017 To All Authorised Dealer Category – I Banks Madam/Sir Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to paragraph No. 4 of A. P. (DIR Series) Circular No. 60… Read More »

Category: RBI

RBI withdrawn Fortnightly return on Forward Rate Agreement & Interest Rate Swap (IRS

RBI/2016-17/232 FMRD.DIRD.13/14.01.019/2016-17 February 16, 2017 To, All Market Participants Madam/Sir, Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) – Withdrawal of Fortnightly return Attention is invited to the RBI notification ref. no. MPD.BC.187/07.01.279/1999-2000 dated July 07, 1999. As per the notification, banks were advised to submit a fortnightly return on FRA/IRS to Monetary Policy… Read More »

Category: RBI

Inclusion of Equitas Small Finance Bank Limited in the Second Schedule to RBI Act

Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 RBI/2016-17/230 DBR.No.Ret.BC.52/12.07.143A/2016-17 February 16, 2017 All Scheduled Commercial Banks Dear Sir, Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “Equitas Small Finance… Read More »

Category: RBI

Girish Ahuja Book on Direct Taxes Law & Practice AY 2017-18 for CA, CS, CMA Final Exam

Professional Approach to Direct Taxes Law & Practice, 35e, 2 Volumes for A.Y. 2017-2018 by Dr Girish Ahuja Dr Ravi Gupta  A comprehensive and critical study of the law relating to Income-tax written in a unique, simple, easy to understand language that enables a quicker grasp for the reader. The book is “user-friendly” and provides information… Read More »

Parveen Sharma Book Financial Reporting with Ind AS & Accounting Standards For CA – Final May 2017 Exams

Financial Reporting with Ind AS & Accounting Standards Set of 2 Vol For CA – Final Applicable For May 2017 Exams by Parveen Sharma Parveen Sharma Book Financial Reporting with ind AS and Accounting Standards set of 2 volumes By Parveen Sharma is fully updated for May 2017 CA final Exam,Examination conducted by institute of chartered… Read More »

Padhuka Question Bank Direct Taxes For CA Final May / Nov 2017 by G Sekar

Padhuka’s Question Bank Direct Taxes For CA Final by G Sekar Highlights of the book: Complete Guide to Direct Taxes Subject, with Solved Answers to Past Main Exam Questions & RTP’s. Step-by-Step Solutions for effective understanding. Comprehensive Answers to situation based questions. Summary of each chapter for quick reference / revision. Up-to-date Solutions to Income TaxBest… Read More »

Accounting Standards Book for CA FINAL – by MP Vijay Kumar

FIRST LESSONS IN Accounting Standards CA FINAL  – 2017 by M P Vijay Kumar  Key contents of this book -Accounting Standards Book for CA FINAL – by MP Vijay Kumar Incorporating Chapters on Ind AS 32, Ind AS 107 and Ind AS 109 – Financial Instruments as per ICAI announcement INCLUDING NOVEMBER 2016 SOLVED PAPER. Including comparisons… Read More »

Law, Ethics And Governance Book for CMA Intermediate

Law, Ethics And Governance Book for CMA Intermediate You can buy this book for Rs 508. Click to buy Online.  Description of this book –Law, Ethics And Governance Book for CMA Intermediate Law, Ethics and Governance is a comprehensive book explaining concepts, sections, rules, latest amendments as per ICAI and ministry of corporate affairs of… Read More »

Lead Bank Responsibility for 21 new districts in Telangana

Formation of twenty one new districts in the State of Telangana – Assignment of Lead Bank Responsibility RBI/2016-17/227 FIDD.CO.LBS.BC.No.21/02.08.001/2016-17 February 16, 2017 The Chairmen & Managing Directors All Lead Banks Dear Sir/Madam, Formation of twenty one new districts in the State of Telangana – Assignment of Lead Bank Responsibility The Government of Telangana vide Gazette… Read More »

Category: RBI

Reimbursement of Merchant Discount Rate by RBI to banks on debit cards used for payment of tax and non-tax dues to Govt

RBI/2016-17/228 DGBA.GAD.No.2128/44.02.001/2016-17 February 16, 2017 All Agency Banks Dear Sir, Reimbursement of Merchant Discount Rate The Government of India (GoI) has decided to absorb the Merchant Discount Rate (MDR) charges in respect of debit card transactions while making payments to GoI. The Office Memoranda issued by the Office of Controller General of Accounts dated December… Read More »

Category: RBI

Gold Loan by Regional Rural Banks – RBI increased Limit

RBI/2016-17/229 DBR.RRB.BC.No. 53/31.01.001/2016-17 February 16, 2017 All Regional Rural Banks Dear Sir / Madam, Repayment of Gold Loan Please refer to circular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010 wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option. 2. On a review, it has been decided to… Read More »

Category: RBI

Aadhaar mandatory for Centrally Sponsored Scholarship Schemes for SC / OBC Students

MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT (Department of Social Justice and Empowerment) NOTIFICATION New Delhi, the 16th February, 2017 S.O. 471(E).—The use of Aadhaar as identifier 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… Read More »

Aadhaar Manatory for National Scheme of Incentive to Girls for Secondary Education w.e.f 30.06.2017

MINISTRY OF HUMAN RESOURCE DEVELOPMENT (Department of School Education and Literacy) NOTIFICATION New Delhi, the 15th February, 2017. S.O. 475(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… Read More »

Aadhaar mandatory for National Means-cum-Merit Scholarship Scheme w.e.f 30.06.2017

MINISTRY OF HUMAN RESOURCE DEVELOPMENT (Department of School Education and Literacy) NOTIFICATION New Delhi, the 15th February, 2017. S.O. 474(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 to them… Read More »