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Posted On:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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:  2 years 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

Posted On:  2 years ago


Astounding Tax Planning & Compliances, Small Businesses cannot afford to miss!!

It describes the various tax planning avenues and tax compliances that small businesses should keep in mind. Last week I wrote, how the Salaried employees can save taxes. Today I am going to write how small businesses can save taxes and also the compliances these businesses should keep in mind.

article author CA. Dhruv Gaglani

Posted On:  2 years ago


How to avoid clubbing of minor child income with parents

Firstly, to start with what does clubbing of income really mean? Generally a person is liable to pay tax on his/ her earnings only. But under certain circumstances inclusion i.e., clubbing of other persons income is done in the assessee’ s income and thereby he will be liable to pay tax of his income as well as income of that other person too whose income is so clubbed. This inclusion of other person’s income in the assessee‘s income is termed as “Clubbing of income”.

article author CA Chirag Chauhan

Posted On:  2 years ago


Applicability and Companies covered under CARO 2016 (Companies Auditors Report Order)

As per the companies act 2013 every report made by the auditor under Section 143 which is commencing on or after 1 April 2015 would be included under CARO 2016. It would be applicable to every company as mentioned below (except companies that are excluded) including a foreign company as defined under section 2(42) of the 2013 act.

article author CA Chirag Chauhan

Posted On:  2 years ago


Streamlining the process of No Objection Certificate and voyage assessment in the case of Foreign Shipping Companies (FSCs).

Representations have been received in the Board regarding the procedural difficulties faced by foreign shipping companies in issuance of Port Clearance Certificate (PCC) required as per provisions of Section 172 of the Income-tax Act. 1961 (the Act), Board had earlier issued Circular No 732 dated 20.12.1995 to do away with procedure of obtaining NOC for each voyage in cases covered by full DTAA (Double Taxation Avoidance Agreement) relief. However, it has been represented that

article author One Roof Consultant

Posted On:  2 years ago


Deductions under 80C available for Non Resident Individuals (NRI’s)

Contributions by an individual or HUF to specified scheme U/S 80c qualify for a deduction up to an aggregate ceiling of Rs. 150000 from gross total income. There are no ceilings on deductions u/s 80C for individual schemes, unless the rules of the schemes provide for their own limits. These schemes include:

article author CA Chirag Chauhan

Posted On:  2 years ago


Independent Auditors Report as per Company Act 2013 Format

Report on the Financial Statements 1. We have audited the accompanying financial statements of  (‘the company’), which comprises Balance Sheet as at 31st Mar 2016, the Statement of Profit and Loss account and cash flow statement for the year then ended, and a Summary of significant accounting policies and other explanatory information.

article author CA Chirag Chauhan

Posted On:  2 years ago


Report under the Companies (Auditor’s Report) Order, 2016 Annexure Format

In terms of the information and explanations sought by us and given by the company and the books and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: - 1a.) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

article author CA Chirag Chauhan

Posted On:  2 years ago


Number of Directorships: A Direction in good Governance

The basic legal premise of limiting the number of companies which an individual can hold directorships is that it is essential for his efficient functioning and effectual carrying out his fiduciary duties.

article author Amitav Ganguly