MENU

Posted On:  11 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:  11 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:  11 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:  11 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:  11 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:  11 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:  11 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

Posted On:  11 months ago


Income Computation and Disclosure Standard V relating to tangible fixed 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:  11 months ago


Income Computation and Disclosure Standard IX relating to borrowing costs

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:  11 months ago


Income Computation and Disclosure Standard IV relating to revenue recognition 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:  11 months ago


Income Computation and Disclosure Standard III relating to construction contracts 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:  11 months ago


Income Computation and Disclosure Standard II relating to valuation of inventories 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 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:  11 months ago


Income Computation and Disclosure Standard I relating to accounting policies 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:  11 months ago


MVAT- Extension of due date for filling of refund application for the year 2014-15

The due date for submission of refund application in Form e-501 ups 51 of MVAT Act, 2002 for the period 2014-15 was 30.09.2016. The facility of uploading e-501 was not available on system from 28.09.2016 to 30.09.2016 resulting into inability to upload the refund application. Representations were received for extension of this date. Considering the difficulties faced by the trade, the due date for submission of refund application in Form e-501 for the year 2014-15 has been extended by 7 days and now the dealer can upload the refund application upto 08.10.2016.

article author One Roof Consultant

Posted On:  11 months ago


CBDT amends format of 3CD Report wef 01.04.2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] S.O. 3080(E).— In exercise of the powers conferred by section 44AB, 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,

article author One Roof Consultant

Posted On:  11 months ago


CBEC retains customs duty on ghee, butter & butter oil at 40 beyond 30.09.2016

G.S.R. 931 (E).– In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India

article author One Roof Consultant

Posted On:  11 months ago


Notification No. 123/2016-Customs(N.T.) dated 30.09.2016

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), 

article author One Roof Consultant

Posted On:  11 months ago


MVAT Settlement of Arrears in Disputes Act due date extended to 15.11.2016

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Settlement of Arrears in Disputes (Second Amendment) Ordinance, 2016 (Mah. Ord. XXIV of 2016), is hereby published under the authority of the Governor. FINANCE DEPARTMENT Mantralaya, Madam Cama Marg, Hutatma Rajguru Chowk, Mumbai 400 032, dated the 30th September 2016.

article author One Roof Consultant

Posted On:  11 months ago


FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule.

article author One Roof Consultant

Posted On:  11 months ago


Service Tax Exemption on transportation to educational institutions

Service Tax Exemption on  Service of transportation, by educational institutions to students, faculty and staff for the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014. G.S.R. (E).- Whereas, the Central Government is satisfied that in the period commencing on and from the first day of April, 2013 and ending with the tenth day of July, 2014 (hereinafter referred to as the said period)

article author One Roof Consultant