Monthly Archives: November 2015

Steps taken by Government to Protect the Domestic Steel Industry

Steel Imports & The Steps Taken by the Government to Protect the Domestic Steel Industry             In a statement laid on the table of the Lok Sabha today the Minister of Steel and Mines Shri Narendra Singh Tomar said that there is no proposal to specifically restrict steel imports from Northern and Eastern countries. Steel… Read More »

Notification No. 135/2015-CUSTOMS (N. T.)

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 135/2015-CUSTOMS (N. T.) New Delhi, 30th November, 2015 9 Agrahayana, 1937 (SAKA) S.O…… (E).– In exercise of the powers conferred by sub-section (2) of section… Read More »

Preparation of Heritage Bye-Laws by India

Preparation of Heritage Bye-Laws National Monuments Authority (NMA) has so far not noticed any bye-laws for any protected monuments and protected area declared as of national importance. Preparation of heritage bye-laws for all the 3686 protected monuments and protected areas is under process. Since a number of agencies are involved in the process of preparing… Read More »

Export of Meat during last 3 years from India

As per Press release by Ministry of Commerce & Industry of Govt of India 30-November, 2015 There are 64 Abattoirs-cum-Meat Processing Plants/stand alone Abattoirs and 38 meat processing plants registered with Agricultural Processed Export Development Authority (APEDA) in the country at present. The quantity and value of meat exported from the country during each of… Read More »

India’s Ranking in Global Innovation Index

Ministry of Commerce & Industry of Govt of India 30-November, 2015               “The Global Innovation Index” (GII) is a publication brought out by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO) as co-publishers, and their Knowledge Partners. The Confederation of Indian Industry (CII) was their knowledge partner from India for the year… Read More »

Roadmap for the implementation of GST

Roadmap for the implementation of GST in India (Extract from REPORT OF THE SELECT COMMITTEE ON THE CONSTITUTION ONE HUNDRED & TWENTY SECOND AMENDMENT) BILL 2014 PRESENTED TO THE RAJYA SABHA ON 22nd July, 2015 Objective of Introducing the GST In international arena GST is known for its end user consumption tax. The broad objectives of… Read More »

Only actual Bad debts are allowed as deduction and not doubtful debts

IN THE ITAT LUCKNOW BENCH ‘B’ Kanpur Electricity Supply Co. Ltd. v. Deputy Commissioner of Income-tax-VI, Kanpur SUNIL KUMAR YADAV, JUDICIAL MEMBER AND A.K. GARODIA, ACCOUNTANT MEMBER M.A. NO. 27(LKW) OF 2015 IT APPEAL NO. 311(LKW) OF 2014 [ASSESSMENT YEAR 2004-05] SEPTEMBER  2, 2015 Arvind Shukla, Adv. for the Applicant. Smt. Pinki Mahawar, D.R. for… Read More »

Your 7 Transactions which goes to income tax department

Following are the transactions for which income tax department collect information through Annual Information Return (AIR)  under rule 114E Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank. Payments made by any person against bills raised in respect of a credit… Read More »

Key highlights of the 46th International Film Festival of India

Ministry of Information & Broadcasting of Govt of India on 30-November, 2015 The 46th International Film Festival of India, that began in Goa on November 20, draws to close today with a Closing Ceremony paying a musical tribute to the spirit of Cinema and screening of the Closing Film ‘The Clan’ from Argentina. Following are… Read More »

5 Bills for consideration and passing in the Lok Sabha

Ministry of Parliamentary Affairs, Govt of India on 29-November, 2015 Lok Sabha to discuss incidents of intolerance on Monday; Rajya Sabha commitment to Constitution Government proposes 6 Bills in Lok Sabha, 4 in Rajya Sabha for passing during second week Bills relate to amending Prevention of Corruption, Electricity, Factories, Whistle Blowers Protection Acts The Lok… Read More »

Text of Prime Minister’s “ Mann Ki Baat ” programme on All India Radio

Prime Minister’s Office of Govt of India on 29-November, 2015 Text of Prime Minister’s “ Mann Ki Baat ” programme on All India Radio प्यारे देशवासियो, नमस्ते। दीपावली के पावन पर्व के दरम्यान आपने छुट्टियाँ बहुत अच्छे ढंग से मनायी होंगी। कहीं जाने का अवसर भी मिला होगा। और नए उमंग-उत्साह के साथ व्यापार रोज़गार… Read More »

Delay in filing TDS returns due to the non furnishing of PAN by deductees is reasonable cause

IN THE ITAT HYDERABAD BENCH ‘A’ (SMC) Assistant Commissioner of Income-tax (TDS), Circle 1 (1), Hyderabad v. Greater Hyderabad Municipal Corporation P.M. JAGTAP, ACCOUNTANT MEMBER IT APPEAL NOS. 155 TO 160 (H) OF 2015 [ASSESSMENT YEAR 2011-12] AUGUST  12, 2015 Prabhat Kumar Gupta for the Appellant. S. Rama Rao for the Respondent. ORDER 1. These… Read More »

BCAS Achieves Full Implementation of ICAO Recommendations

Govt of India, Ministry of Civil Aviation on 28-November, 2015 BCAS Achieves Full Implementation of ICAO Recommendations The Bureau of Civil Aviation Security, BCAS has fully met the target of implementation of security norms prescribed by the UN oversight body, ICAO (International Civil Aviation Organisation). The ICAO team recently conducted audit of Indian civil aviation… Read More »

DGCA got power to grant initial NOC for import of aircrafts

Govt of India ,Ministry of Civil Aviation on 28-November, 2015 Ministry of Civil Aviation delegates power to grant initial NOC/ In-principle approval for import or acquisition of aircrafts to DGCA The Ministry of Civil Aviation has decided to delegate the power to grant initial NOC/ In-principle approval for import or acquisition of aircrafts to the… Read More »

India re-elected as Member of International Maritime Council

Ministry of Shipping of Govt of India on 28-November, 2015 India re-elected as Member of International Maritime Council for coming two years (2016-17) India has been re-elected unopposed to the Council of the International Maritime Organization [IMO] under Category “B” at the 29th session of the Assembly of the IMO held in London on 27… Read More »

Draft notification for BS-V and BS-VI norms for the automobile sector

Ministry of Road Transport & Highways of Govt of India on 28-November, 2015 Ministry of RT&H issues draft notification for BS-V and BS-VI norms for automobile sector The Ministry of Road Transport & highways has issued a draft notification for implementation of BS-V and BS-VI norms for the automobile sector, covering the four wheeler category.… Read More »

40,000 crores High Horse Power Modern Locomotive Joint Venture Factory Projects

Ministry of Railways of Govt of India on 28-November, 2015 Formal Contract Agreement Signing Ceremony For The Two Rs.40,000/- Crores High Horse Power Hi-Tech Best-In-Class Modern Locomotive Joint Venture Factory Projects (Electric Locomotive Factory At Madhepura And Diesel Locomotive Factory At Marhowra – Bihar) Will Take Place On 30.11.2015 In New Delhi. The formal contract… Read More »

Organ Donation : National Organ Transplant Programme

Ministry of Health and Family Welfare of Govt of India on 27-November, 2015 Need to dispel Myths, Misconception, Superstitions surrounding Organ Donation: J P Nadda Nationwide Registry for Organ and Tissue Donation launched While noting that donating organs is a gift of life and is an altruistic, egalitarian and essentially moral act, Shri J P… Read More »

Gurgaon and Bhopal get Best Road Safety Initiative Award

Ministry of Urban Development of Govt of India on 27-November, 2015 Gurgaon Police and Bhopal Traffic Police get Best Road Safety Initiative Award Raipur, Karnataka RTC, Rajkot, BEST Mumbai facilitated transport initiatives MoS for Urban Development Shri Babul Supriyo presents Urban Mobility India Awards Sikkim, Jaipur, Indore, Coimbattore and NOIDA commended for urban mobility initiative… Read More »

Pilot project for developing greenbelt along National Highways

Ministry of Road Transport & Highways of Govt of India on 27-November, 2015 NHAI approves pilot project for developing strategically designed greenbelt along National Highways NHAI has approved a pilot project submitted by National Environmental Engineering Research Institute (NEERI), Nagpur for undertaking scientific studies on designing greenbelts along national highways.  The project will be implemented… Read More »

Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project

Ministry of Finance of Govt of India on 27-November, 2015 India and Japan exchange Notes for Japan’s Official Development Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project The Notes were exchanged here today between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of… Read More »

Overwhelming response for Sovereign Gold Bond Scheme

By Press Information Bureau of  Government of India Ministry of Finance 27-November-2015 18:26 IST Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve… Read More »

Date of failure is relevant for the purpose of Imposing penalty : Supreme Court

Facts of the Case :- Initial Summons to the Respondent was dated 23.7.2002.   (Thus SEBI’s summons to respondent to furnish required documents prior to 29-10-2002.) The Respondent sought time till 20.8.2002 to provide the documents and information sought by the Appellant, and thereafter sought further time till 31.8.2002 and then 30.9.2002.SEBI sent a reminder letter… Read More »

Depreciation is allowed even before the date of Inauguration if the Asset is ready to use

Facts of the Case The assessee-company was engaged in the business of publishing of news papers. As per the Director’s report the company has commenced its business on 27.10.2007. The assessee has claimed depreciation for an amount of Rs.3,45,43,794 which includes depreciation at the rate of 15% amounting to Rs.76,87,348 on opening WDV of plant and… Read More »

Income from project before commissioning are capital receipts : Supreme Court

Brief Facts of the Case ;- Assessee-company was in process of constructing and erecting its plant and had not started any business during relevant assessment years .Three heads under which the assessee has received certain amounts. These are the i) rent charged by the assessee to its contractors for housing workers and staff employed by… Read More »

ICAI issue Exposure draft on AS 8

Issued by Accounting Standards Board The Institute of Chartered Accountants of India Exposure Draft Accounting Standard (AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors Last date for the comments: 7th December, 2015

Annual turnover of the stock broker for registration fee include the entire transaction ; Supreme Court

Issue :-  Interpretation of the term ‘annual turnover’ as it finds mention in the Explanation after paragraph 3 of Schedule III to the Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992 (for brevity, ‘the Regulations’). The aforesaid Explanation reads as follows : “Explanation. – For the purpose of paragraphs 1, 2 and… Read More »

Clarification for service tax on Seed Testing w.e.f 01.07.2012

Clarification regarding leviability of service tax in respect of Seed Testing with effect from 01.07.2012 Circular No.189/8/2015-Service Tax  F. No. 354/279/2015-TRU Government of India Department of Revenue Central Board of Excise & Customs New Delhi New Delhi, the  26th November, 2015 To Principal Chief Commissioners of Customs and Central Excise(All) Principal Chief Commissioners of Central… Read More »

Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks

Date : Nov 26, 2015 RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2015’ The Reserve Bank of India today released the web publication ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs)’ as on the last Friday of the quarter ending September 2015 (i.e. September 25, 2015).… Read More »

Category: RBI

Online Returns to be submitted by NBFCs- Revised by RBI

RBI/2014-15/246 DNBS (PD).CC.No.03/03.02.02/2015-16 November 26, 2015 All Non Banking Financial Companies Dear Sir, Online Returns to be submitted by NBFCs- Revised Please refer to our Master Circular no DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015 on Returns to be submitted by NBFCs. 2. It has been decided to rationalize the returns’ to be submitted online through COSMOS… Read More »

Bank Finance to Factoring Companies criteria revised by RBI

RBI/2015-16/247 DBR.BP.BC.No.55/21.04.172/2015-16 November 26, 2015 All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Bank Finance to Factoring Companies Please refer to our circular DBOD.BP.BC.No.40/21.04.172/2012-13 dated September 11, 2012 on “Bank Finance to Factoring Companies”, in terms of which banks were advised that they can extend financial assistance to support the factoring business of Factoring Companies complying with… Read More »