Daily Archives: March 16, 2017

Genuine hardship of Assessee to be considered before asking 15% of Tax Demand

Held It is true that Instruction No.4 (B)(b) of the Circular dated 29.2.2016, gives two instances where less than 15% can be asked to be deposited. However, it is equally true that the factors, which were directed to be kept in mind both by the Assessing Officer, and by the higher superior authority, contained in… Read More »

Taxes under GST ‘to increase a bit’, says CBEC Chairman

Taxes under GST ‘to increase a bit’, says CBEC Chairman Taxes under GST ‘to increase a bit’, says CBEC Chairman While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC)… Read More »

Category: GST

PMGKDS- Deposit Reference No needs to be mentioned on Form V

RBI/2016-17/251 IDMD.CDD.No. 2347/14.04.051/2016-17 March 16, 2017 The Chairman/CEO/ Managing Director, All Authorised Banks, (All Banks to which Banking Regulation Act, 1949 applies) Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Clarification Please refer to our letter IDMD.No.1451/08.03.016/2016-17 dated December 16, 2016 and Notification No. S.O.4061(E) dated December 16, 2016 issued by the… Read More »

Banks to remain open up to 8.00 p.m. on March 31, 2017 for Govt Transactions

RBI/2016-17/250 DGBA.GAD.No. 2377/42.01.029/2016-17 March 16, 2017 All agency banks Dear Sir / Madam, Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17) The Government of India has desired that all government transactions with banks must be accounted for within the same financial year… Read More »

RBI norms for banks for Reporting & Accounting of Central Govt Transactions of March 2017

Reporting and Accounting of Central Government Transactions of March 2017 RBI/2016-17/249 DGBA.GAD.No. 2376/42.01.029/2016-17 March 16, 2017 All Agency Banks Dear Sir / Madam, Reporting and Accounting of Central Government Transactions of March 2017 Please refer to Circular DGBA.GAD.No.2968/42.01.029/2015-16 dated March 17, 2016 advising the procedure to be followed for reporting and accounting of Central Government… Read More »

Category: RBI

Exchange Rate of Foreign Currency w.e.f 17.03.2017

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.14/2017-CUSTOMS (N.T.), dated 2ndMarch, 2017, except as respects things done or omitted… Read More »

National Health Policy 2017 of India approved by Cabinet

National Health Policy, 2017 approved by Cabinet Focus on Preventive and Promotive Health Care and Universal access to good quality health care services The Union Cabinet chaired by the Prime Minister Shri Narendra Modi in its meeting on 15.3.2017, has approved the National Health Policy, 2017 (NHP, 2017).  The Policy seeks to reach everyone in… Read More »

ROSL 2017- Scheme for Rebate of State Levies on Export of made-ups 2017- Notification

Summary ROSL 2017 –  Ministry of Textiles has notified the scheme to provide for the remission of State levies on export of made-ups through the mechanism of rebate. The scheme is called the Scheme for Rebate of State Levies on Export of made-ups 2017. (hereinafter referred to as the ROSL Scheme). MINISTRY OF TEXTILES NOTIFICATION… Read More »

Scanner-Economic & Commercial Laws (CS-Executive) -2017 Edition – N.S.Zad

Scanner-Economic & Commercial Laws (CS-Executive) (2nd Edition, January 2017)  by N.S.Zad Incorporating :-  Scanner-cum Exam Guide Chapter-wise summary of theory for revision Fully solved questions of last 22 exams ( Including Dec.2016 Exams) Updated as per latest applicable law Price Rs 375. Click to buy online Paperback: 368 pages Publisher: Taxmann Publications Pvt. Ltd.; 2nd… Read More »

Scanner-Company Accounts & Auditing Practices -CS-Executive June 2017 – N S Zad

Scanner-Company Accounts & Auditing Practices (CS-Executive) (2nd Edition, January 2017) – 2017 by N S Zad  Incorporating: Scanner-cum-Exam Guide Chapter wise summary with formulas for quick revision Fully solved theoretical and practical question of last 22 Exams (Including Dec.2016 Exams) All answers are as per latest applicable provisions of Companies Act,2013 Price 395. Click to buy… Read More »

Scanner-Cost & Management Accounting (CS-Executive) June 2017 Exam- N S Zad

Scanner-Cost & Management Accounting (CS-Executive) (2nd Edition, January 2017)  – 2017 by N S Zad (Author) Incorporating :  Scanner-cum Exam Guide Chapter Wise Summary with Formulas for Quick Revision Fully Solved MCQs of All Past Exams (Including Dec. 2016 Exams) Addditional Theoretical and Practical MCQs for Practice along with Hints Price Rs 465. Click to buy… Read More »

Scanner-Tax Laws & Practice -CS-Executive – June 2017 -Taxmann – N.S. Zad

Scanner-Tax Laws & Practice (CS-Executive) (2nd Edition, February 2017 for June 2017 Exams) by N.S. Zad (June 2017 Exams). Incorporating: Scanner-cum-Exam Guide Summary of provisions of Tax Laws and Rules made thereunder Fully solved MCQs of all past exams as per latest applicable law Additional MCQs for practice Hints for Practical MCQs   Price Rs… Read More »

Scanner-Capital Markets & Securities Laws (CS-Executive) -2017 Edition N S Zad

Scanner-Capital Markets & Securities Laws (CS-Executive) (2nd Edition, January 2017) Paperback – 2017 by N S Zad (Author) Incorporating: Scanner-cum-Exam Guide Chapter wise summary with formulas for quick revision Fully solved theoretical and practical questions of last 22 exams ( Including Dec.2016 Exams) All answers are as per latest applicable provisions Price Rs 314. Click to… Read More »

GST Council may clear supplementary legislations today

The GST Council is likely to endorse today supplementary legislations needed for implementation of the goods and service tax (GST) regime. The Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, may also take up capping the cess to be levied on demerit goods like luxury cars and tobacco products for… Read More »

Category: GST

How to access GST saved application ?

Steps to access GST saved application I am an existing taxpayer. I had saved my enrolment application but not completed it. How can I access GST saved application ? Access GST saved application :- As an existing taxpayer, you can enrol with GST at the GST Common Portal. You can complete your application intermediately and keep… Read More »

Category: GST

Track GST Application Status online – Steps

Track GST Application Status As an existing taxpayer, you can enrol with GST at the GST Common Portal. On submission of the Enrolment Application, you will be given an Application Reference Number (ARN). You can track GST Application Status  by tracking this ARN. To track application status of Enrolment Application, you need to perform the… Read More »

Draft Equal Opportunity Commission Bill Re-Circulated for Inter-Ministerial Consultations

Draft Equal Opportunity Commission Bill Re-Circulated for Inter-Ministerial Consultations Based on the Expert Group Report and examination by the Government, the draft Equal Opportunity Commission (EOC) Bill has been re-circulated for inter-ministerial consultations. In pursuance of one of the recommendations made by Sachar Committee, the Government had set up an Expert Group to examine and… Read More »

Disclosure of unaccounted income due to search – No Penalty – Delhi High Court

Issue For the relevant assessment year 2005-06, Assessee reported its income through a return under Section 139(1) of the Act, declaring an income of Rs.1,72,799/- on 30.12.2005 A search and seizure operation under Section 132(4) of the Act was carried out on 11.01.2007 in the premises of the assessee’s group companies and directors of the… Read More »

USA- IRS- Winter Storm Extension: Businesses have Extra Time to Request 6-Month Extension

Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension WASHINGTON — The Internal Revenue Service today granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns.  The IRS is providing this relief to victims and tax… Read More »

Notification No. 21/2017-Custom (N.T.)- 15.03.2017

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 21/2017-CUSTOMS (N.T.) New Delhi, 15th March, 2017   24 Phalguna, 1938 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of… Read More »

Provisional assessment on imports of Phosphoric Acid-Technical Grade and Food Grade

Seeks to order provisional assessment on imports of “Phosphoric Acid-Technical Grade and Food Grade (including Industrial Grade)”, originating in or exported from People’s Republic of China by M/s. Guangxi Quinzhou Capital Success Chemical Co. Ltd. (producer or exporter) into India till the finalization of New Shipper Review initiated by DGAD, vide notification No.15/5/2016 – DGAD,… Read More »

CBEC Classification of ‘ Saree ’ under CETA 1985

Circular No. 1054/03/2017-CX F. No. 116/31/2016-CX.3 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 15th March, 2017 To The Principal Chief Commissioners/ Chief Commissioners/Principal Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners of Central Excise & Service Tax (All) Madam/… Read More »

PAN application through Incorporating Company Electronically (SPICe) (Form No. INC-32)

F.No. Pr.DGIT(S)Tech/e-Biz/2008-09/Part Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) Notification 2 of 2017-Income-Tax New Delhi 9th of March, 2017 Subject :- Procedure of PAN application through Simplified Profoma for Incorporating Company Electronically (SPICe) (Form No. INC-32) of Ministry of Corporate Affairs. Proviso to sub-rule (1) to rule 114… Read More »

Corporate Restructure Book – Merger -Amalagations -K.R.Sampath – 2017 Edition

LAW AND PROCEDURE ON CORPORATE RESTRUCTURE LEADING TO MERGERS/AMALGAMATIONS, TAKEOVERS, JOINT VENTURES, LLPS & CORPORATE RESTRUCTURE by K.R.Sampath (Author) Price Rs 2604. Click to buy online Contents  Incorporating Companies Act, 2013 NCLT (Procedure for Reduction of Share Capital of Company) Rules, 2016 The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the Insolvency and Bankruptcy Code,… Read More »

Taxmann’s Labour Laws -2017 Edition Book

Taxmann’s Labour Laws by Taxmann’s (Author) Description Apprentices Act 1961 Child and Adolescent Labour (Prohibition and Regulation) Act 1986 Contract Labour (Regulation and Abolition) Act 1970 Employees Compensation Act 1923 Employees Provident Funds and Miscellaneous Provisions Act 1952 Employees State Insurance Act 1948 Employment Exchanges (Compulsory Notification Of Vacancies) Act 1959 Equal Remuneration Act 1976 Factories… Read More »

Companies Law Ready Reckoner – 2017 Edition Book – CA, CS Jainam Shah

Companies Law Ready Reckoner – Mar 2017 by CA, CS Jainam Shah (Author) This book integrates the sections with Rules, Schedules and Notification/Circulars under the Companies Act, 2013, for complete understanding of the implications of various provisions. A noteworthy element of this book is the topic wise analysis of vital concepts of the Companies Act, 2013, providing a… Read More »

Boost to Education: Cabinet approves 50 new Kendriya Vidyalayas in India

Boost to Education: Cabinet approves setting up of 50 new KendriyaVidyalayasin the country under Civil / Defence Sector The Cabinet Committee on Economic Affairs,chaired by the Prime Minister ShriNarendra Modihas approved the proposal for opening of 50 new KendriyaVidyalayas (KVs) under Civil / Defence Sector in the country keeping in view the high demand for… Read More »