Posts in category: Uncategorized

RBI/FEMA- (Rupee Drawing Arrangement – Increase in trade related remittance limit)

August 29, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to Part (B) of Annex-I to the A.P. (DIR Series) Circular No. 28 [A. Calvin Klein Ropa Interior Mujer P. (FL/RL Series) Circular No. 02] dated February 6, 2008 on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency […]

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A note on the ER-4, ER-5, ER-6, and ER-7 returns

August 26, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Introduction ER-4, ER-5, ER-6 and ER-7 returns are to be filed by the assessee in addition to the ER-1/ER-3 which is regularly filed by the assessee registered under the Central Excise. However ER-4,ER-5 and ER-6 are to be filed by the certain specified assessee only. Provision for filing of the ER-4, ER-5, ER-6 and ER-7 […]

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Guidelines for Issue of Commercial Paper

August 24, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

1. Introduction Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP, as a privately placed instrument, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. […]

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Service Tax Updates

August 20, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Reverse charge mechanism on Supply of Manpower Vis-à-vis Recruitment of Manpower Applicability of reverse charge mechanism: Supply of Manpower Vis-à-vis Recruitment of Manpower Prior to the introduction of negative list under Service tax, which came to effect from 01st July, 2012, service tax was levied on “Manpower Recruitment or Supply Agency services”, under section 65(105)(k) […]

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Revised Guidelines for Concurrent Audit System in Commercial Banks

August 17, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Revised Guidelines for Concurrent Audit System in Commercial Banks RBI/2015-16/133 DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 (A) Scope of concurrent audit Concurrent audit is an examination which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent […]

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RBI And FEMA Interest Rate Futures (Reserve Bank) (Amendment) Directions, 2015

August 13, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Notification No. FMRD.DIRD.09 /ED(CS) – 2015 dated June 12, 2015 Interest Rate Futures (Reserve Bank) (Amendment) Directions, 2015 The Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45W of the Reserve Bank […]

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Direct Tax recent Judgments and Updates

August 6, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Cost Inflation Index for Financial Year 2014-15 notified – Capital Gain Section 48 [223 TAXMANN (st) 137] The Central Government vide Notification No. 31/2014, notified the Cost of Inflation Index as “1024” for the Financial Year 2014-15. DTAA – Agreement for Exchange of Information with respect to taxes of Foreign Countries – Principality of Liechtenstein […]

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Indirect Taxes Recent Judgements

August 5, 2015 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

CENTRAL EXCISE ACT SECTION 4 VALUATION UNDER CENTRAL EXCISE – TRANSACTION VALUE Clearances of ‘motor vehicles parts’ manufactured by job-worker for use in manufacture of ‘motor vehicles’ by principals, would be valued as per rule 11 and valuation rules 8 and 9 cannot apply thereto –(2015) 57 taxmann.com 299 (SC)   SECTION 5A EXEMPTIONS – […]

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