Daily Archives: January 18, 2016

India will require 3 Crore energy efficient pumps

By | January 18, 2016

Shri Piyush Goyal urged Agricultural Pump Manufacturers to scale up Production Capacity with Special focus on Quality Maintenance and Competitive Pricing Shri Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy said that the center-point of any responsible government is the welfare and the future of the farmers. Shri Goyal… Read More »

New category of award of Most Film Friendly State /UT

By | January 18, 2016

Government to introduce new category of award –Most Film Friendly State/UT under National Film Awards- Shri Sunil Arora New category award to be conferred at the 63rd National Film Awards in May Film Facilitation Office to also be set up Secretary I&B inaugurates Public screening of Indian Panorama-2015 films Shri Sunil Arora, Secretary I&B has… Read More »

Centre calls for practical fiscal decentralization to strengthen local bodies

By | January 18, 2016

The Centre today called for practical fiscal decentralisation by State Finance Commissions while distributing resources between the state governments and local bodies. The Minister of State for Panchayati Raj Shri Nihal Chand said that in the 14th Finance Commission more than 2 lakh crore rupees have been earmarked for Gram Panchayats during 2015-20. He was… Read More »

Republic Day 2016 Fly Past – An IAF Appeal

By | January 18, 2016

Republic Day 2016 Fly Past – An IAF Appeal In view of the flypast at heights varying from 60 to 500 metres and the associated flight safety concerns posed by birds, the IAF appeals to all citizens of Delhi and its neighbourhood to keep their areas clean and avoid throwing eatables, garbage, dead animals or… Read More »

Guidance Note on SS1 and SS2 ( Meetings of Board of Directors)

By | January 18, 2016

Guidance Note on SS1 and SS2   MEETINGS OF THE BOARD OF DIRECTORS The “Secretarial Standard on Meetings of the Board of Directors” (SS-1), formulated by the Secretarial Standards Board of the Institute of Company Secretaries of India (ICSI) and issued by the Council of the ICSI, has been approved by the Central Government. Adherence… Read More »

Govt Invite Comments on report to Simplify of Income-tax Act 1961

By | January 18, 2016

Draft Report of Justice R.V Easwar (Retd) Committee to Simplify the provisions of Income-tax Act,1961 A ten member Committee which was constituted on 27th October, 2015 under the Chairmanship of Justice R.V Easwar (retd.) former Judge, Delhi High court has given their draft recommendations which contains 27 suggestions for amendments under the Income-tax Act and… Read More »

Mineral Production during November 2015 (Provisional)

By | January 18, 2016

Mineral Production during November 2015 (Provisional) The index of mineral production of mining and quarrying sector for the month of November(new Series 2004-05=100) 2015 at 131.5, was 2.3% higher as compared to November 2014. The cumulative growth for the period April- November 2015-16 over the corresponding period of previous year stands at (+) 2.1%. The… Read More »

CPC Bengaluru got ISO 9001:2008 for Quality Management System

By | January 18, 2016

Centralized Processing Centre (CPC) Bengaluru awarded “ISO 9001:2008 standard for Quality Management System” Certificate by British Standards Institution (BSI) on 11 January 2016 The flagship project of Income Tax Department for processing of tax returns, Centralized Processing Centre (CPC) Bengaluru, has been awarded “ISO 9001:2008 standard for Quality Management System” Certificate by British Standards Institution… Read More »

Bye-election to the Bihar Legislative Council by the Members of Legislative Assembly

By | January 18, 2016

Bye-election to the Bihar Legislative Council by the Members of Legislative Assembly                      There is one casual vacancy in the State Legislative Council of Bihar occurred due to the resignation of sitting member elected by the members of Legislative Assembly.  The details are given as under:- Sl. No. Name of Member Date of retirement… Read More »

ICAI Constituted Group to assess the viability for constituting International Award for research in Accounting, Finance and Taxation

By | January 18, 2016

Source Institute of Chartered Accountants of India No.Council Affairs/M-626/2015 14th January, 2016 ALL MEMBERS OF THE COUNCIL Dear sir Sub.: Constitution of a Group to assess the viability for constituting International Award for research in Accounting , Finance and Taxation The President, in terms of the authority conferred to him by the Council, has constituted… Read More »

CA Final Result and CPT Result declared by ICAI

By | January 18, 2016

The Institute of Chartered Accountants of India (ICAI) today announced the following results. 1)      Chartered Accountants Final Examination held in Nov, 2015. 2)      Common Proficiency Test held in Dec, 2015. Since December 1949, the Chartered Accountancy Examination is held twice in a year. The top three rank holders on all India basis of Chartered Accountants Final Examinations held in Nov, 2015… Read More »

Global Crude oil price of Indian Basket was US$ 26.40 per bbl on 15.01.2016

By | January 18, 2016

Global Crude oil price of Indian Basket was US$ 26.40 per bbl on 15.01.2016 The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 26.40 per barrel (bbl) on 15.01.2016. This was lower than the price of… Read More »

India’s Foreign Trade (Merchandise): December, 2015

By | January 18, 2016

India’s Foreign Trade (Merchandise): December, 2015 EXPORTS (including re-exports) Exports during December, 2015 were valued at US$ 22297.48 million (Rs. 148491.18 crore) which was 14.75 per cent lower in Dollar terms (9.53 per cent lower in Rupee terms) than the level of US$ 26154.46 million (Rs. 164127.08 crore) during December, 2014. Cumulative value of exports for… Read More »

Committee Recommendation to promote ease of doing business

By | January 18, 2016

Recommendations to promote ease of doing business and simplify procedures- (a) Enhancement and rationalisation of the threshold limits and reduction of the rates of TDS. TDS rates for individuals & HUFs to be reduced to 5% as against the present 10%. (b) Simplification & rationalisation of the provisions of Section 197 and Rules for lower… Read More »

Committee Recommendation to curb litigation of Income tax

By | January 18, 2016

Source INCOME TAX SIMPLIFICATION COMMITTEE REPORT EXECUTIVE SUMMARY Recommendations to check or curb litigation /facilitate speedier disposal (a) Amendments to provide that in cases where shares are shown as capital assets and held for one year or less, the Assessing Officer will not re-characterise the surplus on sale as business income, provided the surplus in… Read More »

No rejection of books for non maintenance of qualitative record of stock

By | January 18, 2016

Held merely because qualitative record was not maintained and on this premise, the books of account could not have been rejected. HIGH COURT OF RAJASTHAN PR. Commissioner of Income-tax v. Bhawani Silicate Industries AJAY RASTOGI AND J.K. RANKA, JJ. D.B. IT APPEAL NOS. 121 AND 122 OF 2015 JULY  30, 2015 Sameer Jain, Adv. for… Read More »