TaxIndiaUpdates In

Bharat Bill Payment System (BBPS) – Extension of timeline from May 31, 2017 to December 31, 2017

May 9, 2017May 11, 2017 TaxIndiaUpdates In0 comments3074 views

Bharat Bill Payment System (BBPS) – Extension of timeline The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent … Continue Reading →

Income Tax

Form and Manner of Exercise of option by the domestic company for the purposes of section 115BA

May 8, 2017May 8, 2017 TaxIndiaUpdates In0 comments3689 views

Income-tax (9th Amendment) Rules, 2017 – Amendment of Income-tax Rules, 1962 – Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income Tax Act, 1961-reg CBDT Notification No. 36/2017, Dated: May 2, 2017 S.O. 1381(E). – … Continue Reading →

Income Tax

CBDT Seeks the Stakeholders comments on the Draft Rules relating to Valuation of Unquoted Equity Shares

May 8, 2017May 8, 2017 TaxIndiaUpdates In0 comments3006 views

CBDT seeks the stakeholders’ comments on the Draft Rules relating to valuation of unquoted equity share for the purposes of Section 56 and Section 50CA of the Income-tax Act, 1961. The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the … Continue Reading →

Public News

Dy. Commissioner of Customs, Ernakulam has sentenced to one year Imprisonment with fine of Rs. 60 lakh

May 7, 2017 TaxIndiaUpdates In0 comments2774 views

ONE TO TWO YEARS RIGOROUS IMPRISONMENT TO THEN DEPUTY COMMISSIONER OF CUSTOMS & TWO PRIVATE PERSONS WITH TOTAL FINE OF RS. 1.20 CRORE Press Release New Delhi, 05.05.2017 The Special Judge-III, CBI Cases, Ernakulam (Kerala) has sentenced Shri K.S. Chandrasekhar, then Deputy Commissioner of Customs, … Continue Reading →

Goods and Service Tax

Eight States’ Assemblies pass the State GST Act within a short span of less than one month

May 4, 2017May 4, 2017 TaxIndiaUpdates In0 comments2593 views

Eight States’ Assemblies pass the State GST Act within a short span of less than one month Eight States have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month’s time. The Legislative Assembly of Telangana … Continue Reading →

Public News

CBI Arrests Commissioner of Income Tax (Appeals) and CA in an Alleged Bribery Case of Rs. 2 Crore

May 4, 2017 TaxIndiaUpdates In0 comments3142 views

CBI ARRESTS COMMISSIONER OF INCOME TAX AND FIVE OTHERS IN AN ALLEGED BRIBERY CASE AND RECOVERS RS.1.50 CRORE (APPROX) Press Release New Delhi, 03.05.2017 The Central Bureau of Investigation has arrested a Commissioner of Income Tax(Appeals-30), Mumbai (An IRS Officer of 1992 Batch) and five … Continue Reading →

Personal Finance

Guidelines on Merchant Acquisition for Card Transactions

May 4, 2017 TaxIndiaUpdates In0 comments4714 views

Guidelines on Merchant Acquisition for Card Transactions Co-operative banks have been permitted to install both onsite/offsite ATM networks and can issue debit cards on their own or through sponsor banks based on certain eligibility conditions. Also, all co-operative banks have been allowed to enter … Continue Reading →

Central Excise

Round the clock Presence of Central Excise officers in the Cigarette Factories is not Mandatory

May 2, 2017May 2, 2017 TaxIndiaUpdates In0 comments4505 views

CBEC Circular No. 1055/ 04/ 2017 – CX, Dated: May 1, 2017: Round the clock presence of Central Excise officers in the cigarette factories is not mandatory but directory. The presence of Superintendent or Inspector of Central Excise in all cases would be mandatory at the … Continue Reading →

Service Tax

Date of submission of the Form ST-3 extended from 25th April 2017 to 30th April 2017

April 26, 2017 TaxIndiaUpdates In0 comments5265 views

Date of submission of the Form ST-3 extended from 25th April 2017 to 30th April 2017 CBEC Order No: 1 /2017-Service Tax dated April 25, 2017 In exercise of the powers conferred by sub-rule(4) of rule 7 of the Service Tax Rules, 1994, the Central … Continue Reading →

Goods and Service Tax

Ministry of Finance Press Release: An Overview of GST

April 26, 2017 TaxIndiaUpdates In0 comments4885 views

Ministry of Finance Press Release: An Overview of GST A. Benefits: 1.GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer. It will lower the cost of goods and services, give a boost … Continue Reading →