Monthly Archives: May 2017

Due date for Statement of Financial Transaction ( SFT ) Extended to 30.06.2017

By | May 31, 2017

Central Board of Direct Taxes (CBDT) extends the due date for furnishing Statement of Financial Transaction (SFT) to 30th June 2017 Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT… Read More »

GST-A Practical Approach – Book May 2017 Edition

By | May 31, 2017

GST-A Practical Approach Paperback – 2017 by IRS /CA Ashu Dalmia /CA Shaifaly Girdharwal Vashishtha Chaudhary (Author) Rs 525 .Click to buy this book online Author : Vashishtha Chaudhary  Ashu Dalmia  Shaifaly Girdharwal Edition : 2017 Edition Date of Publication : May 2017 ISBN No.:9789386482563 Binding : Paperback No. Of Pages : 372 Weight (Kgs) : 0.405 View Contents… Read More »

Category: GST

ICAI Suggestions on GST Acts

By | May 31, 2017

The Institute of Chartered Accountants of India Suggestions on GST Act 1. General Suggestion(s) In lines with Central Excise Tariff Act, interpretive notes to GST classification of Goods as well as Services be provided to ensure the correct classification of goods. Provisions related to Settlement Commission as provided draft laws be reinstated as initially due… Read More »

Category: GST

Procedure for Acceptance of SFT Statements from Sub-Registrar and Post Offices

By | May 31, 2017

DGIT(S)-ADG(S)-2/e-filingnotification/106/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 7 of 2017 New Delhi, 30th May, 2017 Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of… Read More »

GSTIN declaration mandatory for all Importer and Exporters w.e.f 01.07.2017

By | May 30, 2017

Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. Accordingly, during GSTIN registration, please ensure declaration of correct IEC and… Read More »

Category: GST

Last date for registration of CPT/IIPCC/Final under existing scheme of CA Course

By | May 30, 2017

Press Release For CPT/IIPCC/Final under the existing scheme of CA Course – Last Date of registration On or before June 30, 2017 The role of a Chartered Accountant is evolving continually to assume newer responsibilities in a dynamic environment. In the given dynamic scenario, the potentiality of the Chartered Accountancy education system, to meet the… Read More »

ICAI set ups GST Sahayata Desks

By | May 30, 2017

Goods and Services Tax (GST) is all set to be rolled out from July 1, 2017 as India’s biggest federal taxation reform. GST is an integrated tax which works on the concept of “One Nation One Tax”. The biggest benefit of GST implementation would be removal of cascading effect of multiple taxes and seamless flow… Read More »

Category: GST

Due date of transfer of shares to Investor Education and Protection Fund Authority.

By | May 30, 2017

Clarification by MCA regarding due date of transfer of shares to IEPF Authority. – (30-05-2017) Dear Member, Sub: MCA Clarification regarding due date of transfer of shares to Investor Education and Protection Fund Authority. We would like to inform you that Ministry of Corporate Affairs has issued a clarification pursuant to second proviso to Rule… Read More »

Search and Seizure of undisclosed income deposited into account of Third party

By | May 30, 2017

Held A person could be in possession of undisclosed income not only in his or her own account but in someone else’s account. In the context of the present petitions, therefore, when pursuant to the search warrant, the Department proceeded to search and seize not only valuable things etc. found in the premises of Mr.… Read More »

No room for revising GST rates: CBEC chief

By | May 30, 2017

No room for revising GST rates: CBEC chief “There is no room for revising Goods and Services Tax (GST) rates fixed on various goods and services,” said Vanaja Sarna, Chairperson, Central Board of Excise and Customs (CBEC). “The GST Council is meeting on June 3 to fix rates for goods which have been left out.… Read More »

Category: GST

Assessee could not prove link of cash withdrawn from bank with cash deposit , Sec 69 Addition upheld

By | May 30, 2017

Held The withdrawals have been found to be subsequently redeposited after a gap of two or three months which is not probable. The assessee therefore we find has not been able to link the cash withdrawn from the bank with cash deposit we therefore uphold the order of the learned CIT(A) treating the cash deposit… Read More »

CA Course – Revised Scheme of Education and Training notified by ICAI

By | May 30, 2017

Chartered Accountants (Amendment) Regulations 2017 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 25th May, 2017 No.1-CA(7)/178/2016.—Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India,… Read More »

Nagaland Assembly passes State GST Bill

By | May 30, 2017

The Nagaland Assembly today joined the rest of the country in passing the Goods and Services Tax (GST) Bill. The bill was passed by voice vote at the special session of the House. The bill was introduced by Chief Minister Dr. Shurhozelie Liezeiestu, who also holds the Finance portfolio. Initiating a discussion before passing the… Read More »

Clubbing of Minor Child Income if Parents Died – CBDT Clarify- Notification No. 5/2017

By | May 30, 2017

Clubbing of minor Child income if Parents Died Summary : Till date there was the confusion as how to do Clubbing of minor Child income if Parents Died and who should file Income Tax Return of minor child if he/she has Interest income from Fixed Deposits etc . But as per the following notification  dated… Read More »

USA IRS Spring 2017 Statistics of Income Bulletin Now Available

By | May 30, 2017

Spring 2017 Statistics of Income Bulletin Now Available WASHINGTON — The Internal Revenue Service today announced that the Spring 2017 Statistics of Income Bulletin is now available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S.… Read More »

Section 285BA Income Tax Act- Statement of financial transaction or reportable account

By | May 29, 2017

Section 285BA of Income Tax Act 1961 ( updated till  Finance Act 2017 ) 1[Obligation to furnish statement of financial transaction or reportable account. 285BA. (1) Any person, being— (a)          an assessee; or (b)          the prescribed person in the case of an office of Government; or (c)          a local authority or other public body… Read More »

Section 271DA Income Tax Act – Penalty for failure to comply with section 269ST

By | May 28, 2017

Section 271DA Income Tax Act [Section 271DA of Income Tax Act has been Inserted by the Finance Act, 2017, w.e.f. 1-4-2017.] Penalty for failure to comply with provisions of section 269ST. 271DA. (1) If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of… Read More »

Handbook on Project Reports by R.K.Garg – 8th Edition 2017

By | May 28, 2017

Handbook on Project Reports – 2017  by R.K.Garg (Author) About Handbook on PROJECT REPORTS PART I Chapter 1        Project and Environmental Analysis — Some Basic Points Chapter 2        Capital Project — Definition, Characteristics Chapter 3        Capital Projects — Opportunities, Classification, Benefits Chapter 4        Capital Project Cycle, Stages in Project Execution PART II Chapter 5        Detailed… Read More »

Concurrent Audit For CA in Punjab & Sind Bank Open from 26.05.2017 to 04.06.2017

By | May 28, 2017

APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUNTANT FIRM IN PUNJAB & SIND BANK (Only Online Applications will be considered. Applications submitted in other form including Hard copy or through e-mail will not be entertained. Prior to filling up application please go through the eligibility criteria at the end of application) Open from 26.05.2017… Read More »

How to request Income Tax Intimation Order u/s 143(1)/154/16(1)/35 passed by CPC

By | May 28, 2017

Request for the Intimation Order u/s 143(1)/154/16(1)/35 How to ask copy of the Income Tax order passed by CPC Banglore .  How can I request for a copy of the order passed by CPC? After the Income Tax Return is processed by CPC, taxpayer receives an Intimation at their registered email ID. If the taxpayers… Read More »

Taxmann Guide to Indian Accounting Standards (Ind AS) 2017

By | May 27, 2017

Guide to Indian Accounting Standards (Ind AS) (Set of 2 Volumes)– 2017 by Taxmann (Author) As Amended by Companies (Indian Accounting Standards)(Amendment) Rules 2017 **** Based on IFRS Official Pronouncements Price Rs 4900 Click to buy online Edition : 2017 Edition Date of Publication : May 2017 ISBN No.:9789386482655 Binding : Paperback No. Of Pages :… Read More »

GST Rates – A Ready Reckoner

By | May 27, 2017

GST Rates – A Ready Reckoner On the 18th of May, 2017, the GST council convened to fix and finalise the much awaited GST rates for 1211 goods across 98 categories. On 19th May 2017 , council  finalised the GST rates for 36 categories for services. Here’s what you need to know about some of… Read More »

Category: GST