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Posted On:  1 year ago


Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments

During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid form are not readily available with the

article author CA Chirag Chauhan

Posted On:  1 year ago


Compulsory manual selection of cases for scrutiny during the Financial Year 2016-2017

In supersession of earlier Instructions on the above subject, the Board hereby lays down the following procedure and criteria for manual selection of returns/cases for compulsory scrutiny during the financial-year 2016-2017:- (i) Cases involving addition on a substantial and recurring question of law or fact in earlier assessment year(s), in excess of Rs. 25 lakhs in metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, while for other charges, quantum of such addition should exceed Rs. 10 lakhs (for transfer pricing cases, quantum of such addition should exceed Rs. 10 crore) and where

article author One Roof Consultant

Posted On:  1 year ago


Effective Tax Rate is 45% and not 31% clarified by CBDT - The Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets.The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (FAQs) providing clarification on various issues are in the process of being issued and will be available on the official website of the Income Tax Department i.e., www.incometaxindia.gov.in later today.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared.

article author AMBUJ JAIN

Posted On:  1 year ago


Benefits of filing income tax return before due date of 31 July

People in India has a habit to wait till last moment to complete the task. They are always referred as Jugadi. The habit start during school and college days where we start studies one day before the exam. It continues in job profile also where we start working on projects a day before submission. Most of individual and few corporate have similar culture. They do all the compliance on the due date whether it is filing of Income Tax Return or Compliance of MCA.

article author CA Chirag Chauhan

Posted On:  1 year ago


TEXPROCIL members can also seek clarification on duty free import entitlement

Seeks to further amend notification No. 12/2012-Customs, dated 17.03.2012 [S. No. 284A] so as to provide that the manufacturer or merchant-exporter, referred to therein, may also be registered with the Cotton Textiles Export Promotion Council(TEXPROCIL), in addition to Apparel Export Promotion Council or the Synthetic and Rayon Textile Export Promotion Council and may seek certification from any of the aforesaid bodies for the purposes of availing duty free import entitlement under the said entry.

article author One Roof Consultant

Posted On:  1 year ago


Seeking Amendment in notification No.61/2011-Customs dated 15.07.2011.

In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby makes the following amendments in the notification of the

article author One Roof Consultant

Posted On:  1 year ago


It’s Suicide : One password for all login ?

Its indeed strategy followed by almost 75% plus people to make their life easy ONLINE. Many goes by the thought process that how to remember so many passwords for many websites/portals. Easiest way is to use same email id/username and same password across ALL.It is not debate that whether it’s good strategy or bad strategy!! Question is it secured in world where now almost all things are secured through your password.

article author CA Nikesh Sheth

Posted On:  1 year ago


Annual return on Foreign Liabilities and Assets under FEMA

Annual return on Foreign Liabilities and Assets has been notified under FEMA 1999 and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15 every year. Non-filing of the return before due date will be treated as a violation of FEMA and penalty clause may be invoked for violation of FEMA.

article author CS Perila Sheth

Posted On:  1 year ago


Required Documents at the time of Import

These are transport documents. Bill of lading in port-to-port sea shipments and Air waybill is used in air shipments. These document are required to be submitted with customs for import customs clearance purpose. Bill of lading or Airway bill issued by carrier provides the details of cargo with terms of delivery.

article author Yashika Jain

Posted On:  1 year ago


Internal Financial Controls

Companies Act, 2013 has laid down significant responsibilities on Directors and C.A.'s with respect to Internal Financial Controls. The 2013 Companies Act has significantly expanded the scope of internal controls to be considered by the management of companies to cover all aspects of the operations of the company.Clause (e) of Sub-section 5 of Section 134 to the Act requires the directors’ responsibility statement to state that the directors, in the case of a listed company, had laid down

article author Ujwal Thakrar

Posted On:  1 year ago


White Collar Crimes: A Case Study

An article on how Directors loot and scoot and remedies available Micro technologies (India) Ltd , a 22 year old Company listed on the Bombay Stock Exchange  and National Stock Exchange showed profits and dividends for decades till 2013. All of a sudden in a span of one and half years , the company showed losses and started defaulting on Bank loans and FCCb's. In early March 2012 the Company came up with Public advertisements in leading newspapers enticing general public to invest in their public deposit schemes under Cos Act 1956.

article author Lakshmanan V S

Posted On:  1 year ago


Sale of goods at Duty Free Shops in Indian Currency

Please refer to Circular No. 495/7/2005–Cus VI dated 26th September 2005 regarding the ceiling in payments in Indian currency of Rs. 5000/- for purchases by passengers at duty free shops at International Airports. 2. RBI has vide Notification no. FEMA 6 (R) / RB – 2015 dated 29th December 2015 permitted export from and import into India of Indian currency up to an amount not exceeding Rs 25,000/- (Rupees twenty five thousand) per person. Any person resident in India is permitted to take outside India (other than to Nepal or Bhutan) or bring into India

article author One Roof Consultant

Posted On:  1 year ago


No Anti-dumping duty on Expanded Polypropylene beads & ter-polymer

Seeks to amend notification No. 7/2016-Customs (ADD) dated 08.03.2016 so as to exclude Expanded Polypropylene beads and ter-polymer from the description of goods attracting anti-dumping duty G.S.R. (E).-In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18, 20 and 23 of the Customs Tariff

article author One Roof Consultant

Posted On:  1 year ago


Income Declaration Scheme – Effective Tax Rate is 31% or 45% - an overview

Individuals who are going to take advantage of Income Declaration Scheme are recently asking questions about effective tax rate on income declared. The issue has come to highlight when a leading business newspaper has covered a headline story stating effective rate is 31% instead of 45%.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income Tax Return Filing - An Important Annual Event of All Assessee

Importance of filing Income Tax Return & Steps to be taken while filing return. We are in the month of July 2016 and it is the time for an Important Annual Event of all the Income Tax Return fillers especially for all those who are required to file their Income Tax Return (ITR) of FY 2015-16 by 31.07.2016.

article author CA BHAVESH HINGU

Posted On:  1 year ago


FORM 15G / 15H - A Declaration of Common Men

FORM 15G / 15H - A Declaration of Common Men - An attempt is made to educate Individuals & Deductors regarding its applicability, frequency of submission, proper filing of form etc. With Effect from 2015, CBDT has changed the rule relating to obtaining, preserving & submission of Form 15G / 15H. With increasing pace of Information Technology, CBDT has also goes tech savvy & made the submission of form 15G / 15H online for Tax Deductors like Banks, Post Office, Mutual Fund Houses, Corporate & Financial Institutes

article author CA BHAVESH HINGU

Posted On:  1 year ago


Duty exemption to sugar exported under Advance Authorization Scheme

G.S. R. (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 in the Ministry of Finance (Department of Revenue) No. 27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R. 153(E), dated the 1st March, 2011, namely :-

article author One Roof Consultant

Posted On:  1 year ago


Applicability of Income Computation and Disclosure Standards (ICDS) notified under section 145 (2) of the Income - tax Act, 1961

Vide Notification No. SO 892 (E) dated 31st March, 2015, Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS

article author One Roof Consultant

Posted On:  1 year ago


All about Capital Gains

The Article Discusses about Tax Treatment of Long Term Capital Gain arising from Transfer of Capital Assets under Income Tax Act, 1961. Articles  discusses Meaning of Capital Assets, What Constitutes a Capital and what is not a capital Asset, How to Apply Indexation Provisions, Period for Computation of Long Term Capital Asset, Tax on long-term capital gain normally @ 20% but in certain special cases @10%, Adjustment of LTCG against the basic exemption limit and Deductions under sections 80C to 80U and LTCG.

article author Ashish Srivastava