Daily Archives: April 25, 2017

Proposed amendments to IFRS 8 and IAS 34

Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) – (24-04-2017) Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017. In July… Read More »

ICAI Discontined some of Post Qualification Courses for Members

Discontinuation of some of the Post Qualification Courses for Members – (25-04-2017) 25th April 2017 Re: Discontinuation of some of the Post Qualification Courses for members The post qualification courses for members conducted by ICAI include the following: Management Accountancy Course (MAC) Tax Management Course (TMC) Corporate Management Course (CMC) and International Tax Laws and… Read More »

IFRS 9 Amendment – Prepayment Features with Negative Compensation

Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) – (24-04-2017) Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017. This Exposure Draft, published by the International Accounting Standards Board,… Read More »

Hosting of provisional panel of CA Firms with C&AG for 2017-2018.

Hosting of provisional panel of Chartered Accountant Firms/LLPs with the O/o C&AG for the year 2017-2018. – (25-04-2017) The Office of C&AG is hosting the Provisional Panel of Chartered Accountant firms/LLPs for the year 2017-18 for indicating the position (detailed point score) of the firms. The provisional panel will be available at www.saiindia.gov.in from 26… Read More »

EPFO to inform Default by SMS and Email

Introduction of real time system in EPFO Default management EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt. of India) Head Office Bhavishya Nidhi Bhawan, 14, Bhikaiii Cama Place, New Delhi – 110 066. No.: CAIU/011(52)16/Principal employer Portal & CAW/722 Dated: 25th APR 2017 To, The Additional Central P.F. Commissioners (Zones) The Regional P.F. Commissioners… Read More »

e-SOT and e-PRAN card launched for Atal Pension Yojana subscribers

Online Statement Of Transaction (e-SOT) and the e-PRAN card launched for Atal Pension Yojana (APY) subscribers; More than 45 lacs subscribers to be benefitted. With a view to digitally empower the Atal Pension Yojana (APY) subscribers and improve the quality of service, the facility of online viewing of the statement of transaction(e-SOT) and also the… Read More »

Rule 59A Inserted by Himachal VAT (Amendment) Rules 2017

Himachal Pradesh Value Added Tax (Amendment) Rules, 2017  Insertion of rule 59A and Form VAT VIA & VAT VIB NOTIFICATION – F.NO.EXN-F(10)-21/2016, DATED 31-1-2017 In exercise of the powers conferred by sub-section (1) of section 63 of the Himachal Pradesh Value Added Tax Act, 2005 (Act No. 12 of 2005), the Governor of Himachal Pradesh,… Read More »

CBDT notifies rule 17CB for taxation of accreted income of trust u/s 115TD

CBDT notifies rule for taxation of accreted income of trust u/s 115TD MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 21st April, 2017 INCOME-TAX G.S.R.399(E).– In exercise of the powers conferred by section 295 read with section 115TD of the Income-tax Act, 1961 (43 of 1961), the Central… Read More »

Overview of GST ( India)

GOODS AND SERVICES TAX – AN OVERVIEW 1. Benefits: GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer.  It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST… Read More »

Category: GST

PM asks states to speed up clearance of GST Bills

Prime Minister Narendra Modi today said the states should make legislative arrangements “without delay” for GST rollout from July 1. Delivering the closing remarks at the third meeting of the Governing Council of Niti Aayog, he also urged states, local governments and NGOs to decide goals for 2022 and work in mission mode towards achieving… Read More »

Category: GST

The Maharashtra State Tax on Professions , Trades , callings and Employment Act 1975 with rules P.L.Subramanian

THE MAHARASHTRA STATE TAX ON PROFESSIONS, TRADES, CALLINGS AND EMPLOYMENTS ACT, 1975 WITH RULES, 1975 Paperback – 2017 by P.L.Subramanian (Author) As Amended by The Maharashtra Tax Laws (Levy,Amendment & Validation) Act, 2017 [Mah. Act No. 31 of 2017 dt. 15-4-2017 (w.e.f. 1-4-2017)] As Amended upto Date Contains Notifications and Trade Circulars Issued Till Date Latest… Read More »

Professionals may face GST as ‘casual taxable persons’

Mumbai: If you are an interior decorator based in Mumbai and are providing services on-site to a client in Bengaluru (where you don’t have a fixed place of business), then irrespective of your turnover, you will have to register under Goods and Services Tax (GST) in the state of Karnataka. Small businessmen or professionals (such… Read More »

Category: GST

Non Deposit of Court fees due to Demonetization – Delay Condoned

Madhya Pradesh High Court Prashant Sahu Vs Vijay Kumar Chourasiya  Appeal Number : MCRC-3140-2017 Date of Judgement/Order : 10/04/2017 Shri K.P.Pathak, learned counsel for the applicant. Applicant filed a Criminal Complaint Case before the JMFC, Jabalpur. After affording the opportunity, the applicant could not deposit the requisite court fees and, therefore, vide order dated 17.1.2017,… Read More »

Excise Duty on Heena Powder & Paste falling under Chapter 33-Reg.

Notification under Section 11C of the Central Excise Act on Heena Powder and Paste falling under Chapter 33 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 11/2017- Central Excise (N.T.) New Delhi, the 24th April, 2017 G.S.R. (E).- Whereas the Central Government is satisfied that according to a practice that was generally prevalent… Read More »

Doctors have to Prescribe generic drugs or face disciplinary action: MCI

Phone : 25367033, 25367035, 25367036 Telegrams : MEDCONCIND, New Delhi Fax : 0091-11-25367024 E-mail : pg@mciindia.org; mci@bol.net.in Website : www.mciindia.org Pocket- 14, Sector- 8, Dwarka Phase – 1 New Delhi-110077 MEDICAL COUNCIL OF INDIA No. MCI-211(2)(Gen.)/2017-Ethics/104728 Date: 21/04/2017 To, 1. Dean/ Principals of all the Medical Colleges, 2. Director of all the hospitals (exclusive PG Institutions without medical colleges),… Read More »

ICSI – ACADEMIC HELPLINE Number launched for CS Students

Press Release The Chief of Bureau April 24, 2017 The Institute of Company Secretaries of India (ICSI) is taking various initiatives for the continued growth of CS Profession and its increased recognition, awareness and trust amongst the Corporates, Regulators and Government. In it’s pursuit of professional excellence, The ICSI has always provided the best support… Read More »

Sec. 68 AO cannot Examine Source of Source in Non-Share Capital Cases

ITAT Delhi ACIT, Vs Smt. Prem Anand  Appeal Number : I.T.A. No. 3514/DEL/2014 Date of Judgement/Order : 13/04/2017 Assessment Year : 2008-09 Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which… Read More »

Measurement land Distance from Municipality -Tahsildar Certificate required

  Certificate of competent authority only can be relied for measurement of distance of land from Municipality ITAT Mumbai Asst. Commissioner of Income Tax Vs Mr. Alkesh Kanti Lal Patel  Appeal Number : I .T.A. No.4270/Mum/2015 Date of Judgement/Order : 03/04/2017 Assessment Year : 2011-12 We have observed that the assessee has claimed to have… Read More »

UP VAT Registration can’t be cancelled because of wrong Input Tax Credit claim

Allahabad High Court Sevak Enterprises Vs Commissioner, Commercial Tax  Appeal Number : Sales/ Trade Tax Revision No. – 146 of 2017 Date of Judgement/Order : 13/04/2017 UP VAT Act Act does not contemplate that if claim of Input Tax Credit (I.T.C.) is reversed the registration of a dealer could be cancelled in addition to reversal… Read More »

Reduce grievance redressal time from 60 days to 30 days – CBDT

SUSHIL CHANDRA Chairman, CBDT Special Secretary to Government of India Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi – 110001 E-Mail – chaimancbdt@nic.in Tele : 23092648 & Telefax : 23092544 New Delhi, 24th April, 2017 DO No. Dir.(Hqrs.)/Ch.(DT)/39(2)/2015 Dear Pr. CCIT/Pr. DGIT/CCIT/DGIT Sub: Timely and… Read More »

TDS on Land Acquisition amount is part of Compensation : SC

Supreme Court of India Baranagore Jute Factory Plc. Mazdoor Sangh (Bms) Etc Vs  Baranagore Jute Factory Plc  Appeal Number : Civil Appeal No. 4298- 4299 of 2017 Date of Judgement/Order : 21/03/2017 Leave granted. 2. The appellants are the petitioners/ applicants before the learned Single Judge in an application filed by them for taking appropriate… Read More »

Share Trading Income cannot be treated as ‘Capital Gain, it is business income

ITAT Ahemdabad Income-Tax Officer Vs Manusi Securities Pvt. Ltd.  Appeal Number : ITA Nos. 2338 & 2339/Ahd/2011 Date of Judgement/Order : 10/04/2017  Assessment Year : 2007-08 & 2008-09 We notice that assessee company is engaged in the business of trading in securities. During the year assessee has shown the sale of securities as business receipts… Read More »

Assessee not allowed to appear with Counsel to Record Statement U/s. 108 of Customs Act

Allahabad High Court Pawan Kumar Pawan Arora Vs Union of India  Appeal Number : Criminal MISC. Writ Petition No. – 4424 of 2017 Date of Judgement/Order : 30/03/2017 Contention of the learned counsel for the petitioner is that the petitioner be allowed to appear before the authority concerned for recording the statement under Section 108… Read More »

MVAT: Change in Rate of VAT on Motor Spirit wef 22.04.2017

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk Mantralaya, Mumbai 400 032, dated the 21st April 2017 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT.1517/C.R.44/Taxation-1.—In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby amends… Read More »

GST Migration Completion Status- Central Excise 73%, Service Tax 34%

Vanaja N. Sarna Chairman GOVERNMENT OF INDIA MINISTRY OF FINANCE/ DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE & CUSTOMS Dated- 21st April, 2017. DO.No.05/CH(EC)/2017 Dear Colleagues, In this week’s newsletter I would like to highlight the importance of GST Awareness Campaign (GAC) of CBEC. As you are aware, this work is presently being done by… Read More »

Category: GST

Grant of Licences/ Authorisations for import of Gold Dore

F.No. 01/53/162/Misc/AM17/PMO/M-4/IC Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011 Dated 21.04.2017 Trade Notice No. 04 To All RAs of DGFT Members of Trade/EPCs Sub: Consideration of applications for grant of Licences/ Authorisations for import of “Gold Dore” It is brought to the… Read More »

EPFO allowed Withdrawal from PF for Housing needs

Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt Of India) Head Office Bhavishya Nidhi Bhawan, 14-Bhikaiji Cama Place, New Delhi-110066 www.epfindia.gov.in www.epfindia.nic.in Phone: 011-26175914, Fax No.: 011-26177829 No. WSU/39(1)2017/Housing Scheme Date: 21.04.2017 To All Addl. Central Provident Fund Commissioners (HQ/Zone) All Regional Provident Fund Commissioners of Regional Offices. Sub: Withdrawal from the provident… Read More »