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Posted On:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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:  9 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

Posted On:  10 months ago


Government launches GST App to facilitate smooth transition to new tax regime

The Finance Ministry on Thursday launched a mobile app for Goods and Services Tax so as to provide updates to taxpayers on the new tax regime which is to be rolled out from July 1. From helping taxpayers in the migration to GST, providing toll free numbers and videos and reading material on GST to putting up draft laws and rules, the app called the CBEC GST app aims to help taxpayers and address their concerns about the new indirect tax regime. The GST mobile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said

article author CA Chirag Chauhan

Posted On:  10 months ago


Why should you invest in ELSS for 80C and RBI bond before March?

After demonetization, the only asset class which seems to be giving positive double digit returns is equity. The real estate investment has given zero return in last 4 years. With government capping tax exemption on interest on second property, investing in real estate may not give return in coming years. Investment in fixed deposit is meaning less as it gives negative return considering high inflation and if you include taxes it becomes even worst.

article author CA Chirag Chauhan

Posted On:  10 months ago


Export & re-import of cut & polished diamonds at zero duty

S.O. (E): In exercise of powers conferred by Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby makes following amendments in para 4.44 of Chapter 4 of Foreign Trade Policy 2015-20.

article author One Roof Consultant

Posted On:  10 months ago


Guideline for Correction of IDS, 2016 payment challan

The payment of taxes under IDS, 2016 was enabled via OLTAS in the month of July, 2016. This Directorate has received many requests from taxpayers and field formations for the correction of attributes like PAN, AY, minor head and major head of such Challans.

article author One Roof Consultant