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Monthly Journal
Monthly Journal covers articles on important topics, due dates, notifications/circulars/press releases/etc of the preceding month. It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. Sample copy of May, 2017 is attached herewith for reference purpose. Sample Copy Available. To subscribe: Click Here
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It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. To Subscribe: Click Here
Income Tax
Sharp increase in prosecutions of tax evaders by Income Tax Department
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 12th January, 2018 PRESS RELEASE Sharp increase in prosecutions of tax evaders by Income Tax Department The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders. Prosecutions have been initiated for various offences including wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income [..] Read more at:
Indirect Tax
GST Monthly Newsletter: January edition by ICSI
General: As a GST professional, author and speaker, I am regularly interacting with various stakeholders of GST. Regarding Charitable Trusts/Institutions, lot of people are keen to know more about taxability of services provided or received by such entities. The queries that were raised, based on practical difficulties faced by them, because of exemption and taxability of some of its activities under GST, I write this Article. Generally Charitable Trusts/Institutions supplement the work of a welfare State and the State in turn has recognized its contribution by giving them generous tax treatment. The Indian Trust Act was enacted in [..] Read more at:
Seeks to withdraw abeyance of notification no. 30/2017-customs (ADD) dated 16.06.2017
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 1/2018-Customs (ADD) New Delhi, the 12th of January, 2018 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 9A of the Customs Tariff Act, 1975(51 of 1975) read with rules 18, 20, 22 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, and in view of the Final order dated 06.11.2017 [..] Read more at:
Inclusion of Dhamra and Dighi Ports in the list of ports mentioned in Export Promotion (EP) Schemes Notifications
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 3/2018 – Customs New Delhi, the 12th January, 2018 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue) [..] Read more at:
SEBI
Ban on PWC for 2 years by SEBI
The Securities and Exchange Board of India’s (Sebi) two-year ban on Price Waterhouse spells trouble for its business in the country, and is also a signal for the auditing profession to pull its socks up, experts said on Thursday. Price Waterhouse, the auditing arm of consultancy firm PwC India, is the auditor for 77 companies listed on National Stock Exchange of India, according to data from Prime Database. Late on Wednesday, the capital markets regulator banned 11 firms in Price Waterhouse’s Indian network from auditing the books of listed companies for two years for alleged complicity in the manipulation of accounts [..] Read more at:
http://www.onlinelawsolutions.com/index.php/2018/01/12/ban-on-pwc-for-2-years-by-sebi/
Miscellaneous News
Quick estimates of Index of Industrial Production and use-based Index for the month of November, 2017 (Base 2011-12=100)
The Quick Estimates of Index of Industrial Production (IIP) with base2011-12for the month of November 2017have been releasedby the CentralStatisticsOffice of the Ministry of Statistics andProgramme Implementation. IIP is compiled using datareceivedfrom 14 source agencies viz. (i) Department of Industrial Policy&Promotion (DIPP); (ii) IndianBureau of Mines; (iii) Central Electricity Authority; (iv) JointPlant Committee, Ministry of Steel; (v) Ministry of Petroleum&Natural Gas; (vi) Office of TextileCommissioner; (vii) Department of Chemicals & Petrochemicals; (viii) Directorate of Sugar & Vegetable [..] Read more at:
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