Daily Archives: April 29, 2017

IBBI invites comments on Draft regulations for Fast Track Resolution process for Eligible Corporate Persons

By | April 29, 2017

IBBI invites public comments on Draft regulations for Fast Track Resolution process for Eligible Corporate Persons Insolvency and Bankruptcy Board of India (IBBI) vide Press Release dated 18th April 2017 issued ‘Draft Regulations for Fast Track Resolution Process for Eligible Corporate Persons’ ‘A draft notification under Section 55(2) of IBC, 2016 for eligible corporate debtors’… Read More »

Invoice Format under GST in India

By | April 29, 2017

Invoice Format under GST in India Section  31 – Tax invoice – of CGST Act 2017 deals with requirements of  issue of tax Invoice under GST. Invoice Format under GST in India is specified by Draft Invoice formats issued in Sep 2016 CBEC has also issued Draft GST Revised Invoice Rules in  March 2017. Revised GST Invoice Format based… Read More »

Offices of Service Tax in Delhi Zone Shifted

By | April 29, 2017

OFFICE OF THE CHIEF COMMISSIONER OF SERVICE TAX DELHI ZONE DEPARTMENT OF REVENUE, MINISTRY OF FINANCE GOVERNMENT OF INDIA PUBLIC NOTICE Offices of Service Tax in Delhi Zone (listed as under) have shifted to the following new address: EIL Annexe Building, Plot No. 2B, Bhikaji Cama Place, New Delhi-110066 EPABX No: 011-40785858 1. Chief Commissioner… Read More »

Income of foreign shipping company not taxable in India under ‘ place of effective management ‘ test

By | April 29, 2017

Income of a foreign shipping company not taxable in India under “place of effective management” test: The Rajkot Bench of the Income-tax Appellate Tribunal held that under Article 9 of the India-Denmark income tax treaty, earned by a foreign company from operations of ships in international traffic is not taxable in India because the place of effective… Read More »

Tax on Waiver of interest in the hands of amalgamating company

By | April 29, 2017

Waiver of interest in the hands of amalgamating company: The Supreme Court of India held that waiver of interest due by amalgamating company to financial institutions is taxable in the hands of the amalgamated company under section 41(1) of the Income-tax Act, 1961.The case is: Mcdowell & Company Ltd. Read an April 2017 report [PDF 309 KB]… Read More »

Liaison office of a multinational company is permanent establishment

By | April 29, 2017

40% profit attributed to Indian operations of taxpayer: The Bengaluru Bench of Income-tax Appellate Tribunal held that a liaison office of a multinational company conducting activities that are not “preparatory and auxiliary” constitutes a permanent establishment. The case is: Arrow Electronic India Ltd. Read an April 2017 report [PDF 420 KB] of KPMG

Sale of business on “ going concern ” basis is “ slump sale ” and not sale of depreciable asset

By | April 29, 2017

Sale of business on “going concern” basis is “slump sale” and not a sale of depreciable asset: The Supreme Court of India, in a case that arose prior to the introduction of slump sale provisions, held that sale of an entire running business on a “going concern” basis is a slump sale under section 50(2)… Read More »

Race car circuit constitutes “fixed place PE” under India-United Kingdom income tax treaty:

By | April 29, 2017

Race car circuit constitutes “fixed place PE” under the India-United Kingdom income tax treaty: The Supreme Court of India held that an international circuit constitutes fixed place of business under the India-UK income tax treaty, since the circuit was under the control and at the disposal of the taxpayer. The case is: Formula One World… Read More »

Passport application to be processed based on Employer acknowledment

By | April 29, 2017

MINISTRY OF EXTERNAL AFFAIRS NOTIFICATION New Delhi, the 26th April, 2017 G.S.R. 410(E).—In exercise of the powers conferred by section 24 of the Passports Act, 1967 (15 of 1967), the Central Government hereby makes the following rules further to amend the Passport Rules, 1980, namely:— 1. Short title and commencement:— (i) These rules may be… Read More »

Notification No. 42/2017-Customs (N.T.), Dated: 28.04.2017

By | April 29, 2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB- SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 42/2017-CUSTOMS (N.T.) New Delhi, 28th April, 2017 8 Vaisakha, 1939 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section… Read More »

Net Owned Fund Requirements for Asset Reconstruction Company

By | April 29, 2017

RBI/2016-17/295 DNBR. PD (ARC) CC. No. 03/26.03.001/2016-17 April 28, 2017 The Chairman / Managing Director / Chief Executive Officer All registered Asset Reconstruction Companies. Dear Sir, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Section 3 (1) (b) – Requirement of Net Owned Fund (NOF) for Asset Reconstruction Companies. A… Read More »

SEBI Circular on disclosure of executive remuneration by Mutual Funds

By | April 29, 2017

Circular No. SEBI/HO/IMD/DF2/CIR/P/2017/35 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/Madam, Subject: Circular on Mutual Funds 1. Please refer to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March 2016. 2. In partial modification of the above mentioned circular, para C of the circular pertaining to disclosure of executive remuneration shall read as… Read More »

Insurance Ombudsman Rules 2017 – Notified

By | April 29, 2017

Insurance Ombudsman Rules 2017. MINISTRY OF FINANCE (Department of Financial Services) (INSURANCE DIVISION) NOTIFICATION New Delhi, the 25th April, 2017 G.S.R. 413(E).—Whereas, the draft of certain rules namely, the Insurance Ombudsman Rules, 2016, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 15th September, 2016 under the notification of… Read More »

Creation of Computer Terminal Banks in Income Tax Offices

By | April 29, 2017

Tel No. 011-23519077 Fax No. 011-23528887 E-mail dgft.systems@incometax.gov.in PR. DIRECTOR GENERAL OF INCOME TAX (SYSTEMS) A R A Centre, Ground Floor. E-2, Jhandewalan Extension New Delhi -110055 S. S Rathore,IRS F. No.ADG(S)-4/JDIT(S)-4-(2)/CTB/2017-18 Dated: 25.04.2017 Dear Subject : Creation of Computer Terminal Banks in Income Tax Offices across the country for providing access to HRMS Module… Read More »

RBI Guidelines on Merchant Acquisition for Card Transactions

By | April 29, 2017

RBI/2016-17/296 DCBR.RAD (PCB/RCB) Cir.No.4/7.12.001/2016-17 April 28, 2017 The Chief Executive Officers All Primary (Urban) Co-operative Banks / All State Co-operative Banks (StCBs) / All District Central Co-operative Banks Dear Sir/Madam, Guidelines on Merchant Acquisition for Card Transactions Co-operative banks have been permitted to install both onsite/offsite ATM networks and can issue debit cards on their… Read More »

Role of Chief Risk Officer (CRO) in Banks – RBI Guidlines

By | April 29, 2017

RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 April 27, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) And Small Finance Banks Madam/Dear Sir, Risk Management Systems – Role of the Chief Risk Officer (CRO) Please refer to the guidelines on Risk Management Systems issued vide our circular DBOD.No.BP.(SC).BC.98/21.04.103/99… Read More »

DVAT – Date Extended for online return -4 th quarter 2016-17

By | April 29, 2017

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/121-126 Dated: 28/04/2017 CIRCULAR NO. 2 of 2016-17 Sub: Filing of online return for 4th quarter of 2016-17 – extension of period thereof. In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005,… Read More »

EPF members now required to submit self-declaration for advance in case of illness of members/ dependents

By | April 29, 2017

EPF members now required to submit self-declaration for advance in case of illness of members/ dependents EPF members will now only be required to submit a self-declaration for the advance in case of illness of members/ dependents. Differently abled members will also get advance on the basis of self-declaration. A member will no longer be… Read More »

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver

By | April 29, 2017

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver 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 Excise & Customs, being satisfied that it is necessary and… Read More »

CBDT Signs 2 UPA with Indian taxpayers

By | April 29, 2017

Central Board of Direct Taxes (CBDT) signs two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime The total number of APAs entered into by the CBDT has reached 154, which includes 11 bilateral APAs and 143 unilateral APAs The Central Board of Direct Taxes (CBDT)… Read More »

No Interest u/s 234B & 234C on income declared during survey – ITAT

By | April 29, 2017

Held Survey operation under section 133A of the Act was conducted at the business premises of the assessee on 5.3.2008 i.e. after close of the financial year relevant to the assessment year 2006- 07. Now the question arises whether the assessee as per the provisions of section 210 read with section 208 of the Act… Read More »

DGCEI detects tax evasion worth Rs 15,047 crore

By | April 29, 2017

The intelligence arm of the finance ministry detected service tax and excise duty evasion worth Rs 15,047 crore in the last fiscal, as against Rs 12,112 crore in 2015-16. The Directorate General of Central Excise Intelligence (DGCEI) also arrested 13 tax evaders and registered 1,500 cases of evasion in 2016-17, up from 1,150 the year… Read More »

CBDT cannot insist on pre-deposit compounding fee without considering application for compounding: HC

By | April 29, 2017

Held The CBDT cannot arrogate to itself, on the strength of Section 279 of the Act or the Explanation thereunder, the power to insist on a ‘pre-deposit’ of sorts of the compounding fee even without considering the application for compounding. Indeed Mr Kaushik was unable to deny the possibility, even if theoretical, of the application… Read More »

Khergamvala on Negotiable Instruments Act – 22nd Edition 2017 Book-Khergamvala – Lexis Nexis

By | April 29, 2017

Khergamvala on the Negotiable Instruments Act – As Amended by the Negotiable Instruments (Amendment) Act, 2015 Paperback – 27 Mar 2017 by Khergamvala (Author) The Negotiable Instruments Act, 1881 was enacted to regulate the traditional usages and practices prevalent among the mercantile community in India. Khergamvala on Negotiable Instruments Act has been a celebrated title… Read More »

Law and Practice on GST Transition & Registration -2017 Book- Mrityunjay Achyarjee & Aditya Singhania

By | April 29, 2017

LAW AND PRACTICE ON GST TRANSITION & REGISTRATION Paperback – 27 Apr 2017 by Mrityunjay Achyarjee & Aditya Singhania (Author), BOOK CORPORATION (Editor), & 2 More Goods and Services tax (GST), a known tectonic shift in the existing indirect tax structure of India, is claimed to be the biggest tax reform since Independence shall transform… Read More »

Prohibition of Benami Property Transactions Act 1988 & Rules 2016 – Book-Dr. N Maheshwara Swamy

By | April 29, 2017

The Prohibition of Benami Property Transactions Act, 1988 & Rules, 2016Paperback – 2017 by Dr. N Maheshwara Swamy (Author)  [Central Act No. 45 of 1988] [As Amended by Act NO. 43 of 2016, w.e.f. 1-11-2016] Along with: Case Laws, Legal Analysis, Notifications & Important Appendices   Price Rs 225 Click to buy Online Paperback: 250… Read More »

Commentary on Hindu Marriage Act 1955 – Kant Mani (Law Books)

By | April 29, 2017

Commentary on Hindu Marriage Act 1955 (Law Books) Paperback – 2017 by Kant Mani (Author) **Hindu Marriages **Restitution of Conjugal Rights and Judicial Separation **Nullity of Marriage and Divorce **Alternate Relief in Divorce Proceedings **Jurisdiction and Procedure **Special Provision Relating to Trial and Disposal of petitions under The Act **Decree in Proceedings **Permanent Alimony and… Read More »

Guide to Securitisation and Debt Recovery Laws -2017 Book- Kant Mani

By | April 29, 2017

Guide to Securitisation and Debt Recovery Laws Paperback – 2017 by Kant Mani (Author) Kamal publishers striving hard in the field of Law books published more than 300 hundred titles over the varied aspects of law. Dynamic approach, hard work, editorial excellence, Author’s proficiency and professionally qualified team work with strong dedication has culminated the company… Read More »

Penalties and Prosecution Under Direct Tax Law -10th Edition 2017 Book – S R Kharbanda

By | April 29, 2017

Penalties and Prosecution Under Direct Tax Law Hardcover – 2017 by S R Kharbanda (Author), Prem Nath (Author), V.Gopalan (Author) Penalties and Prosecution Under Direct Tax Law   Price Rs 1700 Click to buy online Publisher: Commercial Law Publishers; 10th Edition 2017 edition (2017) Related Books on Income Tax Subjects Books     Direct Taxes… Read More »

TDS and TCS- Finance Act 2017 – Book- S R Kharbanda

By | April 29, 2017

TAX  DEDUCTION  and  COLLECTION at  SOURCE  As Amended by Finance Act, 2017 Hardcover – 2017 by S R Kharbanda (Author), Prem Nath (Author), V.Gopalan (Author) TAX  DEDUCTION  and  COLLECTION at  SOURCE  As Amended by Finance Acr, 2017   Price Rs 1650 Click to buy book online Publisher: Commercial Law Publishers; 19th Edition edition (2017) Related… Read More »

Formation & Management of HUF Alongwith Tax Planing 2017 (19th Edition ) -Book- S R Kharbanda

By | April 29, 2017

Formation & Management  of  HUF  Alongwith Tax  Planing  2017 ( 19th  Edition ) Hardcover – 2017 by S R Kharbanda (Author), Prem Nath (Author), V.Gopalan (Author) Formation & Management  of  HUF  Alongwith Tax  Planing  2017 ( 19th  Edition )   Price Rs 1360 Click to buy Online Publisher: Commercial Law Publishers; 19th Edition edition (2017)… Read More »

Search seizure & survey Under Income Tax Law- 2017 Book-S R Kharbanda

By | April 29, 2017

Search seizure & survey Under Income Tax Law Hardcover – 2017 by S R Kharbanda (Author), V.Gopalan (Author) Search seizure & survey Under Income Tax Law   Price Rs 1500 Click to buy online Publisher: Commercial Law Publishers; 10th Edition 2017 edition (2017) Related Books on Income Tax Subjects Books     Direct Taxes Ready… Read More »

Bare Act on The Maharashtra Control of Organised Crime Act 1999 (MCOCA) in Marathi [2017 Edn.] -Book -Current Publication

By | April 29, 2017

Current Publication’s Bare Act on The Maharashtra Control of Organised Crime Act, 1999 (MCOCA) in Marathi [2017 Edn.] Paperback – 2017 by Current Publication (Author) महाराष्ट्र संघटित गुन्हेगारी नियंत्रण अधिनियम, १९९९   Price Rs 150 Click to buy online Publisher: Current Publications (2017)