Designation of Special Court

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 31st August, 2017 S.0  (E).- In exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013 (18 of 2013), the Central Government, with the concurrence of the Chief Justice of the High Court of Judicature at Patna, hereby designates the following Court mentioned in column (1) the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section, namely:- Table Court (1)   Jurisdiction as Special Court (2)   Court of Additional District and Sessions Judge, Patna State of Bihar    

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Clarification on Exchange Traded Option contracts on EUR-INR, GBP-INR and JPY-INR currency pairs

  SEBI vide circular SEBI/HO/MRD/CP/CIR/P/2016/38 dated March 9, 2016 laid down the detailed framework for introduction of cross-currency futures and option contracts in the EUR-USD,  GBP-USD  and  USD-JPY  currency  pairs  and introduction  of currency option contracts in EUR-INR, GBP-INR and JPY-INR currency pairs. The said framework inter-alia  specified  product  design,  risk  management  &  dynamic price  bands  etc  for cross currency options andcurrency options. 2. In this regard in or der to bring uniformity in the computation and relaxation of dynamic price bands, it has  been  decided  to  modify  para  9  (ii)  of SEBI  circulardated  March  9, 2016as under: DOWNLOAD/READ FULL CIRCULAR   GST READY RECKONER GST Ready Reckoner covering CGST ACT, IGST ACT, COMPENSATION CESS, RULES, NOTIFICATIONS, CIRCULARS, PRESS RELEASES AND CLARIFICAITONS EXHAUSTIVELY AND WITH PROPER INTEGRATION. Ready reference to

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System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B

  Circular No. 7/7/2017-GST F. No. 349/164/2017/-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 01st September, 2017 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax (All) The Principal Director Generals/ Director Generals (All) Subject: System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B – regarding Sections 37, 38 and section 39 of the CGST Act, 2017(hereinafter referred to as ‘the Act’) read with rules 59, 60 and 61 of the CGST Rules, 2017(hereinafter referred to as ‘the Rules’) require every registered person to furnish details of outward supplies made in a month in FORM GSTR-1, details of inward supplies received in a month in FORM GSTR-2

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Late fees on GSTR 3B waived

  [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 Central Board of Excise and Customs Notification No.28 /2017 – Central Tax New Delhi, the 01st September, 2017 G.S.R. ( )E.:- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date. [F. No. 349/74/2017-GST(Pt.)] (Dr.Sreeparvathy S.L.) Under Secretary to the Government of India GST READY RECKONER GST Ready Reckoner

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Clarification on difficulties related to recent amendments in Customs Act, 1962

  Instruction No. 12/2017-Customs F.No.450/10/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, dated the 31st August, 2017 To All Principal Chief Commissioner/Chief Commissioner of Customs /Custom (Preventive), All Principal Chief Commissioner/Chief Commissioner of Central Tax, Central Excise & Customs All Director General. All Principal Commissioner/Commissioner of Customs / Customs (Preventive), All Principal Commissioner/ Commissioner of Central Tax Central Excise & Customs Sir /Madam, Subject: Clarification on difficulties related to recent amendments in Customs Act, 1962 —reg. Kind reference is drawn to Notification No. 26/2017-Customs (N T.) and Notification No. 27/2017-Customs (N.T.) dated 31.03.2017, amending Bill of Entry (Electronic Integrated Declaration) Regulations, 2011 and Bill of Entry (Forms) Regulations, 1976 respectively to prescribe late charges for delayed presentation of Bill

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Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 31st August, 2017 PRESS RELEASE Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections The Government launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetisation on black money, widening of tax base and Direct Tax Collections is summed up hereunder: A. Impact on black money: Quantum jump in Enforcement actions based on Demonetisation data: Searches   158% increase in number of searches (from 447 to 1152 groups) 106%

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Gujarat Electricity Regulatory Commission notified under Section 10(46)

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 S. O. 2829(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Gujarat Electricity Regulatory Commission’, a Commission constituted under the Electricity Regulatory Commissions Act, 1998 , in respect of the following specified income arising to that Commission, namely:- (a) amounts received in form of grants and aid from Government; (b) amount received in the form of petition fees or processing fee for determination of tariff; (c) amount received in the form of License fees; Application fees or in nature of fines; (d) interest earned on investment or deposit

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Asadharan Suraksha Seva Praman Patra to be the new gallantry award by Income Tax

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th August, 2017 (INCOME TAX) S.O. 2830(E).—In exercise of the powers conferred by sub clause (i) of clause (18) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby specifies the gallantry awards for the purpose of the said section, mentioned in column (2) of the Table below, awarded in the circumstances mentioned in corresponding column (3) thereof. TABLE SI. No. Name of gallantry award Circumstances for eligibility (1) (2) (3) 1 Asadharan Suraksha Seva Praman Patra When awarded for acts of exceptional courage or conspicuous Gallantry displayed by personnel of Research and Analysis Wing and Director General (Security) and certified to this effect by the Head of the

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CBDT extends the time for Linking PAN with Aadhaar from 31st August 2017 to 31st December 2017      

  CBDT has extended the time to link pan with Aadhaar via below notification: F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.I1 Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (‘Act’)  Under the provisions of recently introduced section 139AA of the Income-tax Act, with effect from 01.07.2017, all taxpayers having Aadhar Number or Enrolment Number are required to link it with PAN Number for filing the tax return. The said provision was relaxed by the Central Board of Direct Taxes (`CBDT’) vide its order dated 31.07.2017, in file of even number, wherein further time till 31.08.2017 was allowed to the taxpayers to link Aadhar with PAN. On consideration of the

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Income Tax Audit and Return Date extended to 31st October

F.No. 225/270/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA.II Division New Delhi dated the 31st of August, 2017 Order under Section 119 of the Income-tax Act, 1961 (`Act’) The Goods and Services Tax (‘GST’) has come into effect on 01.07.2017. In recent days, dates for filing various returns and forms under GST have been extended by the Government. In this backdrop, representations have been filed by various stakeholders requesting for extending the ‘due date’ for filing various reports of audit as well as tax-returns under the Income-tax Act from 30th September, 2017 so as to allow sufficient time to the assessees’ and tax professionals, and thus, facilitate their ease of compliance with statutory responsibilities under various fiscal laws. On consideration of

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