Monthly Archives: May 2017

Due date for Statement of Financial Transaction ( SFT ) Extended to 30.06.2017

By | May 31, 2017

Central Board of Direct Taxes (CBDT) extends the due date for furnishing Statement of Financial Transaction (SFT) to 30th June 2017 Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT… Read More »

GST-A Practical Approach – Book May 2017 Edition

By | May 31, 2017

GST-A Practical Approach Paperback – 2017 by IRS /CA Ashu Dalmia /CA Shaifaly Girdharwal Vashishtha Chaudhary (Author) Rs 525 .Click to buy this book online Author : Vashishtha Chaudhary  Ashu Dalmia  Shaifaly Girdharwal Edition : 2017 Edition Date of Publication : May 2017 ISBN No.:9789386482563 Binding : Paperback No. Of Pages : 372 Weight (Kgs) : 0.405 View Contents… Read More »

Category: GST

ICAI Suggestions on GST Acts

By | May 31, 2017

The Institute of Chartered Accountants of India Suggestions on GST Act 1. General Suggestion(s) In lines with Central Excise Tariff Act, interpretive notes to GST classification of Goods as well as Services be provided to ensure the correct classification of goods. Provisions related to Settlement Commission as provided draft laws be reinstated as initially due… Read More »

Category: GST

Procedure for Acceptance of SFT Statements from Sub-Registrar and Post Offices

By | May 31, 2017

DGIT(S)-ADG(S)-2/e-filingnotification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 7 of 2017 New Delhi, 30th May, 2017 Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of… Read More »

GSTIN declaration mandatory for all Importer and Exporters w.e.f 01.07.2017

By | May 30, 2017

Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. Accordingly, during GSTIN registration, please ensure declaration of correct IEC and… Read More »

Category: GST

Last date for registration of CPT/IIPCC/Final under existing scheme of CA Course

By | May 30, 2017

Press Release For CPT/IIPCC/Final under the existing scheme of CA Course – Last Date of registration On or before June 30, 2017 The role of a Chartered Accountant is evolving continually to assume newer responsibilities in a dynamic environment. In the given dynamic scenario, the potentiality of the Chartered Accountancy education system, to meet the… Read More »

ICAI set ups GST Sahayata Desks

By | May 30, 2017

Goods and Services Tax (GST) is all set to be rolled out from July 1, 2017 as India’s biggest federal taxation reform. GST is an integrated tax which works on the concept of “One Nation One Tax”. The biggest benefit of GST implementation would be removal of cascading effect of multiple taxes and seamless flow… Read More »

Category: GST

Due date of transfer of shares to Investor Education and Protection Fund Authority.

By | May 30, 2017

Clarification by MCA regarding due date of transfer of shares to IEPF Authority. – (30-05-2017) Dear Member, Sub: MCA Clarification regarding due date of transfer of shares to Investor Education and Protection Fund Authority. We would like to inform you that Ministry of Corporate Affairs has issued a clarification pursuant to second proviso to Rule… Read More »

Search and Seizure of undisclosed income deposited into account of Third party

By | May 30, 2017

Held A person could be in possession of undisclosed income not only in his or her own account but in someone else’s account. In the context of the present petitions, therefore, when pursuant to the search warrant, the Department proceeded to search and seize not only valuable things etc. found in the premises of Mr.… Read More »

No room for revising GST rates: CBEC chief

By | May 30, 2017

No room for revising GST rates: CBEC chief “There is no room for revising Goods and Services Tax (GST) rates fixed on various goods and services,” said Vanaja Sarna, Chairperson, Central Board of Excise and Customs (CBEC). “The GST Council is meeting on June 3 to fix rates for goods which have been left out.… Read More »

Category: GST

Assessee could not prove link of cash withdrawn from bank with cash deposit , Sec 69 Addition upheld

By | May 30, 2017

Held The withdrawals have been found to be subsequently redeposited after a gap of two or three months which is not probable. The assessee therefore we find has not been able to link the cash withdrawn from the bank with cash deposit we therefore uphold the order of the learned CIT(A) treating the cash deposit… Read More »

CA Course – Revised Scheme of Education and Training notified by ICAI

By | May 30, 2017

Chartered Accountants (Amendment) Regulations 2017 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 25th May, 2017 No.1-CA(7)/178/2016.—Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India,… Read More »

Nagaland Assembly passes State GST Bill

By | May 30, 2017

The Nagaland Assembly today joined the rest of the country in passing the Goods and Services Tax (GST) Bill. The bill was passed by voice vote at the special session of the House. The bill was introduced by Chief Minister Dr. Shurhozelie Liezeiestu, who also holds the Finance portfolio. Initiating a discussion before passing the… Read More »

Clubbing of Minor Child Income if Parents Died – CBDT Clarify- Notification No. 5/2017

By | May 30, 2017

Clubbing of minor Child income if Parents Died Summary : Till date there was the confusion as how to do Clubbing of minor Child income if Parents Died and who should file Income Tax Return of minor child if he/she has Interest income from Fixed Deposits etc . But as per the following notification  dated… Read More »

USA IRS Spring 2017 Statistics of Income Bulletin Now Available

By | May 30, 2017

Spring 2017 Statistics of Income Bulletin Now Available WASHINGTON — The Internal Revenue Service today announced that the Spring 2017 Statistics of Income Bulletin is now available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S.… Read More »

Section 285BA Income Tax Act- Statement of financial transaction or reportable account

By | May 29, 2017

Section 285BA of Income Tax Act 1961 ( updated till  Finance Act 2017 ) 1[Obligation to furnish statement of financial transaction or reportable account. 285BA. (1) Any person, being— (a)          an assessee; or (b)          the prescribed person in the case of an office of Government; or (c)          a local authority or other public body… Read More »

Section 271DA Income Tax Act – Penalty for failure to comply with section 269ST

By | May 28, 2017

Section 271DA Income Tax Act [Section 271DA of Income Tax Act has been Inserted by the Finance Act, 2017, w.e.f. 1-4-2017.] Penalty for failure to comply with provisions of section 269ST. 271DA. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of… Read More »

Handbook on Project Reports by R.K.Garg – 8th Edition 2017

By | May 28, 2017

Handbook on Project Reports – 2017  by R.K.Garg (Author) About Handbook on PROJECT REPORTS PART I Chapter 1        Project and Environmental Analysis — Some Basic Points Chapter 2        Capital Project — Definition, Characteristics Chapter 3        Capital Projects — Opportunities, Classification, Benefits Chapter 4        Capital Project Cycle, Stages in Project Execution PART II Chapter 5        Detailed… Read More »

Concurrent Audit For CA in Punjab & Sind Bank Open from 26.05.2017 to 04.06.2017

By | May 28, 2017

APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUNTANT FIRM IN PUNJAB & SIND BANK (Only Online Applications will be considered. Applications submitted in other form including Hard copy or through e-mail will not be entertained. Prior to filling up application please go through the eligibility criteria at the end of application) Open from 26.05.2017… Read More »

Taxmann Guide to Indian Accounting Standards (Ind AS) 2017

By | May 27, 2017

Guide to Indian Accounting Standards (Ind AS) (Set of 2 Volumes)– 2017 by Taxmann (Author) As Amended by Companies (Indian Accounting Standards)(Amendment) Rules 2017 **** Based on IFRS Official Pronouncements Price Rs 4900 Click to buy online Edition : 2017 Edition Date of Publication : May 2017 ISBN No.:9789386482655 Binding : Paperback No. Of Pages :… Read More »

GST Rates – A Ready Reckoner

By | May 27, 2017

GST Rates – A Ready Reckoner On the 18th of May, 2017, the GST council convened to fix and finalise the much awaited GST rates for 1211 goods across 98 categories. On 19th May 2017 , council  finalised the GST rates for 36 categories for services. Here’s what you need to know about some of… Read More »

Category: GST

Committee to recommend measures for recovery of arrears of taxes

By | May 27, 2017

F. No. 385/20/2017-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes ***** Dated: 25.05.2017 Office Memorandum Subject: Constitution of Committee to recommend measures for expeditious recovery of arrears of taxes. A Committee of the following officers is hereby constituted to study the nature and extent of arrears of direct taxes and to… Read More »

Printing of One Rupee Currency Notes Rules 2017.

By | May 27, 2017

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 25th May, 2017 G.S.R. 516(E).—In exercise of the powers conferred by clause (d) and clause (e) of sub-section (2) of section 24 of the Coinage Act, 2011 (11 of 2011), the Central Government hereby makes the following rules, namely:— 1. Short title and commencement.—(1)… Read More »

One time exemption to NGOs to file missing Annual Returns to close on 14th June

By | May 27, 2017

Press Information Bureau Government of India Ministry of Home Affairs 26-May-2017 One time exemption given to NGOs to file missing Annual Returns to close on 14th June The Government has given one final opportunity to all associations/organizations which have applied for renewal of their registration under the Foreign Contribution (Regulation) Act, 2010 (FCRA) but not… Read More »

GST Helpline Email ID

By | May 27, 2017

GST Helpline Email ID Here is the List of GST helpline number / GST Helpline Email ID by CBEC , GST Helpdesk CBECMITRA HELPDESK A National Call Centre “CBEC Mitra Helpdesk” is available to provide its services 24/7 to both ACES and GST helpdesk requirements. In case of any difficulty in accessing or using the… Read More »

Category: GST

Taxation of Trusts & NGOs -10 th Edition 2017 Book – Manoj Fogla – Taxmann

By | May 27, 2017

Taxation of Trusts & NGOs – 2017 by Dr. Manoj Fogla (Author) Description A Comprehensive Commentary onTaxation of Trusts & NGOs Commentaries on Law Relating to Taxation of Trusts as amended by Finance Act, 2017 with flowcharts and illustrations Practical guide with extensive judicial analysis on exemptions to business income of NGOs, both under the Income… Read More »

Restrictions on sale of cattle for slaughter – Govt Notification -Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules 2017

By | May 27, 2017

Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2017. MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 23rd May, 2017 G.S.R. 494(E).—Whereas the draft Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2016 were published, as required under sub-section (1) of section 38 of the Prevention of Cruelty… Read More »

CPT June 2017 Examination Admit Cards

By | May 26, 2017

Admit cards in respect of candidates admitted to the CPT June 2017 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required to download and print their admit cards from the website. In terms of the decision of the Examination… Read More »

After GST , Telecom companies needs to rework their costing

By | May 26, 2017

After GST regime, telecom companies would be required to re-work their costing and credits availability and re-jig their prices and ensure that the increased availability of credit is passed on to the customers by lowering their costs. Telecommunication services presently attract Service Tax of 14% along with Swachh Bharat Cess (SBC) of 0.5% and Krishi… Read More »

Category: GST

Add/ Register as Representative on Income Tax India e-Filing portal

By | May 26, 2017

Add/ Register as Representative A new functionality “Add/ Register as Representative” is enabled in e-Filing portal. The existing functionalities of “Legal Heir”, “Liquidator” and “Person Competent to Verify” are consolidated into a single functionality along with additional categories. Central Board of Direct Taxes, e-Filing Project- User Manual-Add/ Register as Representative 1 Introduction As per section… Read More »

Insolvency and Bankruptcy Code (Removal of Difficulties) Order 2017.

By | May 26, 2017

MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 24th May, 2017 S.O. 1683(E).—Whereas, the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the said Code) received the assent of the President on 28th May, 2016 and was published in the official Gazette on the same date; And, whereas, section 252 of… Read More »

Atal Pension Yojana (APY) reaches 53 lakhs subscribers’ base

By | May 26, 2017

Atal Pension Yojana (APY) reaches 53 lakhs subscribers’ base 235 Banks and Department of Post involved with APY implementation 97.5% of the subscribers contributing at monthly intervals; 51.5% subscribers have opted for a monthly pension of Rs. 1000 The subscribers base under the Atal Pension Yojana (APY) has reached about 53 Lakhs. At present 235… Read More »

Statement of Financial Transaction (SFT) & SFT Preliminary Response – CBDT Clarify

By | May 26, 2017

Central Board of Direct Taxes (CBDT) Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form… Read More »

Example Rule 9 GST Input Tax Credit Rules – Reversal of ITC on Inputs & Capital Goods

By | May 26, 2017

Reversal of Input Tax Credit on Inputs and Capital Goods A registered person needs to Reverse the Input tax Credit on Inputs and Capital Goods  , If person who has availed Input Tax Credit and  Opt for Composition Scheme , or  Where the goods or services or both supplied by him become wholly exempt or… Read More »

Example Rule 8 of GST Input Tax Credit Rule – Capital Goods Partly used for Business and partly for other purposes

By | May 26, 2017

Input Tax Credit on Capital Goods Partly used for Business and partly for other purposes Input tax credit in respect of capital goods, which attract the provisions of sub-sections (1) and (2) of section 17, being i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for effecting… Read More »

Example on Rule 7 of GST Input Tax Credit Rule – Inputs Partly used for business and partly for other purposes

By | May 26, 2017

ITC under GST when inputs or input services  used partly for business and partly for other purposes Rule 7 of Final GST Input Tax credit rules prescribe method of Input tax credit of inputs or input services   i) Partly used for the purposes of business and partly for other purposes, or ii) Partly used for… Read More »

ITDREIN Meaning

By | May 26, 2017

ITDREIN TDREIN means Income Tax Department Reporting Entity Identification Number .ITDREIN is the Unique ID issued by Income Tax Department (ITD)  which will be communicated by ITD after the registration of the reporting entity with ITD The ITDREIN is a 16-character identification number in the format XXXXXXXXXX.YZNNN where XXXXXXXXXX  PAN or TAN of the… Read More »

Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements

By | May 26, 2017

Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements – (25-05-2017)   I. The Council of ICAI at its 365th meeting held on May 17-19, 2017 considered a matter regarding amendment to paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements issued in October… Read More »

Expense reimbursements not taxable as transfer pricing study showed no profit element

By | May 26, 2017

The Mumbai Bench of the Income-tax Appellate Tribunal held that amounts received by the taxpayer as reimbursements of training-related travel expenses, group health insurance, and other incidental expenses under a technical service agreement were not taxable as fees for technical services. Relying in part on the transfer pricing study and transfer pricing order, the tribunal… Read More »