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Posted On:  10 months ago


The Finance Bill 2017 - Union Budget

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfillment of the requirement of Article 110 (1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Budget. It also contains other provisions relating to Budget that could be classified as Money Bill. A Finance Bill is a Money Bill as defined in Article 110 of the Constitution. It is accompanied by a Memorandum explaining the provisions included in it.

article author CA Chirag Chauhan

Posted On:  10 months ago


Budget Speech by Finance Minister Arun Jaitely 1 Feb 2017 FY 2017-18

our Government was elected amidst huge expectations of the people.The underlying theme of countless expectations was good governance.  The expectations included burning issues like inflation and price rise, corruption in day to day transactions and crony capitalism. There was also expectation for a major change in the way the country’s natural resources were allocated, processed and deployed.

article author CA Chirag Chauhan

Posted On:  10 months ago


100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

article author CA Chirag Chauhan

Posted On:  11 months ago


Export Policy of Sandalwood clarified by DGFT

In exercise of the powers conferred by Section 3 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992), as amended, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP), 2015-2020, the Central Government hereby makes the following amendments with immediate effect in export policy of sandalwood under Chapter 44 of ITC(HS) Classification – Schedule 2 (Export Policy)

article author One Roof Consultant

Posted On:  11 months ago


S. 10(46) Govt notifies Punjab State Electricity Regulatory Commission

Section 10(46) of the Income-tax Act, 1961 Central Government notifies Punjab State Electricity Regulatory Commission, a Commission, constituted by the Government of Punjab, in respect of the specified income arising to that Commission.

article author One Roof Consultant

Posted On:  11 months ago


S. 10(46) Govt notifies Punjab Building & Other Construction Workers Welfare Board

Section 10(46) of the Income-tax Act, 1961 Central Government notifies Punjab Building & Other Construction Workers Welfare Board, constituted by the Government of Punjab, in respect of the specified income arising to that Board

article author One Roof Consultant

Posted On:  11 months ago


Procedures for Exchange Listing Control Mechanism

Regulation 45 of the SECC Regulations provides for listing of stock exchanges on any recognised stock exchange, other than itself and its associated stock As per Regulation 45(2) of the SECC Regulations, the Board may specify such conditions as it may deem fit in the interest of the securities market.

article author One Roof Consultant

Posted On:  11 months ago


Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961

The provisions of Chapter X-A of the Income Tax Act, 1961 relating to General Anti-Avoidance Rule will come into force from 1st April, 2017. Certain queries have been received by the Board about implementation of GAAR provisions. The Board constituted a Working Group in June, 2016 for this purpose. The Board has considered the comments of the Working Group and the following clarifications are issued

article author One Roof Consultant

Posted On:  11 months ago


Companies (Incorporation) Amendment Rules, 2017

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] G.S.R (E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely

article author One Roof Consultant

Posted On:  11 months ago


Comprehensive Economic Partnership Agreement between India-Japan

circumstances in which there is clear evidence that increased imports of an originating good have caused or are threatening to cause serious injury to the domestic industry and where delay in imposition of provisional bilateral safeguard measure would cause damage to the domestic industry which would be difficult to repair; (b) “Director General” means the Director General (Safeguard) appointed by the Central Government under sub-rule (1) of rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997;

article author One Roof Consultant

Posted On:  11 months ago


Prohibition on Indian Party from making direct investment in countries identified by the Financial Action Task Force (FATF)

Attention of the Authorised Dealer Category – I (AD – Category I) banks is invited to Regulation 6 of FEMA Notification No. FEMA.120/RB-2004 dated July 07, 2004, as amended from time to time. 2. At present, there is no restriction on an Indian Party with regard to the countries, where it can undertake Overseas Direct Investment. In order to align, the instructions with the objectives of FATF, on a review,

article author One Roof Consultant

Posted On:  11 months ago


Coverage of Contract Workers on Indian Railways under the EPF & MP Act, 1952

Please find enclosed herewith a letter No. E(LL)2015/PNM/AIRF/1 dated 20.10.2015 alongwith a letter No.2012/CE-I/CT0/22 dated 14.12.2012 and E(NG)/II/2005/RC4/SC/2 dated 21.06.2013 issued to the General Manager (P) All Zonal Railways & Production Units.

article author One Roof Consultant

Posted On:  11 months ago


Applicability of the EPF & MP Act, 1952 on State/District Health Societies under NRHM

Please find enclosed herewith a list of National Health Mission’s Directors obtained from the website of NRHM http://nrhm.gov.inicontact/list-of-mission-directors.  The mission Directors need to be contacted for coverage of State/District Health Societies under the ambit of the EPF & MP Act, 1952.

article author One Roof Consultant

Posted On:  11 months ago


Classification of articles of paper and printing industry

Representations have been received from trade associations that consequent upon insertion of Chapter note 14 (w.e.f 28.05.2012) to the Chapter 48 of Central  Excise Tariff Act, 1985 disputes have cropped up in respect of classification of  certain articles of paper and printing industry. Also, reports received from field formations suggest that there is divergent practice of assessment of these goods.

article author One Roof Consultant

Posted On:  11 months ago


Latest amendment in Maternity Benefits under ESIC

Whereas draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) vide number G.S.R. 958(E), dated the 6th October, 2016, as required under sub-section (1) of section 95 of the Employees’ State Insurance Act, 1948(34 of 1948), inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of thirty days from the date on which

article author One Roof Consultant

Posted On:  11 months ago


Reduction of Government litigation – providing monetary limits for filing appeals by the Department before CESTAT

In exercise of the powers conferred by Section 35R of the Central Excise Act,1944 made applicable to Service Tax vide Section 83 of the Finance Act,1994 and Section 131BA of the Customs Act,1962 and in partial modification of earlier instruction issued from F.No. 390/Misc./163/2010- JC dated 17.12.2015, Central Board of Excise & Customs fixes the monetary limit below which appeal shall not be filed in the High Court as Rs.20,00,000

article author One Roof Consultant

Posted On:  11 months ago


Guiding Principles for determination of Place of Effective Management (POEM) of a Company

Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in India. This allowed tax avoidance opportunities for companies to artificially escape the residential status under these provisions by shifting insignificant or isolated events related with control and management outside India.

article author One Roof Consultant

Posted On:  11 months ago


Transfer of unlisted shares by SEBI Category I & II Alternative Investment Funds

Vide order dated 02.05.2016 in F.No.225/12/2016/ITA.II, the Central Board of Direct Taxes (‘the Board’) had clarified the position regarding tax treatment of income arising from transfer of unlisted shares. It was communicated that income from such a transfer would be taxable as ‘Capital Gains’ irrespective of the period of holding of the unlisted shares. However, certain situations were provided in para 3 of the said order where the Assessing Officers were required to take appropriate view in the matter.

article author One Roof Consultant

Posted On:  11 months ago


Grant of Transport Allowance at double the normal rates to deaf and dumb employees of Central Government

In supersession of this Department 0.M.No.21(2)/2011-E-11(B) dated 19.02.2014 regarding admissibility of Transport Allowance at double the normal rates to employees who are deaf and dumb, the undersigned is directed to say that the matter has been re-examined and it has been decided with the approval of Competent Authority that Transport Allowance at double the normal rates is admissible to Hearing Impaired employees also in addition to employees who are both deaf and dumb.

article author One Roof Consultant

Posted On:  11 months ago


Rectification of mistakes in CBDT circular related to TDS on Salary

In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years” appearing in line 1 may be read as “5 years”. 2. The table in para 4.9.1 on page 9 of the captioned Circular may be read as under:

article author One Roof Consultant