MENU

Posted On:  1 year ago


IDS 2016: Value to be declared of assets sold before 01.06.2016

Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclosed income invested in acquisition of such capital asset as increased by the capital gain arising on sale of such asset determined in accordance with the provisions of the Income-tax Act, 1961 (i.e. sale consideration less indexed cost of acquisition).

article author One Roof Consultant

Posted On:  1 year ago


Continuation of non levy of special margin on spread trades

1. As per Section 131 (B) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward Markets Commission (FMC) or the Central Government applicable to recognized associations under the Forward Contracts Regulation Act, 1952 (FCRA) would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier.

article author One Roof Consultant

Posted On:  1 year ago


Position Limits for Commodity Derivatives, clubbing of open positions, penalties for violation of position limits

1. Erstwhile FMC had from time to time prescribed norms with regard to Position limits for all commodity derivatives, clubbing of open positions, penalties for violation of position limits apart from prescribing numerical limits for each commodity. After taking over regulations of commodity derivatives market, SEBI vide its circulars CIR/CDMRD/DMP/2/2016 dated January 15, 2016 and CDMRD/DMP/CIR/32/2016 dated January 29, 2016 has issued revised norms with regard to position limits of agricultural commodity derivatives.

article author One Roof Consultant

Posted On:  1 year ago


CBEC amends Service Tax Return Form ST-3

G.S.R….. (E). – In exercise of the powers conferred by sub-section (1) read with subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:- 1. (1) These rules may be called the Service Tax (Third Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette.

article author One Roof Consultant

Posted On:  1 year ago


Allocation of quantity for export of preferential quota sugar to EU under CXL quota

In exercise of the powers conferred under Paragraphs 2.04 of the Foreign Trade Policy, 2015-2020, the Director General of Foreign Trade hereby allocates a quantity of 10,000 tons (Ten thousand tons) of white sugar under CXL concessions to European Union (EU) for the period October, 2016 to September, 2017.

article author One Roof Consultant

Posted On:  1 year ago


SEBI: Sharing of Information in case of Declaration of Member as Defaulter in case of Multiple Membership

As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognised associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed, or till such time as notified by SEBI, whichever is earlier.

article author One Roof Consultant

Posted On:  1 year ago


Note on summary of the recommendations of the Committee to draft a Code on Resolution of Financial Firms (“Committee”)

The Insolvency and Bankruptcy Code, 2016 enacted by the Parliament earlier this year provides for resolution and liquidation of non-financial firms. Recent experience and research have shown that resolution of financial institutions requires a special regime that is faster than any traditional insolvency procedure, where rights of the creditors and other stakeholders can be overridden in the interest of the financial system (including the consumers) and the economy. The draft Bill proposes to establish a special resolution regime for financial firms in line with international best practices.

article author One Roof Consultant

Posted On:  1 year ago


Amendments in Public Notice No. 29/2015-2020 and in Public Notice No 27

In exercise of powers conferred under Paragraph 1.03 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Director General of Foreign Trade makes the following amendments: 2. In the Public Notice No. 29 dated 08.09.2016, the date 14.02.2013 mentioned in first sentence of the Effect of Public Notice is corrected to read as 14.02.2014 3. The entry at Serial No. 10 in Appendix 4J mentioned in Public Notice No. 27 dated 31.08.2016 related to ‘Export Obligation Period for Special Advance Authorization Scheme for export of articles of apparel and clothing accessories” is corrected to read as under.

article author One Roof Consultant

Posted On:  1 year ago


Annual Return As per Companies Act 2013

Every Company is required to file Annual Return in form MGT-7 with Registrar within 60 days from the date on which AGM is held or where no AGM is held, within 60 days from the date on which AGM should have been held.

article author Lalit Malik

Posted On:  1 year ago


Why PM Narendra Modi is behind non tax payers and will prosecute them?

It is remarkably noticed that during last three years single point focus of PM Narendra Modi is on curbing black money and converting unaccounted money into accounted money. It is just to create problems for business community or just to create hype in the market that we are working on bringing black money into the accounted system??

article author CA Nikesh Sheth

Posted On:  1 year ago


Does the attempt to cover excise goof-up in States counts out all Union territories from CG's power to levy Indirect taxes to meet GST Deadline??

Explanation issued by CG in light of Section 19 to rescue its power to levy indirect tax might cover up the states but it counts out all the union territories.

article author Akhil Gupta

Posted On:  1 year ago


Draft invoice rules under Goods and Services Tax (GST)

(1) Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:- name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/ Unique ID Number, if registered, of the recipient; name and address

article author CA Chirag Chauhan

Posted On:  1 year ago


Draft Registration Rules under Goods and Service tax (GST)

Note: Corresponding changes in the Model GST Law are being carried out separately. Comments , if any may kindly be given by 28th September, 2016. Application for registration Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 37 and a person required to collect tax at source under section 43C, who is liable to be registered under sub-section (1) of section 19 and every person seeking registration under sub-section (3) of section 19 (hereinafter referred to in this Chapter as “the applicant”) shall, before applying for registration, declare his Permanent Account Number (PAN), mobile number and e-mail address in Part A of FORM GST REG-01 on the Common Portal either directly or through a Facilitation Centre, notified by the Board or Commissioner.

article author CA Chirag Chauhan

Posted On:  1 year ago


Draft Payment Rules under Goods and Service tax (GST)

Note: Corresponding changes in the Model GST Law are being carried out separately. Comments , if any may kindly be given by 28th September, 2016. 1) Electronic Tax Liability Register The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited to the said register. The electronic tax liability register of a registered taxable person shall be debited by:

article author CA Chirag Chauhan

Posted On:  1 year ago


Classification of certain inorganic chemicals such as mono potassium phosphate, calcium nitrate,potassium magnesium phosphate as fertiliser-regarding.

Board has vide Circular No. 44/2001-Cus dated 6th August,2001 clarified that mono potassium phosphate , calcium nitrate, potassium magnesium phosphate will merit classification under Chapter 28 of the Customs Tariff and not under the Chapter 31 as fertilisers. This was for the reason that note 1(b) of Chapter 31 of the First Schedule to the Customs Tariff Act,1975 states that this Chapter does not cover separate chemically defined compounds other than those answering to the descriptions in note 2(A), 3(A), 4(A) and 5 of the said Chapter. As the subject compounds do not figure in these chapter notes, they have to be excluded from Chapter 31 and classified as separate chemically defined compounds.

article author One Roof Consultant

Posted On:  1 year ago


Incorrect simultaneous issuance of dual benefit of Zero duty EPCG and SHIS to exporters under the FTP 2009-14 – option providing flexibility to return either benefit.

After inter-Departmental consultations, that also took into account wordings in conditions specified in Customs EPCG/Post Export EPCG notification Nos. 101/2009-Cus, 102/2009-Cus, 22/2013-Cus, 5/2013-Cus, 23/2013-Cus and SHIS notification No. 104/2009-Cus and clarifications made in Circular Nos. 26/2009-Cus and 38/2010-Cus

article author One Roof Consultant

Posted On:  1 year ago


CBEC reduces import duty on potatoes, wheat & palm oil

Seeks to further amend notification No. 12/2012-Customs dated the 17th March, 2012, so as to: 1. Reduce import duty on potatoes from 30% to 10% up to 31.10.2016. 2. Reduce import duty on wheat from 25% to 10% up to 29.02.2017. 3. Reduce import duty on palm oil from 12.5% to 7.5% for crude palm oil of edible grade, and from 20% to 15% for refined palm oil of edible grade

article author One Roof Consultant

Posted On:  1 year ago


ITR-7 data related to exemptions approved u/s 35 and 80G for AY 2014-15 and AY 2015-16

We have received requests from O/o CIT(Exemption), Mumbai and O/0 JCIT(Exemption),Range-2, Delhi for supply of ITR-7 data related to Approvals u/s 35 and 80G for AY 2014-15 and AY 2015-16 for the purpose of Manual Scrutiny under the Central Action Plan 2016-17. 2. Based on requests received we have extracted data from all latest ITR-7 of AY 2014-15 and AY 2015-16 submitted online upto 14-Sep-2016 where the assessee has mentioned details of approvals u/s 35 or 80G.

article author One Roof Consultant

Posted On:  1 year ago


Employee’s Stock Options NRI’s

The benefit or right to purchase, or to subscribe for, the shares of the company at a future date at a pre- determined price is an option offered to the directors, officers or employees of a company or of its holding company or joint venture or wholly owned overseas subsidiary/ subsidiaries, if any, this option so given is termed as ESOP.  Employees Stock Option Plan is a plan through which a company rewards Stock Options to its employees based on their performances. Under an ESOP, the employees have a right to buy the shares of the company on a predetermined date at a predetermined price.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Offences and Penalties, Prosecution and Compounding as per Goods and Service Tax (GST)

The Model GST Law codifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 66, apart from the penalty prescribed under section 8 for availing compounding by a taxable person who is not eligible for it. The said offences are as follows:- Making a supply without invoice or with false/ incorrect invoice; Issuing an invoice without making supply; Not paying tax collected for a period exceeding three months; Not paying tax collected in contravention of the MGL for a period exceeding 3 months

article author CA Chirag Chauhan