Daily Archives: February 18, 2016

Notification No.29/2016 – Customs (N.T.) Rate of Exchange

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS)  Notification No.29/2016 – Customs (N.T.)  Dated the 18th  February, 2016 29 Magha, 1937 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central… Read More »

Reopening of the assessment should indicate which material fact was not disclosed by the Assessee

Issue The assessee company has earned a dividend of Rs. 1,85,30,220/- which has been treated as exempt u/s 10(34) of the Act. However, no disallowance of expenditure have been made u/s 14A neither has assessee produced any details to show that no expenditure was incurred on earning of this exempt income. Held It was insisted… Read More »

Road Tax in Delhi

Road Tax Q. Under what section the Road Tax is paid ? Ans. As per section 3 of Delhi motor vehicle taxation Act 1962 every vehicle owner has to pay road tax at the time of registration of his vehicle and thereafter as per rule formed there under. Tax Rates Q. What are the Road… Read More »

Print & digital versions of India 2016 and Bharat 2016 released

I&B Minister releases India 2016 & Bharat 2016 Digitizing Government Publications is a priority area: Shri Arun Jaitley E- Commerce platforms to facilitate sale of Publications Division Books Bharat Kosh Portal to facilitate online payment & subscription services for prominent journals Shri Arun Jaitley, Minister of Information & Broadcasting, Finance and Corporate Affairs today released… Read More »

GovT sanctions 81,757 houses for urban poor in 7 states

Government sanctions 81,757 houses for urban poor in 7 states with an investment of Rs.4,076 cr Centre to provide assistance of Rs.1,226 cr West Bengal gets 27,830 houses, Telangana-22,817, Bihar-13,315, Mizoram-8,922, Rajasthan-6,052 Jharkhand-2,337 and Uttarakhand-484 Ministry of Housing & Urban Poverty Alleviation today sanctioned construction of 86,179 houses for Economically Weaker Sections(EWS) in urban areas… Read More »

Performance of Domestic Airlines for the year 2016

Performance of Domestic Airlines for the year 2016 Traffic data submitted by various domestic airlines has been analysed for the month of January, 2016. Following are the salient features: Passengers carried by domestic airlines during January, 2016 were 76.55 lakhs as against 62.45 lakhs during the corresponding period of previous year thereby registering a growth… Read More »

MCA invites comments on Amendment in Incorporation Rules 2016

GOVERNMENT OF INDIA Ministry of Corporate Affairs  NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (Incorporation) Second  AMENDMENT RULES 2016 Dated the 17th February, 2016 The draft Companies COMPANIES (Incorporation) Second AMENDMENT RULES 2016 i.e. conversion of unlimited liability company into limited liability companyhas been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on… Read More »

Export of Roasted Gram in consumer packs upto 1kg permitted

THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 15th February, 2016 No. 40/2015-20 Subject: Amendment in export policy of Pulses. S.O. 483(E).—In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992),… Read More »

Govt declare education and real estate as public utility services

The Gazette of India EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY MINISTRY OF LAW AND JUSTICE (Department of Justice) NOTIFICATION New Delhi, the 16th February, 2016 S.O. 495(E).—In pursuance of clause (b) of section 22A of the Legal Services Authorities Act, 1987 (39 of 1987), the Central Government, in the public interest, hereby declares… Read More »

Repurchase of Government Stocks

Source : Reserve Bank of India GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Economic Affairs) (Budget Division) New Delhi, the February 17, 2016. NOTIFICATION Repurchase of Government Stocks F. No.4(5)-W&M/2015: The Government of India hereby notifies repurchase of (i) 7.59 per cent Government Stock 2016, (ii) 10.71 per cent Government Stock 2016, and (iii)… Read More »

New Textile Policy likely to be finalized by April 2016

New Textile Policy likely to be finalized by April 2016: Textiles Minister Textiles Minister Shri Santosh Kumar Gangwar today said that the long awaited National Textile Policy is nearing finalization and is likely to be issued before the end of April, 2016.  Interacting with media persons after participating in the Make in India Seminar as… Read More »

Ultra Modern Computer based Signalling System at Khurja yard of Indian Railways

Indian Railways Khurja Yard gets Ultra Modern Computer based Signalling System The New System Will Have 256 Possible Movements Leading To Immense Flexibility  Better Reliability, Faster Clearance of Trains, Safer Shunting Operation, Better Handling of Long Goods Train, Enhanced Line Capacity, Fully Computerized Operation are the Highlight of the system  The Present System Will In… Read More »

All about National Pension System and PRAN

Entry Norms Government Sector ( Central Government ) What is the role of PFRDA? As per PFRDA Act 2013, PFRDA is an Authority to promote old age income security by establishing, regulating and developing pension funds to protect the interest of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto. What is… Read More »

Amendment in SC/ST Act is need of hour –Gehlot

Amendment in SC/ST Act is need of hour –Gehlot Union Minister of Social Justice & Empowerment Shri Thaawarchand Gehlot today said that amendment in SC/ST act is the need of the hour. Expressing concern in a meeting held here to review and amend the provisions in the Protection of Civil Rights {PCR} Act, 1955 and… Read More »

Share of Direct and Indirect Taxes in Tax Collection

Revenue Secretary Dr. Hasmukh Adhia: Forthcoming Union Budget 2016-17 would Aim to Promote Growth, Employment and Provide a Level Playing Field to Indian Domestic Manufacturers   Dr. Hasmukh Adhia, Revenue Secretary, Government of India said that from the taxation perspective, the forthcoming Union Budget 2016-17 would aim to promote growth, employment and provide a level… Read More »

eNPS online portal for Online Subscriber Registration & contribution

Online Subscriber Registration and contribution under NPS using eNPS platform In light of Prime Minister’s “Digital India” campaign on promoting e-governance for providing last mile connectivity through extensive use of ICT (Information and Communications Technology) platforms, Pension Fund Regulatory and Development Authority (PFRDA) has been pursuing the development and operationalization of online transaction facilities for… Read More »