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Posted On:  10 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  10 months ago


Changes in Presumptive Tax Regime u/s 44AD from FY 2016-17.

Section 44AD was originally introduced in the Income Tax Act by the Finance Act, 1994 with effect from the assessment year 1994-95 providing the presumptive income schemes to the taxpayers who were engaged in the business of civil construction. Later on the section was amended or substituted by the Finance (No. 2) Act, 2009 extending the provisions of earlier section to all small businesses except that covered under the section 44AE, with effect from assessment year 2011-12 titled as – “ Special provisions for computing profits and gains of business on presumptive basis”. The consequences of the amendment affected section 44AF by making it no n operational as all the retail traders falling under section 44AF can now avail the scheme under section 44AD.

article author CA Chirag Chauhan

Posted On:  10 months ago


Online Process for Gumasta License, documents required, fees under Shop & Establishment Act 1948.

Registration of Shops and establishment in Mumbai is mandatory under Maharashtra Shops and Establishment Act. Gumasta is governed by the Municipal Corporation of Greater Mumbai under the Maharashtra Shops and Establishment Act 1948 for other regions there are state government Municipal Corporation responsible for providing license. This act enables the registration and obtaining of certificate from Municipal Corporation for your new shop/ business.

article author CA Chirag Chauhan

Posted On:  10 months ago


Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2017-18 AY 2018-19

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Adding this year an amendment in section 119(2) to include levy of penalty under section 271C or 271CA w.e.f  1st June, 2017

article author CA Chirag Chauhan

Posted On:  10 months ago


Professionals will require Tax Audit if they are showing Income less than 50% of Receipts - Section 44ADA

Introduction of presumptive scheme for Professionals The Justice Easwar Committee has recommended a new scheme for professionals in line with existing Presumptive Scheme for person engaged in Business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income scheme for professionals.

article author CA Chirag Chauhan

Posted On:  10 months ago


Privilege Fees for a liquor License

The  privilege fees is  required to be collected, at the time of an extension / renewal of  an agreement after  the expiry of previous one. The Provisions in different rules under the Bombay Prohibition Act refer to the sanction of different types of agreements.  Rule 5A of  The Bombay Prohibition (privileges fees) Rules 1954 states that the fee payable by any licensee for the privilege of having the lease or sub-lease of his licence in Form ‘CL-I’ under the Maharashtra Country Liquor Rules, 1973 and in Form ‘PLL’ or ‘I’ under the Maharashtra Distilation of Sprit and Manufacture of

article author Varsha Kewalramani

Posted On:  10 months ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  10 months ago


GST daily Update: Returns-I Section 32: Furnishing details of outward supplies

Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, electronically, in such form and manner as may be prescribed, the details of outward supplies of goods or services effected, during a tax period on or before the tenth day of the

article author CA PRADEEP JAIN

Posted On:  10 months ago


GST daily Update: Section 104 interest on refund of pre-deposit:-

This section pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order of the First Appellate Authority or of the Appellate Tribunal, as the case may be, interest at the rate specified under section 50 shall be payable in respect of such refund from the date of payment of the amount till the date of refund of such amount. This provision is similar to present provisions contained in section 35F

article author CA PRADEEP JAIN

Posted On:  10 months ago


GST updates definition of First Stage and Second stage Dealer

Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law

article author CA PRADEEP JAIN

Posted On:  10 months ago


GST update definition of Outward supply and Zero Rated Supply

“Outward Supply” in relation to a person, shall mean supply of goods or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other means made or agreed to be made by such person in the course or furtherance of business;”

article author CA PRADEEP JAIN

Posted On:  10 months ago


GST daily dose of updation Appeals- part I section 101 appeals to appellate tribunal

The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay in filing appeal upto one month but Tribunal can condone delay in filing appeal for any duration. The provisions regarding mandatory pre-deposit are similar to that of filing appeal to first appellate authority that have already been discussed in our earlier update.

article author CA PRADEEP JAIN

Posted On:  10 months ago


Deposited Cash from 9 Nov to 31 Dec 2016 and received Notice ? Read FAQ

The basic information required is: PAN, Full Name, Date of birth/incorporation, communication address, valid e-mail id, mobile number and digital signature certificate (if applicable). For persons other than individuals, in addition to the above mentioned information, PAN details and contact details of the principal contact are required.

article author One Roof Consultant

Posted On:  10 months ago


Review of Financial close out and Auction framework for corporate bonds traded on the Stock exchanges platform

1. SEBI vide circulars no. CIR/MRD/DP/03/2013 January 24, 2013, and no CIR/MRD/DP/27/2013 dated September 12, 2013 issued guidelines for providing dedicated debt segment in the stock exchange for trading, clearing and settlement of debt securities including trading, clearing and settlement of corporate bonds.

article author One Roof Consultant

Posted On:  10 months ago


Establishment of Debt Recovery Tribunal at Chandigarh

S.O. 379(E).—Whereas, by a notification of the Government of India in the Ministry of Finance number G.S.R. 258(E), dated the 24th March, 2000, published in the Gazette of India, Extraordinary, Part II, Section 3 Sub-section (i), the Central Government established the Debt Recovery Tribunal at Chandigarh, known as Debts Recovery Tribunal No. 1;

article author One Roof Consultant

Posted On:  10 months ago


Coverage of contract workers engaged by Military Engineering Services (MES) under EPF & MP Act, 1952

Please find enclosed herewith a copy of letter No.66546/Manual/639/EB dated 03.02.2017 received from Dte of Contract Management, Military Engineer Services, lEngineer-in-Chief’s Branch, Integrated HQ of MOD (Army), Kashmir House, Rajaji Marg, New Delhi – 110 011 addressed to All CE Commands, ADG (OF & DRDO), All CCEs, All CE Zones,. All CWEs and All GE(1)s/GEs / AGE (I)s and copy endorsed to EPFO, Head Office on the subject cited above.

article author One Roof Consultant

Posted On:  10 months ago


CBDT: Honest taxpayers will be treated with dignity and courtesy

It is the collective vision of the Income Tax Department to partner in the nation building process through progressive tax policy, efficient and effective administration and improved voluntary compliance. A taxpayer friendly service delivery mechanism provided by a disciplined, motivated and enthused workforce is one of corner stones to achieve this vision. When seen in the back drop of the overarching agenda of “Transform, Energise and Clean India” as conveyed by the Hon. Finance Minister during his budget speech , 2017, it becomes all the more necessary to integrate our

article author One Roof Consultant

Posted On:  10 months ago


Framing of Quality assessments-request for submission of report

As a mechanism to monitor quality of scrutiny assessment orders, it was laid down in para 4 of Instruction No. 4 of 2016 of CBDT dated 13.07.2016 that Pr. CCsIT/CCIT(Central)/Pr. CCIT (International-tax)/CCIT(Exemptions)/DsGIT(Inv.) would submit a report containing details of at least 25 quality assessment orders from their respective charge by 31st January, 2017. In this regard, I am directed to state that no such report has been received from any of the charge till now. In the past also, many of the quality assessments reported by the field, in fact, did not reflect

article author One Roof Consultant

Posted On:  10 months ago


E-mail based communication for Paperless Assessment proceedings – review of performance

Please refer to the earlier communications of this Division dated 03.02.2016, 16.02.2016 & 27.07.2016 on the above subject. 2. The scheme for Paperless Assessment Proceedings is under implementation in seven metro cities namely Ahmedabad, Bengaluru, Chennai, Delhi, Mumbai, Hyderabad & Kolkata.

article author One Roof Consultant

Posted On:  10 months ago


Interest rates for Small Savings Schemes

Please refer to our circular DGBA.GAD.881/15.02.005/2016-17 dated October 13, 2016 on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed).

article author One Roof Consultant