Posted On:  6 days ago


Aadhar mandatory for filing Income Tax Return and applying for PAN card – Cash transaction limit kept at 2 Lacs

The government has proposed to make Aadhar card mandatory for filing income tax return and applying for permanent account number (PAN), which will come into effect from July 1 2017. The government has proposed this rule through an amendment today to the Finance Bill, which is being discussed in the Parliament.

article author CA Chirag Chauhan

Posted On:  3 weeks ago


Top 9 landmark cases and judgments that brought a change in India

Vodafone was embroiled in a $2.5 billion tax dispute over its purchase of Hutchison Essar Telecom services in April 2007.  The transaction involved purchase of assets of an Indian Company, and therefore the transaction, or part thereof was liable to be taxed in India as per the allegations of tax department. Vodafone Group entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltd’s

article author Dharmesh Jain

Posted On:  3 weeks 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 weeks 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 weeks 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 weeks 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:  1 month 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:  1 month ago


GST daily dose of updation Appeals- part I section 101 appeals to appellate tribunal

The provisions relating to filing of appeal to the appellate tribunal are discussed in this update. The appeal provisions prescribing time limit for filing appeal to Tribunal are similar to that for filing appeal to first appellate authority with the distinction that the first appellate authority can condone delay in filing appeal upto one month but Tribunal can condone delay in filing appeal for any duration. The provisions regarding mandatory pre-deposit are similar to that of filing appeal to first appellate authority that have already been discussed in our earlier update.

article author CA PRADEEP JAIN

Posted On:  2 months ago


How forming a Company instead of LLP or Partnership can save tax for you after Budget 2017 ?

Budget 2017 has given companies an advantage over partnership and Limited Liability Partnership in terms of Income Tax. The maximum marginal tax rates including surcharge will be following

article author CA Chirag Chauhan

Posted On:  2 months ago


The Specified Bank Notes (cessation of liabilities) bill, 2017

to provide in the public interest for the cessation of liabilities on the specified bank notes and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called the Specified Bank Notes (Cessation of Liabilities) Act, 2017. (2) It shall be deemed to have come into force on the 31st day of December, 2016.

article author One Roof Consultant

Posted On:  2 months ago


100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

article author CA Chirag Chauhan

Posted On:  2 months ago


Latest amendment in Maternity Benefits under ESIC

Whereas draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) vide number G.S.R. 958(E), dated the 6th October, 2016, as required under sub-section (1) of section 95 of the Employees’ State Insurance Act, 1948(34 of 1948), inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of thirty days from the date on which

article author One Roof Consultant

Posted On:  2 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:  2 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:  2 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:  2 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:  2 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:  3 months ago


Guidance Note on Board Evaluation

The Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”) contain broad provisions on Board Evaluation i.e. evaluation of the performance of: (i) the Board as a whole, (ii) individual directors (including independent directors and Chairperson) and (iii) various Committees of the The provisions also specify responsibilities of various persons / committees for conduct of such evaluation and certain disclosure requirements as a part of the listed entity’s corporate governance obligations.

article author One Roof Consultant

Posted On:  3 months ago


Initiatives taken by Government to promote use of mobile/e-banking for cashless transactions

The Public Financial Management System (PFMS) is a web-based online software application, developed and implemented by the o/o CGA with technical support of NIC. The primary objective of PFMS is to facilitate a sound Public Financial Management System for Government of India (GoI) by establishing an efficient fund flow system as well as a Payment cum Accounting network. PFMS provides various stakeholders with a real time, reliable and meaningful Management Information System and an effective Decision Support System (DSS), as part of the Digital India initiative of GoI.

article author One Roof Consultant

Posted On:  3 months ago


Forcing Husband to Stay Away From His Parents Amounts To Cruelty

The High Court came to the conclusion that there was no cruelty  meted out to the Appellant, which would enable him to get a decree of divorce,  as per the  provisions  of  the  Act.   The  allegations  with  regard  to  the character of the Appellant and the extra-marital affair  with  a  maid  were taken very seriously by the Family Court, but the High Court  did  not  give much importance to the false allegations made.  The constant  persuasion  by the Respondent  for  getting  separated  from  the  family  members  of  the Appellant and constraining the Appellant to live separately

article author Dharmesh Jain