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Posted On:  5 months ago


Guiding Principles for determination of Place of Effective Management (POEM) of a Company

Section 6(3) of the Income-tax Act, 1961 (the Act), prior to its amendment by the Finance Act, 2015, provided that a company is said to be resident in India in any previous year, if it is an Indian company or if during that year, the control and management of its affairs is situated wholly in India. This allowed tax avoidance opportunities for companies to artificially escape the residential status under these provisions by shifting insignificant or isolated events related with control and management outside India.

article author One Roof Consultant

Posted On:  5 months ago


Transfer of unlisted shares by SEBI Category I & II Alternative Investment Funds

Vide order dated 02.05.2016 in F.No.225/12/2016/ITA.II, the Central Board of Direct Taxes (‘the Board’) had clarified the position regarding tax treatment of income arising from transfer of unlisted shares. It was communicated that income from such a transfer would be taxable as ‘Capital Gains’ irrespective of the period of holding of the unlisted shares. However, certain situations were provided in para 3 of the said order where the Assessing Officers were required to take appropriate view in the matter.

article author One Roof Consultant

Posted On:  5 months ago


Grant of Transport Allowance at double the normal rates to deaf and dumb employees of Central Government

In supersession of this Department 0.M.No.21(2)/2011-E-11(B) dated 19.02.2014 regarding admissibility of Transport Allowance at double the normal rates to employees who are deaf and dumb, the undersigned is directed to say that the matter has been re-examined and it has been decided with the approval of Competent Authority that Transport Allowance at double the normal rates is admissible to Hearing Impaired employees also in addition to employees who are both deaf and dumb.

article author One Roof Consultant

Posted On:  5 months ago


Rectification of mistakes in CBDT circular related to TDS on Salary

In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years” appearing in line 1 may be read as “5 years”. 2. The table in para 4.9.1 on page 9 of the captioned Circular may be read as under:

article author One Roof Consultant

Posted On:  5 months ago


Instructions on sealed cover procedure – where Government servant has been acquitted but appeal is contemplated/pending`

The undersigned is directed to refer to this Department’s O.M. No.22011/4/91-Estt.A dated 14.09.1992 issued in the light of the Judgement dated 27.08.1991 of the Hon’ble Supreme Court in the case of Union of India v/ s K.V. Jankiraman etc. (AIR 1991 SC 2010). References have been received seeking clarification with regard to the course of action in cases where the Government servant is acquitted by trial court but an appeal against the judgment is either contemplated or has been filed.

article author One Roof Consultant

Posted On:  5 months ago


Definition of Principal place of business, Proper Officer and Services

Taking further to our discussion, we are continuing our discussion the definitions  given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law

article author CA PRADEEP JAIN

Posted On:  5 months ago


Varishtha Pension Bima Yojana 2017 with guaranteed 8% return

Cabinet today approved a pension scheme for senior citizens under which Life Insurance Corporation of India (LIC) will provide a guaranteed return of 8 per cent for 10 years. This is part of government’s social security and financial inclusion programme.

article author CA Chirag Chauhan

Posted On:  5 months ago


Interest rate on special deposit for non Govt PF Funds

It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs)

article author One Roof Consultant

Posted On:  5 months ago


Measures for reducing litigation- Clarification on Circulars 21/2015 and 8/2016

Instructions were issued vide CBDT Circular No. 21/2015 dated 10.12.2015, to the effect that appeals/SLPs should not be filed in cases where tax effect does not exceed the monetary limits specified under para 3 of the said Circular. It was also clarified therein that an appeal should not be filed merely because the tax effect in a case exceeds the monetary limits prescribed in the said Circular.

article author One Roof Consultant

Posted On:  5 months ago


Circular in abeyance kept by CBDT regards Indirect Transfer Provision

The Central Board of Direct Taxes had issued Circular No. 41/2016 on 21st December,2016 regarding Indirect Transfer Provisions under the Income Tax Act, 1961.

article author One Roof Consultant

Posted On:  5 months ago


Donald Trump sworn in as 45th US President. Read the Complete inaugural Speech

Friends, delegates and fellow Americans: I humbly and gratefully accept your nomination for the presidency of the United States. Together, we will lead our party back to the White House, and we will lead our country back to safety, prosperity, and peace. We will be a country of generosity and warmth. But we will also be a country of law and order.

article author One Roof Consultant

Posted On:  5 months ago


Criteria for Eligibility, Retention and re-introduction of derivative contracts on Commodities

The nature/properties of one commodity differs from another, thereby not all commodities may be suitable for the commodity derivatives trading. It is prudent that before allowing any derivatives contract on any commodity, the appropriateness / usefulness of commencing futures trading in products (not necessarily of just commodities), needs to be ascertained.

article author One Roof Consultant

Posted On:  5 months ago


Fair and transparent access to data feeds of stock exchanges

SEBI in consultation with the Technical Advisory Committee (TAC) of SEBI had reviewed the market data feed mechanism of the stock exchanges. Based on the recommendations of SEBI’s Technical Advisory Committee (TAC), it has been decided that stock exchanges shall formulate a comprehensive policy document for providing stock market related data to the market participants in a fair and transparent manner, irrespective of the type of mechanism used by the stock exchanges for broadcasting of data.

article author One Roof Consultant

Posted On:  5 months ago


Stewardship Code for Insurers in India

The growth in the Insurance Industry in recent years has resulted in a significant increase in the Funds of insurance companies. They are also significant investors in the securities markets and act as investors on behalf of the policyholders. There is increased emphasis on governance of public companies under the corporate and insurance law and the role and responsibility of Boards of companies has escalated.

article author One Roof Consultant

Posted On:  5 months ago


Consultation Paper on Amendment to SC(R)(SECC) Regulations, 2012

To solicit views from public on suggestion pertaining to amending the defmition of “Commodity Derivatives Exchange” and “National Commodity Derivatives Exchange” and also” provisions applicable to commodity derivatives exchanges” in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations) in order to enable trading instruments relating to commodity derivatives including options on commodity derivatives exchanges.

article author One Roof Consultant

Posted On:  5 months ago


Levy of anti-dumping duty, imposed on Saccharine originating in or exported from China

Whereas, the designated authority vide notification 15/23/2016- DGAD, dated the 10th January, 2017, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 10th January, 2017, 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

article author One Roof Consultant

Posted On:  5 months ago


Anti-dumping duty on Nylon Filament extended up to 12.01.2018

Seeks to extend the levy of anti-dumping duty, imposed on Nylon Filament yarn originating in or exported from China PR, Chinese Taipei, Malaysia, Indonesia, Thailand and Korea R.P under notification No. 03/2012-Customs (ADD), dated the 13.01.2012, for a further period of one year from the end date of Anti-Dumping Duty imposed vide Notification No. 03/2012-Customs (ADD), dated 13.01.2012, i.e. upto and inclusive of the 12.01.2018

article author One Roof Consultant

Posted On:  5 months ago


Master Directions on Access Criteria for Payment Systems

A reference is invited to our circular DPSS.CO.OD.494/04.04.009/2011-2012 dated September 21, 2011 prescribing the Access Criteria for Payment Systems. These Master Directions, being issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007), consolidate and update all the instructions issued on the subject up to December 31, 2016 and placed on the web-site of the Reserve Bank of India (www.rbi.org.in

article author One Roof Consultant

Posted On:  5 months ago


Rate of exchange of conversion of foreign currency WEF 20.01.2017

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. 1/2017-CUSTOMS (N.T.), dated 05th January, 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,

article author One Roof Consultant

Posted On:  5 months ago


CDEX Investor (Client) Protection Fund Trust U/s. 10(23EC) notified by CBDT

In exercise of the powers conferred by sub-section (23EC) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the NCDEX Investor (Client) Protection Fund Trust (PAN: AABTN7481R) set up by the National Commodity and Derivatives Exchange Limited, Mumbai a commodity exchange, for the purposes of the said clause for the assessment year 2013-14 and subsequent assessment years.

article author One Roof Consultant