MENU

Posted On:  3 months ago


Online Procedure for Applying / Registration of IEC (Import Export Code).

What is IEC (Import Export Code) number used in Export Import business?  IEC Stands for IMPORTER EXPORTER CODE which contains 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. 

article author CA Chirag Chauhan

Posted On:  3 months ago


12 Things to be done before 31st March, 2017

As we are approaching towards the end of this financial year, there are certain things we should do before the year comes to an end. It is time to ensure that you have your documents and all the pending formalities in place. Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same. Here we have listed things which Assessee needs to do before the end of the year

article author CA Chirag Chauhan

Posted On:  3 months ago


Why you need to pay Advance tax before 15th March?

Advance tax is the payment of income tax which is paid in advance. Instead of paying in a lump sum at the end of the year, it is paid in advance. It is paid in four installments as per the prescribed due dates. The income tax department prescribes due dates for advance tax payment. Advance tax is payable only on estimate basis. While computing liability for advance tax, income-tax calculated on the current income estimated by the assessee shall be reduced by TDS deducted / TCS collected, MAT /AMT credit, relief under tax-treaty. After making payment of first/second installment of advance tax, the assessee can revise the remaining installments of advance tax in accordance with his revised estimate of current income and pay tax accordingly. Advance tax is based on the principle of “pay as you earn”. It is collected even before the income tax becomes payable and the installments are payable during the financial year itself. Advance tax receipts help the government to receive a constant flow of tax receipts throughout the year so that the expenses can be incurred rather tha receiving all the tax payments at the end of the year.

article author CA Chirag Chauhan

Posted On:  4 months ago


Mandatory Aadhaar card for Deendayal Antyodaya Yojana

Whereas, the use of Aadhaar as udentuty document for delivery of services or benefits or subsudues simplifies the Government delivery processes, brings un transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing multiple documents to prove one’s identity;

article author One Roof Consultant

Posted On:  4 months ago


No service-tax on museum entry fee during 01.07.2012 to 31.03.2015

Central Government vide Notification No. 09/2017-Service Tax, Dated: February 28, 2017 directs that the service tax payable on the services by way of admission to a museum under Section 66B of the Finance Act, 1994 for the period commencing on and from the 1st day of July, 2012 and ending with the 31st day of March, 2015, shall not be required to be paid.

article author One Roof Consultant

Posted On:  4 months ago


Financial and Tax planning Gift for Women on their very own day – Happy Women Day!

A woman’s best security is a little money of her own. Demonization proved all theories of women being spenders wrong, by finding lacs in savingof Rs 500 and Rs 1000 notes, saved from reimbursement received for household expenses. We have a very small percentage of salaried women in India. Most women in urban areas do a brilliant job of self-employment ranging from tutoring, handicraft, small trade etc

article author CA Chirag Chauhan

Posted On:  4 months ago


RBI instructs Banks to report on Gold Monetisation scheme transactions

In order to have uniformity in reporting, reconciliation and accounting, agency banks may report the Gold Monetisation Scheme transactions i.e., receipt, payment, penalty, interest, commission for mobilisation, handing charges, etc., directly through the government account maintained for the purpose at Central Accounts Section, Reserve Bank of India, Nagpur, on a daily basis as in the case of the transactions of Public Provident Fund (PPF) Scheme, 1968. You may, therefore, approach our Central Accounts Section, Reserve Bank of India, Nagpur for necessary arrangements to report Gold Monetisation Scheme transactions with

article author One Roof Consultant

Posted On:  4 months ago


Measures for enhancing revenue collections- Monitoring of advance tax, TDS and recovery form arrear and current demand.

On review of the position of Budget collections as on 4th of March, 2017 it is noted that as against the target growth rate of above 14%, the current rate of growth of net collections is only 10.6%, which does not augur well for achievement of the budget target in the current year.

article author One Roof Consultant

Posted On:  4 months ago


Procedure for Transfer from RPF / Superannuation fund to NPS

In the budget of 2016-17, the Government had announced that the subscribers from recognised Provident Funds and Superannuation Funds would be able to transfer their corpus from these funds to National Pension System (NPS) without any tax implication. With the NPS gaining momentum vis-à-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated 06.03.2017.

article author One Roof Consultant

Posted On:  4 months ago


New Trade mark rules 2017

The Trade Mark Rules, 2017 have been notified and have come into effect from 06th March, 2017. These Rules, which replace the erstwhile Trade Mark Rules 2002, will streamline and simplify the processing of Trade Mark applications.

article author One Roof Consultant

Posted On:  4 months ago


Failed to reply cash deposit verification of income tax ? Be ready for legal notice

Vide Instruction No. 3/2017 dated 21.02.2017, in file of even number, CBDT has issued a SOP to be followed by the Assessing Officer(s) for Online Verification of Cash Transactions pertaining to the demonetisation period. In continuation thereof, the Board hereby prescribes a Template, to be used for issue of notices under section 133(6) of the Income-tax Act, 1961 (`Act’) in

article author CA Chirag Chauhan

Posted On:  4 months ago


CA guilty of professional misconduct for failure to report suspicious book entries

The Council of ICAI noted that huge payments were made by PCL on behalf of its subsidiary, Altos India Ltd. (AIL) but no disclosure of the same was made by the auditor. Further, it was also concluded that there were suspicious adjustment entries between AIL and PCL which ought to have raised a doubt about the genuineness of the transactions and ought to have been detected and reported by the CA.

article author CA Chirag Chauhan

Posted On:  4 months ago


Rate of exchange of conversion of foreign currency WEF 03.03.2017

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.12/2017-CUSTOMS (N.T.), dated 16th February, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa

article author One Roof Consultant

Posted On:  4 months ago


Migration to GST of existing Central Excise I Service Tax Assessees

Please refer to my DO letter IV(33) 16/2016-Systems dt. 27th Jan, 2017 on the above subject regarding setting up GST Migration Seva Kendras for smooth transition of existing taxpayers to GST.

article author One Roof Consultant

Posted On:  4 months ago


Presidents Assent for Law on Cessation of RBI Liability on demonetised bank notes

The Reserve Bank may, if satisfied, after making such verifications as it may consider necessary that the reasons for failure to deposit the notes within the period specified in the notification referred to in section 3, are genuine, credit the value of the notes in his Know Your Customer compliant bank account in such manner as may be specified by it.

article author One Roof Consultant

Posted On:  4 months ago


Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders

I am directed to invite your attention to Circular No. 34/95-Cus dated 06.04.1995 prescribing the monetary limits and frequency of drawal of sample for purposes of grant of drawback and Circular No. 57/1997-Cus dated 31.10.1997 read with Circular No. 25/2005- Cus exempting certain exporters having in house testing facilities and where the samples have earlier been drawn by Central Excise authorities, from drawal of samples for purposes of grant of drawback.

article author One Roof Consultant

Posted On:  4 months ago


SEBI (Foreign Portfolio Investor) Second Amendment Regulation, 2017

SEBI/LAD/NRO/GN/2016-17/035.─In exercise of the powers conferred by sub-section (1)of Section 30 read with sub-section (1) of Section 11, clause (ba) of sub -section (2) of Section 11 and sub – sections (1) and (1A) of Section 12 of the Securities and Exchange Board of India Act,1992, and under Section 25of the Depositories Act, 1996,the Securities and Exchange Board of India hereby, makes the following regulations to further amend the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014, namely

article author One Roof Consultant

Posted On:  4 months ago


SEBI (Settlement of Administrative and Civil Proceedings)(Amendment) Regulation, 2017

In exercise of the powers conferred under section 15JB of the Securities and Exchange Board of India Act, 1992, section 23JA of the Securities Contracts (Regulation) Act, 1956 and section 19-IA of the Depositories Act, 1996 read with section 30 of the Securities and Exchange Board of India Act, 1992, section 31 of the Securities Contracts (Regulation) Act, 1956 and section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Settlement of Administrative and Civil Proceedings) Regulations, 2014

article author One Roof Consultant

Posted On:  4 months ago


GST Migration: Allotment of Provisional Id & Access Token to Maharashtra dealers

As per the above referred Trade Circular 35T of 2016, dt. 12-11-2016 & Trade Circular 2T of 2016, dt. 06-01-2017, the activity of Distribution of Provisional Id and Access Token for Phase 1 and Phase 2 dealers has been started from 14-11-2016 and 06-01-2017 respectively.

article author One Roof Consultant

Posted On:  4 months ago


Submission of Aadhaar as identity document by the Pensioners and Members of the EPS, 1995

This office vide letter dated 31.01.2017 had conveyed that a member must furnish the Aadhaar number while submitting claim form under EPS 1995 w.e.f. 01.02.2017. It was further informed that where a member has not been allotted aadhaar number, a copy of his/her aadhaar enrolment ID slip may be submitted alongwith the claim form for settlement of claim under EPS 1995. This was in compliance of directions contained in Gazette Notification No. S.26(F) dated 04.01.2017.

article author One Roof Consultant