Daily Archives: April 18, 2017

RBI Prudential Guidelines – Banks’ investment in units of REITs and InvITs

By | April 18, 2017

RBI/2016-17/280 DBR.No.FSD.BC.62/24.01.040/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Prudential Guidelines – Banks’ investment in units of REITs and InvITs Please refer to the paragraph 12 of the Statement on Developmental and Regulatory Policies (extract enclosed) issued by RBI on April 06, 2017. As indicated therein, it has been decided… Read More »

Banks not to recognize Forex Gain Loss on foreign currency translation reserve in P & L

By | April 18, 2017

RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks – Clarification Please refer to circulars DBOD.No.BP.BC.76/21.04.018/2004-05 dated March 15, 2005 and DBOD.BP.BC.No.76/21.04.018/2005-06 dated April 05, 2006 on the captioned… Read More »

Banks to make Additional Provisions For Standard Advances At Higher Than The Prescribed Rates

By | April 18, 2017

RBI/2016-17/282 DBR.No.BP.BC.64/21.04.048/2016-17 April 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Additional Provisions For Standard Advances At Higher Than The Prescribed Rates Please refer to paragraph 5 of the Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015. 2. It is… Read More »

Category: RBI

Banks to make Disclosure in “Notes to Accounts” if Divergence in asset classification & provisioning

By | April 18, 2017

RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 April 18, 2017 All Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject (extract enclosed).… Read More »

iGAAP 2016 A guide to Ind AS reporting – Deloitte

By | April 18, 2017

iGAAP 2016 A guide to Ind AS reporting Hardcover – 2016 by Deloitte (Author) Price Rs 5880. Click to buy online Description In February 2015, the Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Rules, 2015 that set out the text of 39 Indian Accounting Standards (Ind ASs) and the dates of implementation of… Read More »

Guide to ICDS- Income Computation & Disclosure Standards A.Y 2017-18- 2nd Edition- Srinivasan Anand G

By | April 18, 2017

Guide to Income Computation & Disclosure Standards (2nd Edition A.Y 2017-18) Paperback – 2017 by CA Srinivasan Anand G Also Covering: CBDT Circular No. 10/2017, dated 23-3-2017 Price Rs 525. Click to buy online Paperback: 256 pages Publisher: Taxmann Publications Pvt. Ltd.; 2nd Edition A.Y 2017-18 edition (2017) View Contents of this Book Related Books on… Read More »

Punjab Minimum wages Rates increased wef 01.03.2017 – Notification -Download

By | April 18, 2017

Punjab Minimum wages Rates increased wef 01.03.2017 As per the information provided by the office of Labour Commissioner, Punjab, Chandigarh, vide Circular No.7179 dated 5th April, 2017, there is an increase of Rs.109.96 in the minimum rates of wages of each category (Unskilled, Semi-Skilled, Skilled and Highly Skilled) of employees working in scheduled employments in… Read More »

Employers required to collect PAN of lender banks from employees to claim Interest in House Property in the salary return.

By | April 18, 2017

Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return.   CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged… Read More »

Section 100 CGST Act 2017 Appeal to Appellate Authority.

By | April 18, 2017

Section 100 CGST Act 2017 Appeal to Appellate Authority. [ Section 100 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 100 CGST Act 2017 explains appeal to Appellate Authority and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also known as CENTRAL GOODS… Read More »

Section 99 CGST Act 2017 Appellate Authority for Advance Ruling.

By | April 18, 2017

Section 99 CGST Act 2017 – Appellate Authority for Advance Ruling. [ Section 99 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 99 CGST Act 2017 Appellate Authority for Advance Ruling and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also known… Read More »

Section 98 CGST Act 2017 Procedure on receipt of application.

By | April 18, 2017

Section 98 CGST Act 2017 – Procedure on receipt of application. [ Section 98 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 98 CGST Act 2017 explains Procedure on receipt of application and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also… Read More »

Section 97 CGST Act 2017 Application for advance ruling

By | April 18, 2017

Section 97 CGST Act 2017 Application for advance ruling [ Section 97 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 97 CGST Act 2017 explains Application for advance ruling and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also known as CENTRAL GOODS… Read More »

Section 96 CGST Act 2017 Authority for advance ruling

By | April 18, 2017

Section 96 CGST Act 2017 [ Section 96 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 96 CGST Act 2017 explains Authority for advance ruling  and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented… Read More »

Section 95 CGST Act 2017 – Definitions.-Advance Ruling

By | April 18, 2017

Section 95 CGST Act 2017 [ Section 95 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 95 CGST Act 2017 explains Definitions and is covered in Chapter XVII -Advance Ruling [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the President… Read More »

Section 93 CGST Act 2017 Special provisions regarding liability to pay tax, interest or penalty in certain cases.

By | April 18, 2017

Section 93 CGST Act 2017 [ Section 93 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 93 CGST Act 2017 explains Special provisions regarding liability to pay tax, interest or penalty in certain cases and and is covered in Chapter XVI – Liability to Pay in certain Cases… Read More »

Section 91 CGST Act 2017 Liability of guardians, trustees, etc.

By | April 18, 2017

Section 91 CGST Act 2017 [ Section 91 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 91 CGST Act 2017 explains Liability of guardians, trustees, etc. and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 89 CGST Act 2017 Liability of directors of private company.

By | April 18, 2017

Section 89 CGST Act 2017 [ Section 89 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 89 CGST Act 2017 explains Liability of directors of private company and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act 2017 also known… Read More »

Section 88 CGST Act 2017 Liability in case of company in liquidation.

By | April 18, 2017

Section 88 CGST Act 2017 [ Section 88 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 88 CGST Act 2017 explains Liability in case of company in liquidation and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act 2017 also… Read More »

Section 87 CGST Act 2017 Liability in case of amalgamation or merger of companies.

By | April 18, 2017

Section 87 CGST Act 2017 [ Section 87 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 87 CGST Act 2017 explains Liability in case of amalgamation or merger of companies and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act… Read More »

Section 86 CGST Act 2017 Liability of agent and principal.

By | April 18, 2017

Section 86 CGST Act 2017 [ Section 86 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 86 CGST Act 2017 explains Liability of agent and principal and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 85 CGST Act 2017 – Liability in case of transfer of business.

By | April 18, 2017

Section 85 CGST Act 2017 [ Section 85 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 85 CGST Act 2017  explains Liability in case of transfer of business and is covered in Chapter XVI – Liability to Pay in certain Cases [Note : CGST Act 2017 also… Read More »

Section 84 CGST Act 2017 Continuation and validation of certain recovery proceedings.

By | April 18, 2017

Section 84 CGST Act 2017 [ Section 84 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 84 CGST Act 2017 explains Continuation and validation of certain recovery proceedings and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS AND… Read More »

Section 83 CGST Act 2017 Provisional attachment to protect revenue in certain cases.

By | April 18, 2017

Section 83 CGST Act 2017 [ Section 83 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 83 CGST Act 2017 explains Provisional attachment to protect revenue in certain cases and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS… Read More »

Section 82 CGST Act 2017 Tax to be first charge on property.

By | April 18, 2017

Section 82 CGST Act 2017 [ Section 82 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 82 CGST Act 2017 explains Tax to be first charge on property and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS AND… Read More »

Section 81 CGST Act 2017 Transfer of property to be void in certain cases.

By | April 18, 2017

Section 81 CGST Act 2017 [ Section 81 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 81 CGST Act 2017 explains Transfer of property to be void in certain cases and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 80 CGST Act 2017 Payment of tax and other amount in instalments

By | April 18, 2017

Section 80 CGST Act 2017 [ Section 80 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 80 CGST Act 2017 explains Payment of tax and other amount in instalments and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS… Read More »

Section 78 CGST Act 2017 Initiation of recovery proceedings.

By | April 18, 2017

Section 78 CGST Act 2017 [ Section 78 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 78 CGST Act 2017 explains Initiation of recovery proceedings and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 77 CGST Act 2017 Tax wrongfully collected and paid to Central Government or State Government.

By | April 18, 2017

Section 77 CGST Act 2017 [ Section 77 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 77 CGST Act 2017 explains Tax wrongfully collected and paid to Central Government or State Government  and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also… Read More »

Section 76 CGST Act 2017 Tax collected but not paid to Government.

By | April 18, 2017

Section 76 CGST Act 2017 [ Section 76 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 76 CGST Act 2017 Tax collected but not paid to Government and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 75 CGST Act 2017 General provisions relating to determination of tax.

By | April 18, 2017

Section 75 CGST Act 2017 [ Section 75 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 75 CGST Act 2017 explains General provisions relating to determination of tax and is covered in Chapter XV – Demands and Recovery [Note : CGST Act 2017 also known as CENTRAL GOODS AND… Read More »

Section 74 CGST Act 2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any wilful-misstatement or suppression of facts.

By | April 18, 2017

Section 74 CGST Act 2017 [ Section 74 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 74 CGST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any… Read More »

Section 73 CGST Act 2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts.

By | April 18, 2017

Section 73 CGST Act 2017 [ Section 73 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 73 CGST Act 2017 explains Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud… Read More »

Section 72 CGST Act 2017 – Officers to assist proper officers.

By | April 18, 2017

Section 72 CGST Act 2017 [ Section 72 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 72 CGST Act 2017 Explains Officers to assist proper officers and is covered in Chapter XIV – Inspection , Search , Seizure and Arrest [Note : CGST Act 2017 also known… Read More »

Section 71 CGST Act 2017 – Access to business premises.

By | April 18, 2017

Section 71 CGST Act 2017 [ Section 71 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 71 CGST Act 2017 explains Access to business premises and is covered in Chapter XIV – Inspection , Search , Seizure and Arrest [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 70 CGST Act 2017 Power to summon person to give evidence and produce documents.

By | April 18, 2017

Section 70 CGST Act 2017 [ Section 70 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 70 CGST Act 2017 explains Power to summon person to give evidence and produce documents. and is covered in Chapter XIV – Inspection , Search , Seizure and Arrest [Note :… Read More »

Income tax withheld outside India disallowed as deduction u/s 37(1)

By | April 18, 2017

Income tax withheld outside India disallowed as deduction under section 37(1) The Ahmedabad Bench of the Income-tax Appellate Tribunal held that income tax that is withheld (“deducted”) outside India is not allowed as a deduction under section 37(1) of the Income-tax Act, 1961 because the amount is covered under the “disabling provisions” of section 40(a)(ii).… Read More »

Disallowance of expenses related to shares held as stock-in-trade

By | April 18, 2017

Disallowance of expenses related to shares held as stock-in-trade: The Kolkata Bench of the Income-tax Appellate Tribunal held that the rules for expense disallowance under section 14A of the Income-tax Act, 1961 apply to shares held as stock-in-trade, but that such expense disallowance is limited to those shares that have yielded dividend income in the… Read More »

Rules for merger, amalgamation of foreign company with Indian company

By | April 18, 2017

Rules for merger, amalgamation of foreign company with Indian company: The government of India has released guidance providing rules with respect to mergers and amalgamations between a company registered under the Companies Act and a foreign company (and vice versa). There is also guidance issued in conjunction with the Reserve Bank of India (RBI) to… Read More »

Govt of India actions to implement GST still pending

By | April 18, 2017

Government actions to implement goods and services tax (GST) still pending: The Central GST Bill, the Integrated GST Bill, Union-Territory GST Bill, and the GST (Compensation to States) Bill, have received assent from the president of India to become “acts of Parliament,” thereby making implementation of GST in India by 1 July 2017 possible. However,… Read More »

Category: GST