Monthly Archives: May 2017

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52… Read More »

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

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

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

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

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

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

ICAI set ups GST Sahayata Desks

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

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

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

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

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

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

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

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

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

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 »

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

GST Rates – A Ready Reckoner

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

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 »

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

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

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

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

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

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

PF contributions to be reduced from 12% to 10% by Indian Govt

Govt. to reduce PF contributions from 12% to 10% Trustees of retirement fund body EPFO may approve a proposal tomorrow to reduce the mandatory contributions toward social security schemes run by it to 10 per cent for workers as well as employers. Presently, employees and employers contribute 12 per cent of basic wages each towards… Read More »

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

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.

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 »

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

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

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 »

ITDREIN Meaning

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 »

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

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 »