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:  9 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:  9 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:  9 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:  9 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

Posted On:  9 months ago


Standard Operating Procedure (SOP) to be followed by the Assessing Officers in verification of Cashtransactions relating to demonetisation

Post demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016, several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’) . In such cases, it has been decided to undertake on -line verification of select transactions through jurisdictional Assessing Officers

article author One Roof Consultant

Posted On:  9 months ago


Changes in Presumptive Tax Regime u/s 44AD from FY 2016-17.

Section 44AD was originally introduced in the Income Tax Act by the Finance Act, 1994 with effect from the assessment year 1994-95 providing the presumptive income schemes to the taxpayers who were engaged in the business of civil construction. Later on the section was amended or substituted by the Finance (No. 2) Act, 2009 extending the provisions of earlier section to all small businesses except that covered under the section 44AE, with effect from assessment year 2011-12 titled as – “ Special provisions for computing profits and gains of business on presumptive basis”. The consequences of the amendment affected section 44AF by making it no n operational as all the retail traders falling under section 44AF can now avail the scheme under section 44AD.

article author CA Chirag Chauhan

Posted On:  9 months ago


Online Process for Gumasta License, documents required, fees under Shop & Establishment Act 1948.

Registration of Shops and establishment in Mumbai is mandatory under Maharashtra Shops and Establishment Act. Gumasta is governed by the Municipal Corporation of Greater Mumbai under the Maharashtra Shops and Establishment Act 1948 for other regions there are state government Municipal Corporation responsible for providing license. This act enables the registration and obtaining of certificate from Municipal Corporation for your new shop/ business.

article author CA Chirag Chauhan

Posted On:  9 months ago


Revised and Latest TDS Tax Deducted at Source Rate Chart for FY 2017-18 AY 2018-19

TDS is to be deducted on payment made as prescribed by Income Tax Act by persons who are liable to deduct TDS. It is the duty of the deductor to deduct TDS as given in Income Tax Act. Adding this year an amendment in section 119(2) to include levy of penalty under section 271C or 271CA w.e.f  1st June, 2017

article author CA Chirag Chauhan

Posted On:  9 months ago


Professionals will require Tax Audit if they are showing Income less than 50% of Receipts - Section 44ADA

Introduction of presumptive scheme for Professionals The Justice Easwar Committee has recommended a new scheme for professionals in line with existing Presumptive Scheme for person engaged in Business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income scheme for professionals.

article author CA Chirag Chauhan

Posted On:  9 months ago


Privilege Fees for a liquor License

The  privilege fees is  required to be collected, at the time of an extension / renewal of  an agreement after  the expiry of previous one. The Provisions in different rules under the Bombay Prohibition Act refer to the sanction of different types of agreements.  Rule 5A of  The Bombay Prohibition (privileges fees) Rules 1954 states that the fee payable by any licensee for the privilege of having the lease or sub-lease of his licence in Form ‘CL-I’ under the Maharashtra Country Liquor Rules, 1973 and in Form ‘PLL’ or ‘I’ under the Maharashtra Distilation of Sprit and Manufacture of

article author Varsha Kewalramani

Posted On:  9 months ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  9 months ago


GST daily Update: Returns-I Section 32: Furnishing details of outward supplies

Every registered taxable person, other than an input service distributor, a nonresident taxable person and a person paying tax under the provisions of section 9, section 46 or section 56, shall furnish, electronically, in such form and manner as may be prescribed, the details of outward supplies of goods or services effected, during a tax period on or before the tenth day of the

article author CA PRADEEP JAIN