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Posted On:  9 months ago


Amendment in CBEC Form ARE-2-reg

In exercise of the powers conferred by rule 18 of the Central Excise Rules, 2002, the Central Government being satisfied that it is necessary in public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No 21/2004-CE (N.T.) dated 06.09.2004, published in the Gazette of India, extraordinary, Part II, Section 3, Sub-section(i), vide GSR 572( E), dated the 6th September, 2014, namely

article author One Roof Consultant

Posted On:  9 months ago


Custom Duty increase on Marble/ Travertine blocks, Marble / Granite slabs

Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 so as to increase the effective rate of Basic Customs Duty for Marble and Travertine blocks, Marble slabs and Granite slabs with effect from 01.10.2016 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 amendments in the notification of the Government of India in the Ministry of Finance

article author One Roof Consultant

Posted On:  9 months ago


MVAT rates increased to 6% & 13.5% wef 17.09.2016

Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follow

article author One Roof Consultant

Posted On:  9 months ago


The Income Declaration Scheme, 2016 – Notice issued on or before 31.05.2016 but assessment completed- Eligibility?

The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations upto 30.09.2016. Vide Circular No.16 of 2016 dated 20.05.2016; it was clarified that a person will not be eligible to file declaration under the Scheme for the assessment year(s) in respect of which a notice under section 142(1)/143(2)/148/153A/153C has been served upon him on or before 31.05.2016.

article author One Roof Consultant

Posted On:  9 months ago


GST- Govt notifies applicability of 19 Section from 16.09.2016

S.O. 2986(E).-In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016

article author One Roof Consultant

Posted On:  9 months ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  9 months ago


Guidelines for Issue of Duty Credit Scripts under IEIS Scheme

Guidelines for Issuance of Duty Credit Scripts under Incremental Export Incentivisation Scheme (IEIS) for Quarterly period (01.01.2013 to 31.03.2013) in pursuance of Trade Notice 04 dated 05.05.2016. The Incremental Export Incentivisation Scheme (IEIS) for Quarterly basis (01.01.2013 to 31.03.2013) was introduced vide Notification No.27 dated 28.12.2012. Under this scheme

article author One Roof Consultant

Posted On:  9 months ago


IDS 2016 receipt counter to remain open on 30.09.2016 till midnight

The last date for making declaration under the Income Declaration Scheme (I.D.S.), 2016 is 30th September, 2016 and hence the declarations can be filed till the midnight of that day. In order to facilitate the filing of declarations even after the office hours, the Pr. CCs. I.T is instructed to ensure that the counters

article author One Roof Consultant

Posted On:  9 months ago


CBDT clarifies unconfirmed reports on IDS 2016

Certain sections of the press have been speculating on the taxpayer response to the currently on-going Income Disclosure Scheme 2016 over the last couple of days. The CBDT would like to clarify that these are not based on any statements issued by the Department. The Department has since the commencement of the scheme, set to rest, various concerns of the taxpayers through public meetings and through the issue of FAQs over the last 3-1/2 months. The benefits of the scheme have also been publicized through print and electronic media, in both national and regional languages

article author One Roof Consultant

Posted On:  9 months ago


The Direct Tax Dispute Resolution Scheme, 2016

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from 1st June, 2016 and can be availed upto 31st December, 2016. The Scheme is available to the cases pending with the first appellate authority [i.e. CIT(A)] as on 29th February, 2016, subject to certain conditions. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

article author One Roof Consultant

Posted On:  9 months ago


Instructions regarding implementation of Rules of Origin under Free/Preferential Trade Agreements and the verification of preferential Certificates of Origin- reg

India has signed Free/Preferential Trade Agreements / Comprehensive Economic Partnership/ Cooperation Agreement (FTA/CEPA/CECA) with a number of countries and trading blocks. 2. Rules of Origin are notified under each of the Agreements which require the importer to, inter alia, make a claim for preferential tariff at the time of importation, and submit a Certificate of Origin (COO) in the prescribed form. The Rules of Origin under the FTAs, as notified under Section 5 (1) of the Customs Tariff Act, 1975, provide for verifying the authenticity of the Certificates of Origin and also the information contained therein. The grounds provided for verification are

article author One Roof Consultant

Posted On:  9 months ago


Clarifications on the Direct Tax Dispute Resolution Scheme, 2016

The Direct Tax Dispute Resolution Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter X of the Finance Act, 2016 (hereinafter referred to as ‘the Act’) provides an opportunity to tax payers who are under litigation to come forward and settle the dispute in accordance with the provisions of the Scheme. The Direct Tax Dispute Resolution Scheme Rules, 2016 (hereinafter referred to as ‘the Rules’) have been notified.

article author One Roof Consultant

Posted On:  9 months ago


How failure to disclose your undisclosed income under Income Declaration Scheme may give power to AO to reopen assessment of last 50 years u/s 197(c)

Under Income Declaration Scheme every person, (Individual, Partnership Company, Trust, etc.) can declare undisclosed income pertains to AY 1962-63 onwards and pay tax @ 45% and be assured of secrecy and immunity form penalty and prosecution

article author CA Chirag Chauhan

Posted On:  9 months ago


CBDT Extends due date for filing of Income Tax Returns

The due date for filing of Income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act is the 30th September of the following year. The tax payers whose business receipts exceed Rupees One Crore or professional

article author One Roof Consultant

Posted On:  10 months ago


Income Declaration Scheme, 2016 – Acceptance of Cash over the Counter

Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all their customers who desire to deposit cash at the counters. Further, they were also advised to refrain from incorporating clauses, in the terms and conditions, which restrict deposit of cash over the counters

article author One Roof Consultant

Posted On:  10 months ago


Govt notifies service rules of Income Tax & Wealth Tax Settlement Commission

In exercise of the powers conferred by the proviso to article 309 of the constitution, the President hereby makes the following rules to amend the Settlement Commission (Income Tax and Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman and Members) Rules, 2015 namely

article author One Roof Consultant

Posted On:  10 months ago


DTAA with Maldives-Income Derived From International Air Transport

Whereas, an Agreement entered into between the Government of the Republic of India and the Government of the Republic of Maldives for Avoidance of Double Taxation of Income Derived From International Air Transport was signed at New Delhi on the 11th day of April, 2016 as set out in the Annexure to this notification (hereinafter referred to as the said Agreement);

article author One Roof Consultant

Posted On:  10 months ago


Extension of due date for quarterly furnishing of 15G/15H declarations

The Pr. DGIT (Systems) vide Notification No. 10/2016 dated 31/08/2016 has further extended the due dates for quarterly uploading of Form 15G/15H declarations by payers on e-Filing portal for the periods 01/10/2015 to 31/03/2016 and 01/04/2016 to 30/06/2016 up to 31/10/2016

article author One Roof Consultant

Posted On:  10 months ago


Applications for condonation of delay in filing returns claiming refund and returns carry forward of loss and set-off

In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act, (the Act) the present Circular is being issued containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters.

article author PANKAJ KUMAR SHARMA

Posted On:  10 months ago


The IDS'2016- CBDT clarifies that no enquiry or investigation in respect of assets declared found during the course of Search u/s 132

The IDS'2016- CBDT clarifies that no enquiry or investigation in respect of assets /income declared which were found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961. The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward

article author PANKAJ KUMAR SHARMA