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Posted On:  8 months ago


Rate of exchange of conversion of foreign currency wef 07.10.2016

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.121/2016-CUSTOMS (N.T.), dated 15th September, 2016, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall

article author One Roof Consultant

Posted On:  8 months ago


Notification No. 48/2016-Central Excise (N.T.) dated 07.10.2016

In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 27/2014-Central Excise (N.T.), dated the 16th September, 2014, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide notification number G.S.R. 651(E), dated the 16th September, 2014, namely :-

article author One Roof Consultant

Posted On:  8 months ago


Income Tax (26th Amendment) Rules, 2016

S.O. 3160(E).-In exercise of the powers conferred by section 139A and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income–tax ( 26th Amendment) Rules, 2016. (2) These rules shall come into force from the date of their publication in the Official Gazette.

article author One Roof Consultant

Posted On:  8 months ago


False Copyright website

It has come to the notice of the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry that a website www.copyright.in  is creating a false impression that it is the official website of the copyright registration office in India and inviting applications for protection of the various works i.e. literary, artistic, dramatic, musical, sound recording and cinematographic films along with its evidences.  This claim is totally fraudulent and creating confusion among general public.

article author One Roof Consultant

Posted On:  9 months ago


Know all about Tax Planning – What, Why and How?

Tax planning can be defined simply as planning your cash outflow towards payment of taxes in legitimate manner most beneficial to you. It draws attention to “Payment of taxes”, here question to be answered is how one can reduce that taxes or one can postpone it to future date using tax planning tools. “Legitimate Manner” means it should not be tax evasion using illegal tools of tax saving and hiding certain transactions.

article author CA Chirag Chauhan

Posted On:  9 months ago


Supreme Court Judgement on Transfer of Flat to Nominee

Land Mark Judgement: Nominee of Deceased Member is absolutely entitled for the Ownership by transfer, Co-op. Soc can't challenge the right of Nominee a settled Law of the land. No legal heirship, court order or succession certificate is required. Please circulate, important for society members and  office bearers.

article author CA Chirag Chauhan

Posted On:  9 months ago


Speedy disposal of all refund claims – Under Delhi VAT

In terms of section 38 of the DVAT,Act 2004 and rules made thereunder, all refund cases pertaining to the wards/zones are required to be disposed off by the concerned Ward Incharge/Zonal Incharge within the stipulated period of two months. In the wake of ever-increasing pendency of Refund cases, directions of the Hon’ble High Court and with a view to provide impetus to the disposal of Refund cases so as to put them on fast track,

article author One Roof Consultant

Posted On:  9 months ago


Various returns under Goods and Service Tax (GST)

GST has been passed in the parliament and will be and the Government is working eagerly to make this act let applicable from 1st April 2017 following the motto “One Nation One Tax”. After this act come into force each person whether of Service background or of Manufacturing background or of any other back ground will come under one common tax net. Each person has to file common return whether he/she is of Service background or of Manufacturing background or of any other background. This article will give you information on the various returns introduced under the GST act. The following are the returns which have been introduced under the GST

article author CA Chirag Chauhan

Posted On:  9 months ago


Goods and Services Tax Bill

is a national Value Added Tax to be implemented in India from 1st of April 2017. This a comprehensive indirect tax covering both supply of Goods and services ranging from manufacture, production, sale and consumption throughout India. The introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India.

article author CA NITIN HARGUDE

Posted On:  9 months ago


List of holidays for 2017 for Central Government employee in India

It has been decided that the holidays as specified in the Annexure-I to this O.M. will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2017.  In addition, each employee will also be allowed to avail himself/herself of any two holidays to be chosen by him/her out of the list of Restricted Holidays in Annexure

article author One Roof Consultant

Posted On:  9 months ago


CBI arrests an Income tax officer and Inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs. Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs.5000/- from the Complainant. A case was registered U/s 7 of the PC Act, 1988 against the ITO 30(1)(3) BKC, Mumbai for demanding an amount of Rs.3 lakh for himself and Rs.5000/- for his staff from the complainant for passing a favourable Assessment Order and not imposing penalty in scrutiny of ITR of the complainant for the AY 2014-15. CBI laid a trap and caught the two accused red handed. Searches were conducted at the official

article author CA Nikesh Sheth

Posted On:  9 months ago


Fourth Bi-monthly Monetary Policy Statement, 2016-17

Fourth Bi-monthly Monetary Policy Statement, 2016-17 Resolution of the Monetary Policy Committee (MPC), Reserve Bank of India Date : Oct 04, 2016 On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:

article author One Roof Consultant

Posted On:  9 months ago


RBI reduces repo rate by 25 basis points to 6.25 per cent

RBI reduces repo rate by 25 basis points to 6.25 per cent Standing Liquidity Facility for Primary Dealers Please refer to the Fourth Bi-monthly Monetary Policy Statement, 2016-17 – Resolution of the Monetary Policy Committee (MPC), in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been reduced by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect. 2. Accordingly, the Standing Liquidity Facility provided to Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate, i.e.,

article author One Roof Consultant

Posted On:  9 months ago


Statement on Developmental and Regulatory Policies Reserve Bank of India

1. This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets; extending the reach of financial services to all; and extending the reach of financial services by enhancing the efficacy of the payment and settlement systems and improving currency management.

article author One Roof Consultant

Posted On:  9 months ago


Delayed, incomplete or incorrect filing of Import Manifest or Import Report

Kind reference is invited to CBEC Circular No.’s 13/2005-Cus., dated 11-3-2005 & Circular No. 44/2005 Cus., dated 24-11-2005 on the above subject. 2. In the Circular No. 13/2005-Cus., dated 11.3.2005, CBEC had categorised the amendments carried out in the IGMs as Major and Minor respectively. Further in the amending circular No. 44/2005-Cus., dated 24-11-2005, it was provided that need for adjudication will arise only in cases of major amendment involving fraudulent intention or substantial revenue implication. It was the view of the CBEC that the penal action is not initiated mechanically in all cases of IGM amendment and that due consideration may be given to the circumstances of amendment.

article author One Roof Consultant

Posted On:  9 months ago


Revised Interest rates on Small Savings Scheme w.e.f. from 1st October 2016

This article will give you information about the latest amendments and changes in interest rates of various small savings scheme. The following are the various types of small savings scheme:1) Sukanya Samriddhi Account (SSA): The interest rate has reduced to 8.5% from 8.6% now. The main purpose of introducing this scheme is to promote welfare of the girl child. ‘Sukanya Samriddhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 1000

article author CA Chirag Chauhan

Posted On:  9 months ago


Income Computation and Disclosure Standard X relating to provisions, contingent liabilities and contingent assets Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard VIII relating to securities Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard VII relating to government grants Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of account. In case of conflict between the provisions of the Income Tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant

Posted On:  9 months ago


Income Computation and Disclosure Standard VI relating to the effects of changes in foreign exchange rates Preamble

This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” and not for the purpose of maintenance of books of accounts. In the case of conflict between the provisions of the Income-tax Act, 1961 (‘the Act’) and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.

article author One Roof Consultant