Daily Archives: April 20, 2017

Compliance with Ghosh Committee Recommendations need not be reported to Audit Committee of Board

By | April 20, 2017

Compliance with Ghosh Committee Recommendations RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need… Read More »

Category: RBI

3 key legal aid and empowerment initiatives of Govt of India

By | April 20, 2017

Legal Aid and Empowerment initiatives launched Ravi Shankar Prasad calls for Expediting Judicial Reforms Minister of Law & Justice and Electronics & IT, Sh. Ravi Shankar Prasad today appealed to all those involved in the delivery of justice to join hands in improving the system to ensure that assistance is available to every citizen irrespective… Read More »

Draft GST Accounts and Records – Rules released by CBEC – April 2017

By | April 20, 2017

CHAPTER— ACCOUNTS AND RECORDS 1. Maintenance of accounts by registered persons (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge along… Read More »

Draft GST Appeals and Revision Rules – Released by CBEC April 2017

By | April 20, 2017

GST Appeals and Revision Rules – Released by CBEC in April 2017 Chapter – Appeals and Revision 1. Appeal to the Appellate Authority (1) An appeal to the Appellate Authorityundersub-section (1) of section 107 of the Act shall be filed in FORMGSTAPL-01,[either] electronically [or otherwise] as may be notified by the Commissioner, and a provisional… Read More »

Draft GST Advance Ruling – Rules Released by CBEC -April 2017

By | April 20, 2017

Draft GST Advance Ruling – Rules Released by CBEC  in April 2017 Chapter  Advance Ruling 1. Qualification and appointment of members of the Authority for Advance Ruling The Central Government and the State Government shall appoint an officer having the experience of not less than three years in the rank of Joint Commissioner as member… Read More »

Income Tax Books 2017 for Professionals – Topic Wise

By | April 20, 2017

Income tax Books 2017 for Professionals – Topic Wise Subjects Books     Direct Taxes Ready Reckoner Income Tax Mini Ready Reckoner AY 2017-18 & 2018-19 -Monica Singhania -Taxmann   Direct Taxes Ready Reckoner with Equity Share Quotations -40th Edition AY 2017-18, 2018-19 -Vinod K. Singhania     Income  Tax Amended by Finance Act 2017… Read More »

Section 152 CGST Act 2017 – Bar on disclosure of information

By | April 20, 2017

Section 152 CGST Act 2017 [ Section 152 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 152 CGST Act 2017 explains Bar on disclosure of information and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 151 CGST Act 2017 – Power to collect statistics

By | April 20, 2017

Section 151 CGST Act 2017 [ Section 151 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 151 CGST Act 2017 explains Power to collect statistics and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented… Read More »

Section 150 CGST Act 2017 – Obligation to furnish information return.

By | April 20, 2017

Section 150 CGST Act 2017 [ Section 150 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 150 CGST Act 2017 explains Obligation to furnish information return and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 149 CGST Act 2017- Goods and services tax compliance rating

By | April 20, 2017

Section 149 CGST Act 2017 [ Section 149 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 149 CGST Act 2017 explains Goods and services tax compliance rating and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX… Read More »

Section 148 CGST Act 2017 – Special procedure for certain processes

By | April 20, 2017

Section 148 CGST Act 2017 [ Section 148 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 148 CGST Act 2017 explains Special procedure for certain processes  and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 147 CGST Act 2017 – Deemed Exports

By | April 20, 2017

Section 147 CGST Act 2017 [ Section 147 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 147 CGST Act 2017 explains Deemed Exports and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the… Read More »

Section 146 CGST Act 2017 – Common Portal

By | April 20, 2017

Section 146 CGST Act 2017 [ Section 146 CGST Act 2017 Notified w.e.f 22.06.2017 vide Notification No. 1/2017 – Central Tax Dated 19.06.2017 ] Section 146 CGST Act 2017 explains Common Portal and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the President of… Read More »

Section 145 CGST Act 2017 – Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence.

By | April 20, 2017

Section 145 CGST Act 2017 [ Section 145 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 145 CGST Act 2017 explains Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence and is covered in Chapter XXI –  Miscellaneous [Note :… Read More »

Section 144 CGST Act 2017 – Presumption as to documents in certain cases.

By | April 20, 2017

Section 144 CGST Act 2017 [ Section 144 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 144 CGST Act 2017 explains Presumption as to documents in certain cases and is covered in Chapter XXI –  Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 143 CGST Act 2017 – Job work procedure.

By | April 20, 2017

Section 143 CGST Act 2017 [ Section 143 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 143 CGST Act 2017 explains Job work procedure and is covered in Chapter XX I- Miscellaneous [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by the… Read More »

Section 142 CGST Act 2017- Miscellaneous transitional provisions.

By | April 20, 2017

Section 142 CGST Act 2017 [ Section 142 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 142 CGST Act 2017 explains Miscellaneous transitional provisions and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented… Read More »

Section 141 CGST Act 2017 – Transitional provisions relating to job work.

By | April 20, 2017

Section 141 CGST Act 2017 [ Section 141 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 141 CGST Act 2017 explains Transitional provisions relating to job work and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 140 CGST Act 2017 – Transitional arrangements for input tax credit.

By | April 20, 2017

Section 140 CGST Act 2017 [ Section 140 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 140 CGST Act 2017 explains Transitional arrangements for input tax credit and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 139 CGST Act 2017 – Migration of existing taxpayers

By | April 20, 2017

Section 139 CGST Act 2017 [ Section 139 CGST Act 2017 Notified w.e.f 22.06.2017 vide Notification No. 1/2017 – Central Tax Dated 19.06.2017 ] Section 139 CGST Act 2017 explains Migration of existing taxpayers and is covered in Chapter XX – Transitional Provisions [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT, 2017 assented by… Read More »

Section 138 CGST Act 2017 – Compounding of offences

By | April 20, 2017

Section 138 CGST Act 2017 [ Section 138 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 138 CGST Act 2017 explains Compounding of offences and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 137 CGST Act 2017 – Offences by companies.

By | April 20, 2017

Section 137 CGST Act 2017 [ Section 137 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 137 CGST Act 2017 explains Offences by companies and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 136 CGST Act 2017 – Relevancy of statements under certain circumstances

By | April 20, 2017

Section 136 CGST Act 2017 [ Section 136 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 136 CGST Act 2017 explains Relevancy of statements under certain circumstances and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND… Read More »

Section 135 CGST Act 2017 – Presumption of culpable mental state

By | April 20, 2017

Section 135 CGST Act 2017 [ Section 135 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 135 CGST Act 2017 explains Presumption of culpable mental state and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Section 134 CGST Act 2017 – Cognizance of offences.

By | April 20, 2017

Section 134 CGST Act 2017 [ Section 134 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 134 CGST Act 2017 explains Cognizance of offences and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX ACT,… Read More »

Section 133 CGST Act 2017 – Liability of officers and certain other persons

By | April 20, 2017

Section 133 CGST Act 2017 [ Section 133 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 133 CGST Act 2017 explains Liability of officers and certain other persons and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 132 CGST Act 2017 – Punishment for certain offences.

By | April 20, 2017

Section 132 CGST Act 2017 [ Section 132 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 132 CGST Act 2017 explains Punishment for certain offences and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES TAX… Read More »

Section 131 CGST Act 2017- Confiscation or penalty not to interfere with other punishments.-

By | April 20, 2017

Section 131 CGST Act 2017 [ Section 131 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 131 CGST Act 2017 explains Confiscation or penalty not to interfere with other punishments and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known… Read More »

Section 130 CGST Act 2017 – Confiscation of goods or conveyances and levy of penalty.

By | April 20, 2017

Section 130 CGST Act 2017 [ Section 130 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 130 CGST Act 2017 explains Confiscation of goods or conveyances and levy of penalty and conveyances in transit and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act… Read More »

Section 129 CGST Act 2017- Detention, seizure and release of goods and conveyances in transit.

By | April 20, 2017

Section 129 CGST Act 2017 [ Section 129 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 129 CGST Act 2017 explains Detention, seizure and release of goods and conveyances in transit and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also… Read More »

Section 128 CGST Act 2017 Power to waive penalty or fee or both.

By | April 20, 2017

Section 128 CGST Act 2017 [ Section 128 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 128 CGST Act 2017 explains Power to waive penalty or fee or both and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL… Read More »

Section 127 CGST Act 2017 Power to impose penalty in certain cases.

By | April 20, 2017

Section 127 CGST Act 2017 [ Section 127 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 127 CGST Act 2017 explains Power to impose penalty in certain cases and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS… Read More »

Section 126 CGST Act 2017 General disciplines related to penalty.

By | April 20, 2017

Section 126 CGST Act 2017 [ Section 126 CGST Act 2017 Notified w.e.f 01.07.2017 vide Notification No. 9/2017 – Central Tax Dated 28th June, 2017 ] Section 126 CGST Act 2017 explains General disciplines related to penalty and is covered in Chapter XIX – Offences and Penalties [Note : CGST Act 2017 also known as CENTRAL GOODS AND SERVICES… Read More »

Goods and Service Tax – Ready Reckoner

By | April 20, 2017

Goods and Service Tax – A Ready Reckoner Paperback – 2017 by Vineet Sodhani (Author), Deepshikha Sodhani (Author) A Quick and Tabular Guide to the Provisions of GST Law Incorporating : The Central Goods And Services Tax Act, 2017 The Integrated Goods And Services Tax Act , 2017 The Union Territory Goods And Services Tax Act,… Read More »

USA IRS RP-17-30: Changes in accounting periods and in methods of accounting

By | April 20, 2017

Revenue Procedure 2017-30 provides the list of Automatic Changes to which the automatic change procedures in Rev. Proc. 2015-13, 2015-5 I.R.B. 419, as clarified and modified by Rev. Proc. 2015-33, 2015-24 I.R.B. 1067, and as modified by Rev. Proc. 2016-1, 2016-1 I.R.B. 1, (or successor) apply. Revenue Procedure 2017-30 will be published in IRB 2017-17… Read More »

USA IRS Seeks Applications for Information Reporting Program Advisory Committee

By | April 20, 2017

IRS Seeks Applications for Information Reporting Program Advisory Committee WASHINGTON – The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory committee that provides recommendations to the IRS on various tax administration issues. Members are appointed to three-year terms, but terms are staggered so that approximately… Read More »

Govt decides to do away with beacons for all categories of vehicles

By | April 20, 2017

Press Information Bureau Government of India Ministry of Road Transport & Highways 19-April-2017 15:56 IST The Government decides to do away with beacons for all categories of vehicles With a view to strengthening healthy democratic values in the country, the Central Government took another historic step today. The Union Cabinet, in its meeting chaired by… Read More »

PMGKY – Date for deposit in Bonds Ledger Account extended

By | April 20, 2017

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »