MENU

Posted On:  1 year ago


CBDT notifies Uttarakhand Environment Protection and Pollution Control Board

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, Uttarakhand Environment Protection and Pollution Control Board, a body constituted by Government of Uttarakhand

article author One Roof Consultant

Posted On:  1 year ago


CBDT notifies National Skill Development Corporation

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, National Skill Development Corporation, a body constituted by Central Government, in respect of the following specified income arising to that Corporation

article author One Roof Consultant

Posted On:  1 year ago


GST - Game Changer

I have complied summary on GST. It will be worth to read.After a decade-long struggle, the Goods and Services Tax (GST), which has already been adopted by 160+ countries in some form or the other, sailed over the first of three hurdles when the Rajya Sabha unanimously adopted the Constitution Amendment Bill to facilitate its legislation.

article author Hitesh Shah

Posted On:  1 year ago


IDS 2016- Reg. Fair market value of immovable property

In exercise of the powers conferred by sub-section (1) and subsection (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:  1 year ago


Service tax on freight forwarders on transportation of goods from India

The Board has received representations regarding service tax on freight forwarders on transportation of goods from India. 2.0 It may be noted that in terms of rule 10 of the Place of Provision of Services Rules 2012, (herein after referred to as ‘POPS Rules 2012‘, for brevity) the place of provision of the service of transportation of goods by air/sea, other than by mail or courier, is the destination of the goods. It follows that the place of provision of the service of transportation of goods by air/sea from a place in India to a place outside India, will be a place outside the taxable territory and hence not liable to service tax. The provisions of rule 9 of the POPS Rules 2012, should also be kept in mind wherein the place of provision of

article author One Roof Consultant

Posted On:  1 year ago


Supreme Court Judgment on taxation of Rental Income as business income

Recently, the Supreme Court of India (the Supreme court) in the case of Rayala Corporation (P.) Ltd (the taxpayer) held that rental income from house property should be treated as a Income under head “income from business and profession” and not income under head “income from house property” on the grounds that rental income received by the taxpayer in from the business of renting carried on by the taxpayer. The objective of the business carried on by the taxpayer is renting of house property.

article author SACHIN SINHA

Posted On:  1 year ago


Guidance Note on Special Purpose Certificates & Audit Reports

Exposure Draft of the Revised Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Auditing and Assurance Standards Board Your comments on this Exposure Draft should reach us by September 10, 2016. Comments are most helpful if they indicate the specific paragraph(s) to which they relate

article author One Roof Consultant

Posted On:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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:  1 year 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