Daily Archives: March 4, 2017

Banking Principles and Operations [2017 edition -7th ] Book – M N Gopinath

By | March 4, 2017

Banking Principles and Operations [2017 edition] Book – M N Gopinath A book to familiarize new employees of banks and students aspiring for a career in banks, with all the services and products offered by banks, how they are delivered and also the relevant legal and regulatory requirements to be complied with on a day… Read More »

Bank Audit Book 2017-Practical Guide for Bank Auditors (3rd Edition 2017) -Taxmann

By | March 4, 2017

Bank Audit – A Practical Guide for Bank Auditors (3rd Edition 2017) by CA Anil K. Saxena (Author) Incorporating: Changes in prudential norms post demonetization Branch audit of demonetization Practical guidance on NPA identification including Agricultural loans Comprehensive Branch Audit Programme FY 2016-17 Detailed guidance on finacle and BaNCS Guidance on Stock Audit Updated with latest… Read More »

Press Conference on GST Council Meet -04.03.2017 by FM Arun Jaitley

By | March 4, 2017

GST Council Meet 04.03.2017 (Next GST Council meeting on 16.03.2017 ) Published on Mar 4, 2017 FM Arun Jaitley addresses Press Conference on GST Council Meet. He said that GST-Council clears final draft of central-GST and integrated-GST laws. FM said that Parliament needs to pass GST laws relating to select UTs and to implement GST… Read More »

GST Council Approved CGST and IGST Bill

By | March 4, 2017

Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill. The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun… Read More »

Category: GST

Foreign Tax Credit Dispute settlement – Clarify rectification time limit & documents – Budget 2017-18 Suggestions

By | March 4, 2017

Suggestion on Clause 62 of Finance Bill 2017– Claim of Foreign Tax Credit (FTC) pertaining to taxes which are under dispute in the foreign country – Clarification required on certain issues relating to period of limitation and documents which shall constitute evidence of settlement Section 155(14A) proposes to provide that where the payment of foreign… Read More »

Reason to believe to conduct search must be retained – Budget 2017-18 Suggestions

By | March 4, 2017

Suggestion on Clause 50 & 51 of Finance Bill 2017- Section 132(1), 132(1A) and 132A(1) – reason to believe to conduct a search, etc. not to be disclosed –retention of existing provisions to reduce undue hardship to genuine assessee It is proposed to insert an Explanation to section 132(1), 132(1A) and 132A(1) to declare that… Read More »

194IB TDS on what portion of Rent ? if rent increased to 50000 p.m during the year – Budget 2017-18 Suggestions

By | March 4, 2017

Suggestions on Clause 63 of Finance Bill 2017 – Section 194-IB – Requirement of tax deduction at source by individuals/HUFs paying monthly rent exceeding Rs.50,000 – Enabling measures to facilitate ease of compliance to be introduced & issue of clarification regarding the amount on which tax has to be deducted at source in a situation… Read More »

Clarify whether MAT credit can be carry forward if 10 year period lapsed – Budget 2017-18 Suggestions

By | March 4, 2017

Suggestion on Clause 46(a) of Finance Bill 2017– Section 115JAA – Extension of period of carry forward of MAT credit from 10 years to 15 years – Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year… Read More »

Define penny stock and expand Exemption list u/s 10(38) – Budget 2017-18 Suggestions

By | March 4, 2017

Suggestions on Clauses 6 of Finance Bill 2017 – Section 10(38) – Exemption of long term capital gains subject to payment of STT on acquisition – bona fide transactions to be notified by the Central Government for exemption even if STT not paid on acquisition Section 10(38) of the Income-tax Act, 1961, inter alia, provides… Read More »

How foreign tax credit availment in India will be difficult form AY 2018-19 due to reduction in time limit for filing revised return

By | March 4, 2017

Suggestion on Clause 55 of Finance Bill 2017- Section 139(5) – Reduction in time limit for filing revised return – Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit. The Finance Bill 2017 proposes to amend section 139(5) to provide that the time… Read More »