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Posted On:  1 year ago


Guidelines for arrest in relation to offences punishable under the Finance Act, 1994 and Central Excise Act, 1944

I am directed to draw your attention to the fact that the arrest provisions in Service Tax were introduced with effect from 10.05.2013 vide sub-sections (J) and (K) of section 103 of the Finance Act, 2013 which introduced sections 90 and 91 in the Finance Act, 1994 and also amended section 89 of the Finance Act 1994. Vide sections 155, 156 and 157 of the Finance Act 2016, with effect from 14.05.2016, sections 89, 90 and 91 of the Finance Act, 1994 have been amended.

article author One Roof Consultant

Posted On:  1 year ago


Constitution of Expert Group to look into issues related to Audit firms

Several audit firms have represented about adverse impacts on Indian audit firms due to the structuring of certain audit firms leading to circumvention of various regulations, manner in which auditor rotation requirements is being implemented by companies, and imposition of restrictive conditions by foreign investors with regard to auditor appointment by companies. In order to examine the above and related issues and make

article author One Roof Consultant

Posted On:  1 year ago


Latest and revised MVAT return due dates and interest provision from April 2016

Forms for MVAT returns like Form-231, Form CST, Regular Annexure etc are now revised and the due dates for filing the returns are as follows: Schedules for filing returns for the periods from April 2016: Monthly Returns:

article author CA Chirag Chauhan

Posted On:  1 year ago


‘Doubling Farmers’ Income by 2022-Measures

As you are aware, the Government of India in the Union Budget 2016-17 had announced its resolve to double the income of farmers by 2022. Several steps have been taken towards attaining this objective including setting up of an inter-ministerial committee for preparation of a blue print for the same. This agenda has also been reiterated by the government in several forums and has acquired primacy from the point of view of rural and agricultural development.

article author One Roof Consultant

Posted On:  1 year ago


Master Circular- Credit Facilities to Minority Communities – Modification

Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016. 2. In partial modification of the Circular, para 2.1 under “Definition of Minority Communities” and para 5.1 & 5.5 under “Monitoring” may be replaced as under: “2.1 The following communities have been notified as minority communities by the Government of India, Ministry of Minority Affairs:

article author One Roof Consultant

Posted On:  1 year ago


Introduction of Options in Commodity Derivatives Market

1. At present the only instrument available in the Commodity Derivatives market is futures on individual commodities. Introduction of new commodity derivatives products has been a subject of deliberation as it is considered to be conducive for the overall development of the commodity derivatives market, attracting broad base participation, enhancing liquidity, facilitating hedging and bringing in more depth to the commodity derivatives market. 2. In his Union Budget Speech for the year 2016-17, the Hon’ble Finance Minister announced that “new derivative products will be developed by SEBI in the Commodity Derivatives market”.

article author One Roof Consultant

Posted On:  1 year ago


Generation of scrutiny notices u/s 143(2) for PAN selected in CASS-2016 regarding. (Time barring matter)

Kindly refer to letter No. F.No.System/ ITBA/Instruction/ Assessment/2015-16 dtd.15/03/2016, F.No.System/ ITBA/Instruction/ Assessment/CASS Cycle 2/2016-17 dtd. 25/07/2016 and F.no. DGIT(S)-2/ADG(S)-2ICASS 2016-17/93 dated 16/09/2016 requiring Assessing officers to generate scrutiny notices u/s 143(2) for PANs selected in cycle 1, cycle 2 and cycle 3 of CASS-2016. 2. It is seen that till 28-09-2016, notices have not been issued in 625 cases. 3. These 625 cases include 62 cases which are lying with inactive codes.

article author One Roof Consultant

Posted On:  1 year ago


List of Commodities Notified under SCRA

1. Pursuant to the repeal of the Forward Contracts (Regulation) Act, 1952 (FCRA) and amendment to the Securities Contracts (Regulation) Act, 1956 (SCRA), the Central Government, in exercise of the powers conferred by clause (bc) of section 2 of the SCRA and in consultation with the SEBI, have vide Notification No. S.O. 3068(E) dated September 27, 2016 notified the goods specified therein, for the purpose of clause (bc) of section 2 of the SCRA with effect from the date of the said notification.

article author One Roof Consultant

Posted On:  1 year ago


Discontinuation of practice of making manual debits on physical copy of Advance Authorizations registered at EDI Customs port

It was brought to Board’s notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed at all EDI ports of registration. It was informed that such manual endorsements replicate work, cause delay, and at times also lead to errors, all of which impose transaction costs on trade.

article author One Roof Consultant

Posted On:  1 year ago


CBDT notifies backward districts in Andhra Pradesh U/s. 32 & 32AD

S.O. 3075 (E).— In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following districts of the State of Andhra Pradesh as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the said Act, namely:—

article author One Roof Consultant

Posted On:  1 year ago


Publish photo of Wilful defaulters after following RBI mechanism

Please refer to our Master Circular on Wilful Defaulters DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015 inter alia outlining the penal measures that should be taken by lending institutions against the borrowers declared as wilful defaulters.

article author One Roof Consultant

Posted On:  1 year ago


IDS 2016: Value to be declared of assets sold before 01.06.2016

Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclosed income invested in acquisition of such capital asset as increased by the capital gain arising on sale of such asset determined in accordance with the provisions of the Income-tax Act, 1961 (i.e. sale consideration less indexed cost of acquisition).

article author One Roof Consultant

Posted On:  1 year ago


Continuation of non levy of special margin on spread trades

1. As per Section 131 (B) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward Markets Commission (FMC) or the Central Government applicable to recognized associations under the Forward Contracts Regulation Act, 1952 (FCRA) would continue to remain in force for a period of one year from the date on which FCRA was repealed (September 29, 2015), or till such time as notified by SEBI, whichever is earlier.

article author One Roof Consultant

Posted On:  1 year ago


Position Limits for Commodity Derivatives, clubbing of open positions, penalties for violation of position limits

1. Erstwhile FMC had from time to time prescribed norms with regard to Position limits for all commodity derivatives, clubbing of open positions, penalties for violation of position limits apart from prescribing numerical limits for each commodity. After taking over regulations of commodity derivatives market, SEBI vide its circulars CIR/CDMRD/DMP/2/2016 dated January 15, 2016 and CDMRD/DMP/CIR/32/2016 dated January 29, 2016 has issued revised norms with regard to position limits of agricultural commodity derivatives.

article author One Roof Consultant

Posted On:  1 year ago


CBEC amends Service Tax Return Form ST-3

G.S.R….. (E). – In exercise of the powers conferred by sub-section (1) read with subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:- 1. (1) These rules may be called the Service Tax (Third Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette.

article author One Roof Consultant

Posted On:  1 year ago


Allocation of quantity for export of preferential quota sugar to EU under CXL quota

In exercise of the powers conferred under Paragraphs 2.04 of the Foreign Trade Policy, 2015-2020, the Director General of Foreign Trade hereby allocates a quantity of 10,000 tons (Ten thousand tons) of white sugar under CXL concessions to European Union (EU) for the period October, 2016 to September, 2017.

article author One Roof Consultant

Posted On:  1 year ago


SEBI: Sharing of Information in case of Declaration of Member as Defaulter in case of Multiple Membership

As per Section 131(B) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile FMC or the Central Government applicable to recognised associations under the FCRA would continue to remain in force for a period of one year from the date on which FCRA was repealed, or till such time as notified by SEBI, whichever is earlier.

article author One Roof Consultant

Posted On:  1 year ago


Note on summary of the recommendations of the Committee to draft a Code on Resolution of Financial Firms (“Committee”)

The Insolvency and Bankruptcy Code, 2016 enacted by the Parliament earlier this year provides for resolution and liquidation of non-financial firms. Recent experience and research have shown that resolution of financial institutions requires a special regime that is faster than any traditional insolvency procedure, where rights of the creditors and other stakeholders can be overridden in the interest of the financial system (including the consumers) and the economy. The draft Bill proposes to establish a special resolution regime for financial firms in line with international best practices.

article author One Roof Consultant

Posted On:  1 year ago


Amendments in Public Notice No. 29/2015-2020 and in Public Notice No 27

In exercise of powers conferred under Paragraph 1.03 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Director General of Foreign Trade makes the following amendments: 2. In the Public Notice No. 29 dated 08.09.2016, the date 14.02.2013 mentioned in first sentence of the Effect of Public Notice is corrected to read as 14.02.2014 3. The entry at Serial No. 10 in Appendix 4J mentioned in Public Notice No. 27 dated 31.08.2016 related to ‘Export Obligation Period for Special Advance Authorization Scheme for export of articles of apparel and clothing accessories” is corrected to read as under.

article author One Roof Consultant

Posted On:  1 year ago


Annual Return As per Companies Act 2013

Every Company is required to file Annual Return in form MGT-7 with Registrar within 60 days from the date on which AGM is held or where no AGM is held, within 60 days from the date on which AGM should have been held.

article author Lalit Malik