Monthly Archives: January 2016

First Information Report (FIR) FAQ’s

What are the categories of Criminal offences ? Criminal offences are classified into two categories depending on the degree of seriousness / cognizance i.e. cognizable and non-cognizable offence. What is Cognizable Offence for filing First Information Report (FIR)  ? A cognizable offence is one in which the police may arrest a person without warrant. They are… Read More »

Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193

Held Although the assessee has neither paid nor paid interest to these financial institutions in respect of debentures. However, the liability was provided for, in its account for purpose of compliance of applicable accounting standards and mandatory requirements of Companies Act, 1956. It was, thus, clear no income had accrue to debenture holders, financial institutions.… Read More »

Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C

Held The assessee has entered into contract with these intermediaries for the work of hiring of transport for carriage of goods for the assessee for which payments are made by the assessee to these intermediaries who are not actual transporters but are arranging actual transporters independently from open market for carriage of goods for assessee… Read More »

Uttar Pradesh Joins Uday Scheme ,Net Benefit of Rs 33000 Crore

Uttar Pradesh Joins “Uday” Scheme , Would Derive an Overall Net Benefit of Rs.33000 Crore Through “UDAY” Shri Piyush Goyal Unveils Logo of “Uday” Scheme The Government of India, the State of Uttar Pradesh and Uttar Pradesh Power Corporation Limited(UPPCL), on behalf of DISCOMs  of Uttar Pradesh (Dakshinanchal Vidyut Vitran Nigam Limited, Kanpur Electric Supply… Read More »

IRDA Invite comments on Draft of IRDA(GENERAL INSURANCE-REINSURANCE) REGULATIONS 2016

EXPOSURE DRAFT Ref:Ref No :IRDAI/NL/RI/ RI Reg/ Date:29-01-2016 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (GENERAL INSURANCE-REINSURANCE) REGULATIONS, 2016. IRDA (General Insurance-Reinsurance) Regulations, 2013, was notified on 7th February, 2013, stipulating various matters concerning reinsurance business transacted by the insurers/ reinsurers in India. The Insurance Act 1938 has been amended. The Insurance Laws (Amendment) Act, 2015,… Read More »

List of Self Certified Syndicate Banks for Syndicate ASBA

List of Self Certified Syndicate Banks (SCSBs) for Syndicate ASBA   Sl. No. Name of the bank For Details of Branches for submitting syndicate non-syndicate ASBA forms 1. HSBC Ltd. Branches 2. ICICI Bank Ltd. Branches 3. Union Bank of India Branches 4  Bank of Maharashtra Branches 5. Kotak Mahindra Bank Ltd. Branches 6. State… Read More »

Tea Board to take over management control of 7 tea estates

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 28th January, 2016 S.O. 260(E).—Whereas attention of the Central Government has been drawn through various representations to the deteriorating condition of the tea gardens of West Bengal, in particular the tea gardens owned and… Read More »

Govt notified revised Tariff Policy for Power

THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF POWER RESOLUTION New Delhi, the 28th January, 2016 TARIFF POLICY No. 23/2/2005-R&R (Vol-IX).—1.0 INTRODUCTION 1.1 In compliance with section 3 of the Electricity Act 2003, the Central Government notified the Tariff Policy on 6 th January, 2006. Further amendments to the Tariff Policy were… Read More »

Zika Virus : Health Minister holds a high level meeting

Union Health Minister Shri JP Nadda holds a high level meeting on Zika Virus Union Minister for Health and Family Welfare, Shri J P Nadda today held a high level meeting comprising senior officials from the Health Ministry and AIIMS to take stock of the situation in view of the recent cases of Zika Virus… Read More »

MoU to provide 1 lakh trade apprentices for youth in 3 years

MoU to provide 1 lakh trade apprentices for youth in over 3 years Ministry of Skill Development and Entrepreneurship in line with Prime Minister’svision to make India skill capital of the world, yesterday signed a Memorandum of Understanding (MoU) with Yashaswi Academy for Skills with an objective to exponentially expand the number of apprentices in… Read More »

Date of agreement to sell is relevant for Section 50C

Held It is apparently clear that the moment an agreement to sell is executed between the parties and part consideration is received, the transfer for the purpose of Section 50C of the Act takes places and computation under Section 48 of the Act will start accordingly, for the purpose of calculating the capital gains under… Read More »

Rescind notification No. 10/2010 – Customs dated 19th February, 2010

Seeks to rescind notification No. 10/2010 – Customs dated 19th February, 2010. [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. 3/2016-Customs (ADD) New Delhi, the 28th January, 2016 G.S.R.       (E).- In exercise of the powers conferred by sub-sections… Read More »

Anti-dumping duty on Melamine exported from Cina

Seeks to levy definitive anti-dumping duty on Melamine, originating in, or exported from the People’s Republic of China, for a period of five years. [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. 2/2016-Customs (ADD) New Delhi, the… Read More »

Notification No. 6/2016-Customs

Seeks to further amend notification No. 12/2012- Customs dated 17.03.2012. [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 6/2016-Customs New Delhi, the 28th January, 2016 G.S.R. (E).- In exercise of the powers conferred by sub-section (1)… Read More »

Top priority to Diplomatic Missions for Livestock product imports

Clearance of Livestock and Livestock products       Circular No. 2/2016-Customs F.No. 450/141/2015-Cus.IV Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs                                                                                                                 North Block, New Delhi                                                                                                         Dated the 27th January, 2016 To,   All Chief Commissioners of Customs/Customs (Preventive) All Chief Commissioners of Customs and Central Excise… Read More »

RBI Clarify Provision of Safe Deposit Locker facility by NBFCs

RBI/2015-16/302 DNBR(PD).CC.No. 072/03.10.001/2015-16 January 28, 2016 All Non-Banking Financial Companies (NBFCs) Dear Sirs, Provision of Safe Deposit Locker facility by NBFCs The Bank has received proposals from NBFCs seeking approval for offering safe deposit locker facilities. In this regard it may be noted that providing safe deposit locker facility is a fee based service and… Read More »

Payer not Liable to Deduct TDS if Payee income is exempt

Facts of the Case The assessee has paid an interest of Rs. 16,24,072/- in the Assessment Year 2011-12, Rs. 20,83,546/- in the Assessment Year 2012-13 & Rs. 25,33,431/- in the Assessment Year 2013-14 . The assessee contended before the Assessing Officer that tax was not deducted in respect of payment to Visvesvaraya Technological University as… Read More »

Coins on Lala Lajpat Rai Released

Dr. Mahesh Sharma releases a Commemorative Coin of rs 150 and Circulation Coin of rs 10 on Lala Lajpat Rai Dr Mahesh Sharma, Minister of State (I/C) for Culture and Tourism released a Commemorative Coin of Rs 150 and a Circulation Coin of Rs 10 on Late Lala Lajpat Rai here today. The Commemorative Coin… Read More »

Curtain Raiser – Beating the Retreat 2016

Curtain Raiser – Beating the Retreat 2016 This year for the first time bands from the State Police and Central Armed Police Force (CAPF) will perform at the ‘Beating the Retreat’ ceremony here tomorrow. The bands comprising Border Security Force (BSF), Indo-Tibet Border Police (ITBP) and Delhi Police will play the tunes ‘Samvidhan’, ‘Abhinandan’ and… Read More »

Low Cost Motorized Wheelchair to Dedicated to Nation

Union minister for Science & Technology and Earth Sciences Dr. Harsh Vardhan Dedicates a Low Cost Motorized Wheelchair to the Nation   The Union Minister for Science and Technology and Earth Sciences, Dr. Harsh Vardhan dedicated a low cost motorized wheelchair called Locomo-WC to the Indian persons with disabilities. Speaking on the occasion he said… Read More »

Govt announced first batch of 20 smart cities

Government announces first batch of 20 smart cities from 11 States and Delhi Bhubaneswar tops the list; Bhopal at 20 23 States/UTs left out to participate in fast track competition Selection through competition totally objective and transparent, says Shri M.Venkaiah Naidu 20 cities propose an investment of Rs.50,802 cr over five years ; All cities… Read More »

India Post to take E-Commerce to Every Indian

Digital India Initiative Would Further Enable India Post to take E-Commerce to Every Indian India Post Well Set to Bridge Rural-Urban Divide Union Minister for Communication and IT, Ravi Shankar Prasad said today that NDA Government’s initiative to digitalize functioning would help in making e-commerce reach every corner. He said the initiative would further enhance… Read More »

Best Marching Contingent on Republic Day Parade 2016

Assam Regiment adjudged Best Marching Contingent on Republic Day Parade 2016 The Assam Regiment has been adjudged as the Best Marching Contingent amongst the three Services in the Republic Day Parade held on 26 Jan 2016. The contingent comprising of 149 soldiers from the seven states of Northeast India, was led by Lieutenant Aditya Bisht.… Read More »

RBI Amends regulations for Foreign Currency Accounts by person resident in India

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Foreign Exchange Department) NOTIFICATION Mumbai, the 21st January, 2016 No. FEMA 10(R)/2015—RB Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 G.S.R. 96(E).—In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2)… Read More »

Download Result Card of CPT December 2015 (Examination)

Source : ICAI January 25, 2016 Sub:- Website for downloading Result Card of CPT December, 2015 (Examination) The Result Cards of Common Proficiency Test (CPT) have been hosted at www.icai.nic.in instead of www.icai.nic.in/cptresultcard (which was mentioned in the Information Brochure/Guidance Notes for CPT candidates published along with the Examination Application Forms of CPT December, 2015)… Read More »

e-Admit Cards for Combined Defence Services Examination (I) 2016

Combined Defence Services Examination (I), 2016 The Union Public Service Commission will be conducting the Combined Defence Services Examination (I), 2016 at different venues located at 41 Centres throughout the country on 14.02.2016 (Sunday). The e-Admit Cards for the candidates have been uploaded on the Commission’s Web-sitehttp://www.upsc.gov.in which may be downloaded.  Letters of rejection to… Read More »