MENU

Posted On:  10 months ago


Revised DTAA notified under CBDT

Whereas, a Protocol amending the agreement between the Government of the Republic of India and the Government of Mauritius, signed on 24th August, 1982 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains, and for the encouragement of mutual trade and investment, (hereinafter referred to as the said Protocol) as set out in the Annexure to this notification, was signed at Mauritius on the 10th day of May, 2016

article author One Roof Consultant

Posted On:  10 months ago


Anti-dumping duty on imports of Sodium Nitrite from China

Whereas, the designated authority vide notification No. 15/06/2016-DGAD, dated the 27th July, 2016, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 27th July, 2016, has initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), and in pursuance of rule 23 of the Customs Tariff

article author One Roof Consultant

Posted On:  10 months ago


Anti-dumping duty on imports of MBTS [Dibenzothiazole disulphide]

Seeks to extend the levy of anti-dumping duty on imports of certain Rubber Chemicals, namely MBTS [Dibenzothiazole disulphide] originating in, or exported from, People’s Republic of China, (imposed vide notification No. 98/2011-Customs, dated 20th October, 2011) for a period of one year i.e. upto and inclusive of the 19th October, 2017.

article author One Roof Consultant

Posted On:  10 months ago


Anti-dumping duty on PVC flex film

Seeks to finalize the provisional assessments in respect of imports of PVC Flex Film, originating in or exported from China PR by M/s Haining Tianfu Warp Knitting Co. Ltd., Peoples Republic of China (Producer) and M/s Manna, Korea RP (Exporter), at rate of anti-dumping duty imposed vide Notification No. 82/2011-Customs (ADD) dated 25th August, 2011 [and extended vide Notification No. 43/2015-Customs (ADD) dated 18th August, 2015].

article author One Roof Consultant

Posted On:  10 months ago


Anti-dumping duty on imports of Viscose Staple Fibre

Seeks to impose anti-dumping duty on the imports of Viscose Staple Fibre excluding Bamboo Fibre originating in or exported from People’s Republic of China and Indonesia for a period of five years. G.S.R. 777(E). – Whereas, the designated authority, vide notification No. 15/9/2015-DGAD, dated the 22nd July, 2015, published in the Gazette of India, Extraordinary, Part I, Section 1, had initiated a review in the matter of continuation of anti-dumping duty on imports of “Viscose Staple Fibre excluding Bamboo Fibre” (hereinafter referred to as the subject goods) falling under tariff item 5504 10 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the Customs Tariff Act), originating in or exported from People‟s Republic of China and Indonesia

article author One Roof Consultant

Posted On:  11 months ago


Received Limited Scrutiny Notice under section 143(2) of the Income Tax Act for deposit in Co-operative Bank?

Income Tax Department has started sending notice to Individuals who has deposits in Co-operative Banks and may not have disclosed their correct interest income at the time of filing Income Tax Return. Till last year Co-operative Banks where not liable to deduct TDS if you are holding any share or you are member in Co-operative banks.

article author CA Chirag Chauhan

Posted On:  11 months ago


Ideal wealth accumulation strategy

Wealth Accumulation is a dream of every Individual. My article explains in simple terms, the strategies and area of Investment, the risk cover, which an Individual should in a life span, plan and develop to create wealth

article author Rajendra Prasad Totla

Posted On:  11 months ago


Understanding Goods and Service tax

The taxation system in India is composed of various taxes on different activities and governed by various Tax Laws and Regulations. The taxes are levied on various types of activities such as manufacturing, trading, services, imports etc., In indirect tax structure the ultimate bearer of tax is not the person, who is paying the tax but the end users or customers who are using various products and services. The Indirect Tax Structure includes following taxes;

article author CS Deepak Pratap Singh

Posted On:  11 months ago


FAQs on Goods and Service tax(GST) its basics and how it works

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set- off benefits at all the previous stages.

article author CA Chirag Chauhan

Posted On:  11 months ago


Exemption from preparation of consolidated financials by a company

1. If Company is unlisted & also not in process of listing on any exchange. [Major Relief] 2. If company's ultimate or any of intermediate Co. has filed consolidated financials with ROC. 3. If the company is itself a WOS/subsidiary, provided intimation to all members (entitled to vote or not) is given in writing and they have not objected to same. In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134 and section 138 read with section 469 of the Companies Act, 2013 (18 of 2O13), the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules,2014, namely

article author CS Perila Sheth

Posted On:  11 months ago


CBDT Clarification on calculation of age in cases of those born on 1st April

The Central Board of Direct Taxes (CBDT) has vide circular no 28/2016 has clarified calculation of age for resident senior citizen/ very senior citizen who have attained the age of sixty years or eighty years respectively whose date of birth falls on 1st April.

article author RAMESH JAIN

Posted On:  11 months ago


Excise on Gold Jewellery

In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set up a Sub-Committee of the High Level Committee, headed by Dr. Ashok Lahiri to interact with Trade & Industry on issues relating to procedure and compliance relating to excise duty of articles of jewellery.

article author Satheesh TG

Posted On:  11 months ago


Why you should avoid online portals for filing income tax returns and take professional help in filing?

Recently there are many online portals in which you can file returns by just entering details like PAN no and net Income and that too free of cost. The word free easily attracts many and everyone. However we should remember that it is a market gimmick. Are these portal, which provides free filing service really worth? Or are you trapped by not disclosing adequate information and later may receive notice from Income Tax department?

article author CA Chirag Chauhan

Posted On:  11 months ago


Ease of Doing Business – Paperless PAN&TAN application process.

For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application.

article author One Roof Consultant

Posted On:  11 months ago


Minutes as per Secretarial Standard 1

This article gives a brief introduction on Minutes as per Secretarial Standards. All the business houses, expect to have a transparent and uniform governance of all the activities of the company so Secretarial Standards was introduced which acts as a benchmark in resolving the governance issues.

article author CS Perila Sheth

Posted On:  11 months ago


Central Registration Centre

This article gives a brief information on a new intiavtive by MCA in the name of CRC with only objective of quick company formation in India. CRC is new concept so it will take time to run smoothly. It will help to bring uniformity in Company Incorporation whereas ROC in different state had their own set of requirements.

article author CS Perila Sheth

Posted On:  11 months ago


CBDT notifies 37 new districts as backward areas under section 32AD of the Income Tax Act 1961

CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961

article author One Roof Consultant

Posted On:  11 months ago


Income Declaration Scheme 2016- Revised deceleration enabled under the Scheme

In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further to amend the Income Declaration Scheme Rules, 2016 (hereinafter referred to as the principal rules) namely:-

article author One Roof Consultant

Posted On:  11 months ago


Income Declaration Scheme, 2016: Revised Payment Schedule

In exercise of the powers conferred by section 187 of the Finance Act, 2016 (28 of 2016), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830(E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) dated the 19th May, 2016

article author One Roof Consultant

Posted On:  11 months ago


Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Non PAN Transactions

Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. *These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purchase of immovable property valued at Rs. 30,00,000 or more, etc. Many of these transactions do not have PAN linked to it. The Department has details of about 90 lakh such transactions for the period 2009-10 to 2016-17

article author One Roof Consultant