Daily Archives: May 6, 2017

Timelines for Stressed Assets Resolution – RBI

By | May 6, 2017

RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 May 5, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Timelines for Stressed Assets Resolution Please refer to the circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’… Read More »

Category: RBI

Taxation of Capital Gains – Finance Act 2017 – Taxmann

By | May 6, 2017

Taxation of Capital Gains  2017 by Taxmann As Amended by Finance Act 2017 Price Rs 875 Click to buy online Paperback: 568 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) Key Contents of this Book WHAT IS CAPITAL GAINS WHICH INCOME IS TAXABLE UNDER THE HEAD “CAPITAL GAINS” WHAT IS ‘CAPITAL ASSET’? WHAT IS… Read More »

Financial Creditor can file for corporate insolvency resolution process

By | May 6, 2017

Bench :  National Company Law Tribunal (NCLT), Mumbai Bench, Mumbai Financial Creditor M/s. Edelweiss Asset Reconstruction Co. Ltd. Corporate Debtor M/s. Murli Industries Ltd. Amount of Default 1365.40 Cr. Date of Order 05-04-2017 Relevant Section Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to… Read More »

Corporate debtor may file application for initiating insolvency resolution process

By | May 6, 2017

Bench National Company Law Tribunal (NCLT), Principal Bench, New Delhi Operational Creditor M/s. Incredible Unique Buildcon Pvt. Ltd. Corporate Debtor M/s. Clutch Auto Ltd. Amount of Default 12.88 Cr. Date of Order 10-04-2017 Relevant Section Section 10 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to… Read More »

FAQs on The Insolvency and Bankruptcy Code 2016

By | May 6, 2017

FAQs on The Insolvency and Bankruptcy Code 2016 ICAI has released FAQs The Insolvency and Bankruptcy Code 2016 Members may also refer “Frequently Asked Questions on the Insolvency and Bankruptcy Code, 2016”, as brought out by ICAI. It has been designed in a question and answer format and it is comprehensive and a handy book. Soft… Read More »

ICAI launched E-learning module for IBBI Limited Insolvency Examinations

By | May 6, 2017

E-learning module for IBBI Limited Insolvency Examinations This is an easy to use platform which delivers the concepts across the entire syllabus in the form of presentations and supplemented by mock tests in each component of the syllabus. A unique feature is that it enables you to take the tests at a modular level so… Read More »

Guide to Real Estate (Regulation and Development) Act 2016 – Taxmann – 2nd Edition 2017 – May 2017 Book

By | May 6, 2017

Guide to Real Estate (Regulation and Development) Act 2016 [Act No. 16 of 2016] A Comprehensive Guide to Real Estate (Regulation and Development) Act 2016 Contains Rights of Buyer of Plots/Apartment Function & Duties of Builders Rights and Obligations of Real Estate Agents Adjudication of compensation by Adjudication Officer Authorities under Act State Rules Full… Read More »

GST Acts 2017 (Diglot edition – English & Hindi ) by Commercial Law Publishers (India)

By | May 6, 2017

GST Acts (Diglot edition – English & Hindi combined) Paperback – 2017 by Commercial Law Publishers (India) Pvt. Ltd.  The entire spectrum of GST law (all 4 newly enacted Acts in 2017) is covered in this book – in both English & Hindi languages Price Rs 475 Click to buy Online Paperback: 235 pages Publisher: Commercial… Read More »

Bharat’s Handbook on Tax Deduction at Source [TDS] by CA. P. T. Roy – FA 2017

By | May 6, 2017

Bharat’s Handbook on Tax Deduction at Source [TDS] by CA. P. T. Roy Handbook on Tax Deduction At Source including Tax Collection at Source as amended by the Finance Act, 2017 Price Rs 367 Click to buy online Publisher: Bharat Law House; 1st edition (2017) Related Books on Income tax Subjects Books     Direct… Read More »

GST to eliminate human interface, create national market: Revenue Secretary

By | May 6, 2017

GST to eliminate human interface, create national market: Revenue Secretary Calling GST the biggest taxation reform since Independence, Revenue Secretary Hasmukh Adhia said on Friday that not only would it do away with multiplicity of taxes, but would eliminate human interface from the indirect taxation system. In his address at the last day of India… Read More »

Category: GST

Aadhaar Mandatory for FAME India Scheme – Notification

By | May 6, 2017

MINISTRY OF HEAVY INDUSTRIES AND PUBLIC ENTERPRISES (Department of Heavy Industry) NOTIFICATION New Delhi, the 25th April, 2017 S.O. 1410(E).- Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a… Read More »

Employees Provident Funds (6th Amendment) Scheme 2017

By | May 6, 2017

THE GAZETTE OF INDIA EXTRAORDINARY PART II—Section 3—Sub-section (i) PUBLISHED BY AUTHORITY MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 4th May, 2017 G.S.R. 436(E).—In exercise of the powers conferred by section 5 read with subsection (1) of section 7 of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government… Read More »

Employees’ Pension (Amendment) Scheme 2017.

By | May 6, 2017

NOTIFICATION New Delhi, the 4th May, 2017 G.S.R. 437(E).—In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely:- 1.     (1) This… Read More »

Employees’ Deposit-Linked Insurance (Amendment) Scheme 2017

By | May 6, 2017

NOTIFICATION New Delhi, the 4th May, 2017 G.S.R. 438(E).—In exercise of the powers conferred by section 6C read with subsection (1) of section 7 of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Deposit-Linked Insurance Scheme, 1976, namely:- 1. (1)… Read More »

IRDAI -Revival Option under discontinued Unit Linked Policies

By | May 6, 2017

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Circular Date: 5th May,2017 Ref No. IRDA/ACT/CIR/ULIP/113/05/2017 To, All CEOs of Life Insurance Companies Re: IRDA/ACTL/CIR/ULIP/174/08/2016 dated 26.08.2016- Revival Option under discontinued Unit Linked Policies It has come to the notice of the Authority that few insurers are interpreting the captioned circular in a manner which would delay… Read More »

MVAT – Cross Checking of Input Tax Credit Guidelines

By | May 6, 2017

O/o the Commissioner of Sales Tax 8th Floor, Vikrikar Bhavan, Mazgaon, Mumbai-400010 INTERNAL CIRCULAR NO.ACST (VAT)3/ITC/Cross Check/42/2017/B- 66  Mumbai, Date. 03rd May 2017 Internal Circular NO. 11A of 2017 Subject:- The Guidelines regarding Cross Checking of Input Tax Credit (ITC)   Reference: – 1. Trade Circular No. 22T of 2010 date:– 05/10/2010 2. Internal Circular 13A… Read More »

Nirbhaya case Judgment of Supreme Court -Mukesh & Anr Vs. State for NCT of Delhi & Ors. -Criminal Appeal Nos. 607-608 Of 2017

By | May 6, 2017

Supreme Court of India Mukesh & Anr Vs. State for NCT of Delhi & Ors.  Appeal Number : Criminal Appeal Nos. 607-608 Of 2017 Date of Judgement/Order : 05.05.2017 Relevant Extract of the Judgment 140. We are here concerned with the award of an appropriate sentence in case of brutal gang-rape and murder of a… Read More »

Black Money Counterfeits and Demonetisation -An Indian Experience by T.P. Ghosh -Taxmann

By | May 6, 2017

Black Money Counterfeits and Demonetisation -An Indian Experience by T.P. Ghosh This book is about the ubiquitous influence of corruption and tax evasion on accumulation of black money in India and menace of counterfeits in terrorist funding which accentuated Demonetisation 2016 in India. Scrolling through historical perspectives of demonetisation, it explores deficient administrative and legal framework… Read More »

Section 17 Rajashtan GST Act 2017 – Apportionment of credit and blocked credits

By | May 6, 2017

Section 17 Rajashtan GST Act 2017 Section 17 Rajashtan GST Act 2017 explains Apportionment of credit and blocked credits and is covered in Chapter V Input Tax Credit ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on… Read More »

Section 16 Rajashtan GST Act 2017- Eligibility and conditions for taking input tax credit

By | May 6, 2017

Section 16 Rajashtan GST Act 2017 Section 16 Rajashtan GST Act 2017 explains Eligibility and conditions for taking input tax credit and is covered in Chapter V Input Tax Credit ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of… Read More »

Section 15 Rajashtan GST Act 2017 – Value of taxable supply

By | May 6, 2017

Section 15 Rajashtan GST Act 2017 Section 15 Rajashtan GST Act 2017 explains Value of taxable supply and is covered in Chapter IV Time and Value of Supply ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on… Read More »

Section 14 Rajashtan GST Act 2017- Change in rate of tax in respect of supply of goods or services

By | May 6, 2017

Section 14 Rajashtan GST Act 2017 Section 14 Rajashtan GST Act 2017 explains Change in rate of tax in respect of supply of goods or services and is covered in Chapter IV Time and value Of Supply ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act… Read More »

Section 13 Rajashtan GST Act 2017 – Time of supply of services

By | May 6, 2017

Section 13 Rajashtan GST Act 2017 Section 13 Rajashtan GST Act 2017 explains Time of supply of services and is covered in Chapter IV Time and Value of Supply ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax… Read More »

Section 12 Rajashtan GST Act 2017 – Time of supply of goods

By | May 6, 2017

Section 12 Rajashtan GST Act 2017 Section 12 Rajashtan GST Act 2017 explains Time of supply of goods and is covered in Chapter  IV Time and Value of Supply ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax… Read More »

Section 11 Rajashtan GST Act 2017 – Power to grant exemption from tax

By | May 6, 2017

Section 11 Rajashtan GST Act 2017 Section 11 Rajashtan GST Act 2017 explains Power to grant exemption from tax and is covered in Chapter III Levy and Collection of  Tax ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of… Read More »

Section 10 Rajashtan GST Act 2017- Composition levy

By | May 6, 2017

Section 10 Rajashtan GST Act 2017 Section 10 Rajashtan GST Act 2017 explains Composition levy and is covered in Chapter III Levy And Collection Of  Tax ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on intra-State supply… Read More »

Section 9 Rajashtan GST Act 2017- Levy and collection

By | May 6, 2017

Section 9 Rajashtan GST Act 2017 Section 9 Rajashtan GST Act 2017 explains Levy and collection and is covered in Chapter III Levy and Collection of Tax ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on… Read More »

Section 8 Rajashtan GST Act 2017- Tax liability on composite and mixed supplies

By | May 6, 2017

Section 8 Rajashtan GST Act 2017 Section 8 Rajashtan GST Act 2017 explains Tax liability on composite and mixed supplies  and is covered in Chapter III Levy and Collection of Tax ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and… Read More »

Section 7 Rajashtan GST Act 2017- Scope of supply

By | May 6, 2017

Section 7 Rajashtan GST Act 2017 Section 7 Rajashtan GST Act 2017 explains  Scope of supply and is covered in Chapter III  Levy and Collection of  Tax  ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and collection of tax on… Read More »

Section 6 Rajashtan GST Act 2017-Authorisation of officers of central tax as proper officer in certain circumstances

By | May 6, 2017

Section 6 Rajashtan GST Act 2017 Section 6 Rajashtan GST Act 2017 explains Authorisation of officers of central tax as proper officer in certain circumstances and is covered in Chapter II Administration ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017  make a provision for levy and… Read More »

USA IRS – FATCA News & Information

By | May 6, 2017

1.  FATCA Registration System Update including Renewal of FFI Agreement An updated FFI agreement for agreements effective on or after January 1, 2017, was released on December 30, 2016.  All financial institutions (FIs) that had in effect an FFI agreement that expired on December 31, 2016, and that wish to retain their GIIN are required to… Read More »

USA IRS Accepting Applications for 2018 Low Income Taxpayer Clinic Grants

By | May 6, 2017

IRS Accepting Applications for 2018 Low Income Taxpayer Clinic Grants WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2018 will run from May 1 to June 20, 2017. The LITC program is a federal grant program administered by the Office of… Read More »

USA IRS IR-2017-96 Home Office Deduction Often Overlooked by Small Business Owners

By | May 6, 2017

IRS: Home Office Deduction Often Overlooked by Small Business Owners WASHINGTON — The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business… Read More »

USA IRS IR-2017-95: Registration Open for 2017 IRS Nationwide Tax Forums

By | May 6, 2017

Registration Now Open for the 2017 IRS Nationwide Tax Forums WASHINGTON — Tax professionals can earn up to 18 Continuing Professional Education credits this summer at the IRS Nationwide Tax Forums. Nearly 40 seminars and workshops are available to enrolled agents, certified public accountants, certified financial planners, Annual Filing Season Program (AFSP) participants and other… Read More »

ICAI GST e-Newsletter – Second Issue

By | May 6, 2017

Dear Professional Colleagues Greetings from Indirect Taxes Committee! The much awaited “One Nation One Tax” Regime is all set to take over the nation with expected introduction of GST. After the enactment of 4 GST Acts viz, CGST Act, IGST Act, UTGST Act & Compensation to States Act, 8 states have also passed SGST Acts… Read More »

Category: GST