MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 23rd August, 2016 G.S.R. 828(E).— In exercise of the powers conferred by the proviso to article 309 of the constitution, the President hereby makes the following rules to amend the Settlement Commission (Income Tax and Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman… Read More »
F. No. 8/B/16/ HRD(EMC)/CRB/2016 Directorate General of Human Resource Development Customs & Central Excise (Expenditure Management Wing) C-4 (West Wing), IRCON Building, District Centre, Saket, New Delhi-110 017 Date: 31.08.2016 To The Chief Commissioner of Central Excise, (Bhopal/ Chennai/Cochin/ Coimbatore/ Jaipur/ Meerut/ Mumbai-INagpur/ Pune/Visakhapatnam Zone) The Chief Commissioner of Customs, {Ahmedabad/Bengaluru/Chennai/Delhi/Delhi (Prev.)/Mumbai-II/Thiruchirappalli (Prey.) Zone} Sir/Madam,… Read More »
ASSESSMENT AND AUDIT UNDER GST BUY Meaning of assessment “Assessment” means determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment – clause 2(12) of GST Model Law, 2016. Assessment means determining the tax liability. ‘Assess’ in a taxing statute means the computation of the income… Read More »
REVISED FORMATS FOR FINANCIAL RESULTS AND IMPLEMENTATION OF IND AS BY LISTED ENTITIES WHICH HAVE LISTED THEIR DEBT SECURITIES AND/OR NON-CUMULATIVE REDEEMABLE PREFERENCE SHARES CIRCULAR NO.IMD/DF1/69/2016, DATED 10-8-2016 1. SEBI vide Circular No. IMD/DF1/9/2015 dated November 27, 2015, had prescribed formats for publishing financial results for the entities which have listed their debt securities and/or… Read More »
SUPREME COURT OF INDIA Babita Lila v. Union of India PINAKI CHANDRA GHOSE AND AMITAVA ROY, JJ. CRIMINAL APPEAL NO. 824 OF 2016 AUGUST 31, 2016 JUDGMENT Amitava Roy, J. – Leave granted 2. Being aggrieved by the rejection of their challenge to the initiation of their prosecution under Sections 109/191/193/196/200/420/120B/34 IPC on the basis… Read More »
MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st September, 2016 S.O. 2843(E).—In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government hereby, with the concurrence of the Chief Justice of the High Courts of Chhattisgarh, Rajasthan, Punjab and Haryana, Madras and… Read More »
JOB WORK UNDER GST BUY Special provisions for job work “Job work” means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression “job worker” shall be construed accordingly – clause 2(62) of Model GST Law, 2016. Clause 16A of Model GST Law, 2016 make provisions… Read More »
DELHI VAT TAX RULES, 2005 WITHDRAWAL OF NOTIFICATIONS NO.F.3(643)/POLICY/VAT/2016/1585-1597, DATED 1-3-2016 AND NO.F.3(643)/POLICY/VAT/2016/419-431, DATED 1-7-2016 NOTIFICATION NO.F.3(643)/POLICY/VAT/2016/658-68, DATED 24-8-2016 In exercise of the powers conferred on me under section 70 of Delhi Value Added Tax Act, 2004 and under rule 28 of the Delhi Value Added Tax Rules, 2005, I, S.S. Yadav, Commissioner, Value Added… Read More »
BIHAR VALUE ADDED TAX (AMENDMENT) ACT, 2016 – AMENDMENT IN SECTIONS 2, 14, 35, 36 & 41 AND INSERTION OF SECTION 15C NOTIFICATION NO.LG-01-11/2016/149/LEG.I, DATED 12-8-2016 Be it enacted by the Legislature of the State of Bihar in the Sixty-Seventh year of the Republic of India as follows:— Short title, extent and commencement 1. (1)… Read More »
Composition scheme for small taxable persons under GST BUY Small taxable persons do not have sufficient knowledge and expertise to comply with the requirements relating to records and accounts under GST.Hence, for them, a simplified composition scheme has been provided, vide clause 8 of GST Model Law, 2016. The scheme is available to those whose… Read More »