NEW BATCH FOR CS FOUNDATION/EXECUTIVE/PROFESSIONAL

Updates:

1. Under GST, apply for registration in 30 days to get input tax credit for period prior to registration. Else get ITC from data of registration.
2. Last date for filing online MEF is extended to 10 Sept, 2016 & submission of hard copy of declaration 20 Sept, 2016.
3. The state of Jammu & Kashmir CBDT further extends the ‘due-date’ for filing Return of Income from 31st August, 2016 to 30th September, 2016.
4. MCA has notified the provisions of section 188 to 194 of the Insolvency and Bankruptcy Code 2016.

GST Impact

 

So far I understood the GST as under:

Updates

Updates:

1. No compensation from Insurance Co. if there is theft without a forcible entry:  [2016]72 taxmann.com 296 (SC of India).
2. VAT Dept issued notification dated 24.08.2016 regarding withdraw of mandatory requirement of DSC in filing DVAT returns.
3. Under GST:
• Composition Supplier can register in multiple states if total sales up to 50 lacs, no Inter state sale. Scheme must for all businesses having PAN.
•  Selling milk, eggs, chickens taxable under GST as dairy/poultry farming not part of agriculture. Vegetables not taxable but their saplings are taxable.
4. Govt notified some of the section of the Bankruptcy. S.O. 2746(E) dated 19th August 2016 issued by MCA.

Heartiest congratulations to all the Shining stars of ICA for clearing CS exams.................

Congrats to all my students who are passed and for other "Always continue the climb. It is possible for you to do whatever you choose, if should not left by you by sorrow, if u are willing to work with power you will ultimate reach to your goal.
Neeraj Chaurasiya,
 Archana Komal, 
Saman, 
Harsha Makan, 
Afreen Fatima,
 Prena Singh,
 Raman Singh,
 Shruti Dewedi
 Shristi Mehrotra, 
Barkha Agarwal, 
Aashi Jain,
 Ritika Saxena, 
Ayesha Zafar,
 Namrata Mishra 
any many more who came out with flying colors

COMPULSORY SWITCHOVER OF ALL PROFESSIONAL PROGRAMME (OLD SYLLABUS)

STUDENTS It is informed that June, 2016 Session was the last examination for Professional Programme (under Old Syllabus). From December, 2016 Session onwards, all students under Professional Programme (Old Syllabus) shall be compulsorily required to switchover to Professional Programme (New Syllabus). As a result, there will NOT be any scope for enrolment for exam for December, 2016 under old syllabus. Therefore, all Professional Programme(Old Syllabus) students are advised to switchover to New syllabus (by logging to account at www.icsi.edu), so that the records are duly updated before the commencement of enrolment process for December, 2016 examination. If the concerned students fail to make switchover to new syllabus, there will be serious disruption in the on-line enrolment process.

https://www.icsi.edu/docs/webmodules/ATTENTION_PROFESSIONAL_PROGRAMME_(OLD_SYLLABUS)_STUDENTS.pdf

UPDATES

CBDT:

The Central Board of Direct Taxes has amended the Income Tax Rules, 1962. These rules may be called the Income Tax (21^stAmendment) Rules, 2016. In the Income Tax Rules, 1962, the rule 37CB (Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply) after rule 37CA and before rule 37D shall be inserted.

“37CB. (1) the provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or classes of buyers , namely:—

(i)                 Government;

(ii)               Embassies, Consulates, High Commissions, Legation or Commission and trade representation, of a foreign State;

(iii)             Institutions notified under United Nations (Privileges and Immunities) Act, 1947”.

CBDT:

The Central Board of Direct Taxes has issued clarification on the Income Declaration Scheme, 2016. The Income Declaration Scheme, 2016 came into effect on 1^st June, 2016. The Board has issued three sets of FAQs vide Circular Nos. 17, 24, 25 & 27 of 2016. In order to address further queries received from the public relating to the Scheme, the Board has issued clarifications.