Daily Archives: February 27, 2016

Hindustan Aeronautics project of Light Utility Helicopter

HAL Projects Hindustan Aeronautics Limited (HAL) has planned to set up a manufacturing facility and take up Maintenance Repair & Overhaul (MRO) activities for Light Utility Helicopter (LUH) and other Rotary Wing Platforms near Tumkur, Karnataka. The foundation stone has been laid on 03rd January 2016. HAL plans to manufacture the lighter, three tonne machines… Read More »

Govt steps for Modernisation and Security of Shipyards

Modernisation and Security of Shipyards Government has plans to modernise and upgrade the shipyards where various types of warships and submarines are produced. A comprehensive assessment of the modernisation needs of the Defence Shipyards have been made based on the requirement of the ongoing and future Projects. The modernisation programme is intended not only to… Read More »

Country wise Import budget of India for defence during last 3 years

Defence Preparedness The details of the import budget for defence during the last three years, country-wise is as follows: Army (` in crores) Country Financial year   2012-13 2013-14 2014-15 Russia 593.80 936.20 2,110.12 Israel 199.67 412.06 1,023.87 USA 61.77 0.95 0.00 Others 136.43 151.79 318.62 Total 991.67 1,501.00 3,452.61 Navy (` in crores) Country… Read More »

Govt steps for Resettlement of Ex-Servicemen

Resettlement of Defence Personnel Approximately, 55,000 personnel retire annually from the armed forces. Government is imparting training to the personnel of the Armed Forces before their retirement. Indian Institute of Management (IIM) has also come forward to help them in finding employment. IIM Ahmedabad, Lucknow and Indore are conducting 24 weeks Management Courses regularly for… Read More »

National War Memorial and National War Museum

National War Memorial and National War Museum Government has initiated steps to construct National War Memorial and National War Museum in the country. The Cabinet in its meeting held on 7th October 2015 has approved the proposal for construction of National War Memorial at ‘C’ Hexagon of India Gate and the National War Museum either… Read More »

25 Sainik Schools in India

Sainik Schools As per the Memorandum of Association of the Sainik Schools Society, 1961 the objects of the society include establishment of Sainik Schools in various parts of India to provide special School education of a high standard with the aim of preparing boys academically and physically for entry into the National Defence Academy and… Read More »

Defence Deals of India in Last 3 years

Defence Deals During the last three years 162 contracts with total value of Rs. 133093.29 Crore have been signed with Indian and foreign vendors for procurement of defence equipment, including Ships, Missiles, Rockets, Simulators, Tanks, Guns, Aircrafts, Helicopters and Radars.  The details are as follows: Year No. of Contracts Value (Rs. in crore) 2012-13 73… Read More »

compensation admissible to Next of Kin of the soldiers

Rescue Operation at Siachen On the night of 02/03 Feb, 2016, a massive ice wall  facing Sonam Post in Northern Glacier (Siachen) suddenly collapsed and  10 Army personnel were trapped under it. All possible resources of the Army/Air Force were mobilized and directed towards the rescue operation launched to   rescue them. On 08th Feb, 2016,… Read More »

Council discussed Draft National Health Policy

Shri J P Nadda chairs 12th Conference of the Central Council of Health and Family Welfare to discuss Draft National Health Policy Govt. committed to providing affordable quality healthcare to people: J P Nadda The Government is committed to providing affordable and quality healthcare to all people of the country. The Union Health and Family… Read More »

Taxability of Interest on NPAs and Stick Loans

IN THE HIGH COURT OF JUDICATURE AT BOMBAY BENCH AT AURANGABAD INCOME TAX APPEAL NO. 53 OF 2014 THE COMMISSIONER OF INCOME TAX, AURANGABAD VERSUS M/S. DEOGIRI NAGARI SAHAKARI BANL LTD,AURANGABAD Held Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting by a bank, is not taxable as per prudential norms Download Complete judgement :DEOGIRI NAGARI SAHAKARI BANL LTD

Advance given to builder qualify for Section 54 Investment

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH  “A” BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER I.T.A. No. 7512/Mum/2013 Assessment Year : 2010-11 Shri Hasmukh N. Gala, Vs. Income Tax Officer 20(1)(3), Facts of the case The relevant facts are that the assessee is an individual who is engaged in… Read More »

About e-Sahyog of Income tax Department

e-Sahyog  Overview Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especially for small taxpayers. This initiative is in line with the government’s commitment under Digital India to e- enable public services for the benefit of the citizens. Traditionally, when Income Tax Department (ITD) found mismatch in… Read More »

The Income-tax (2nd Amendment) Rules 2016

INCOME-TAX (SECOND AMENDMENT) RULES, 2016 – AMENDMENT IN RULES 10THB, 10THC 10THD AND FORM NO.3CEFB NOTIFICATION NO.SO 502(E) [NO.5/2016 (F.NO.142/7/2014-TPL)], DATED 17-2-2016 In exercise of the powers conferred by section 92CB, read with section 295 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to… Read More »

Consideration received on buyback of shares Taxable as Capital Gain : CBDT

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 26 of February, 2016 Circular No. 3/2016  ​Clarification regarding nature of share Buy-back transactions under Income-tax Act, 1961 As per provisions of Section 46A of the Income-tax Act, 1961 (‘Act’), applicable with effect from 01.04.2000, any consideration… Read More »

Status of Food Processing Industry in Maharashtra

Status of Food Processing Industry in Maharashtra The status of Food Processing Industries in Maharashtra as per Annual Survey of Industries 2012-13 is as follows: Parameters Maharashtra % to All India No. of registered Food Processing Industries 3077 8.28 Fixed Capital (Rs. in crore) 27577.08 17.36 Employment (Persons) 217124 12.85 Gross Value Added (Rs. in… Read More »

20% of heart disease patients suffer from Valvular Heart Disease

Import of Medical Devices and Implants Globally, diseases of heart valve constitute a major cause of cardiovascular morbidity and mortality with rheumatic heart disease being the dominant Valvular Heart Disease (VHD) in developing countries including India. Indian Council of Medical Research (ICMR) has informed that as per experts, around 15-20% of total patients attending the… Read More »

Unclaimed dividend amounts can be invested in Mutual Funds : SEBI

CIRCULAR NO.SEBI/HO/IMD/DF2/CIR/P/2016/37, DATED 25-2-2016 A. Treatment of unclaimed redemption and dividend amounts Please refer to SEBI circular dated November 24, 2000 on treatment of unclaimed redemption and dividend amounts. In partial modification of the aforementioned circular, it has been decided that: 1. The unclaimed redemption and dividend amounts, that are currently allowed to be deployed… Read More »

Standard Treatment Guidelines for Allopathy and Ayurveda

Wrong Treatment of Diseases Health is a State subject. It is the responsibility of the respective State Government to take cognizance of such instances and take action to prevent and control such practices. Therefore, such complaints, as and when these are received, are forwarded to the concerned States. Details of such complaints are, however, not… Read More »

No of Deaths due to cancer in India

Cancer Prevalence National Cancer Registry Programme (NCRP) is being implemented by Indian Council of Medical Research (ICMR) based on 29 Population Based and 29 Hospital Based Registries.  The estimated prevalence and mortality in the past three years, State/UT wise is given below: Estimated Prevalence Cancer cases in India by State/UT -All sites- (2012 to 2014)-… Read More »

Online Sale of Medicines

Online Sale of Medicines In accordance with the provisions of the Drugs & Cosmetics Act, 1940 and Rules made thereunder, the sale of drugs in the country is regulated by State Licensing Authorities. Accordingly, drugs specified in Schedule H, H1 or Schedule X cannot be sold except on and in accordance with the prescription of… Read More »

Inspection Of Medical Colleges

Inspection Of Medical Colleges The Medical Council of India (MCI) with the previous sanction of the Central Government made regulations prescribing minimum requirements in terms of infrastructure, faculty and clinical material for establishment of medical colleges. The requirements are indicated phase-wise and have to be met by the Medical Colleges for getting approval. The MCI… Read More »

Online Appointment Facility in AIIMS

Online Appointment Facility in AIIMS Online Registration System has been launched in All India Institute of Medical Sciences (AIIMS), New Delhi on 04th July, 2015. The Online Registration System has linked all Departments of AIIMS, New Delhi on the Aadhar enabled software platform. The software can be utilised online or through a web-kiosk or through… Read More »

Guidelines Regarding Availability of Ventilator Bed

Guidelines Regarding Availability of Ventilator Beds Since health is a State subject, it is the responsibility of the State Government to issue guidelines for providing ventilator bed facility in an emergency situation on immediate basis to seriously ill persons including accident victims in all Government/private hospitalsand take action against the hospitals, who refuse to provide… Read More »

Govt Steps to Reduce Post Harvest Food Losses

Steps Taken to Reduce Post Harvest Food Losses   The  Government has got a study done on “Assessment of Quantitative Harvest and Post-Harvest Losses of Major Crops and Commodities in India” by ICAR – Central Institute of Post-Harvest Engineering and Technology (CIPHET), Ludhiana. The study was commissioned in 2012 and the final report submitted on… Read More »

Lending Rate Based Interest Rates

Lending Rate Based Interest Rates Reserve Bank of India (RBI) has issued guidelines on computing interest rates on advances based on the Marginal Cost of Funds based Lending Rate (MCLR) to banks vide circular DBR No. Dir.BC.67/13.03.00/2015-16 dated December 17, 2015 which will be effective from April 1, 2016. Apart from helping improve the transmission… Read More »

Pan Card Mandatory for all Transactions

Pan Card Mandatory for all Transactions The Government vide notification S.O. (3545)(E) dated 30.12.2015, has made quoting of Permanent Account Number (PAN) mandatory for all transactions (irrespective of the mode of payment) of sale or purchase of goods or services of any nature exceeding rupees 2 lakh and for other specified transactions with effect from… Read More »

White Label ATMs

White Label ATMs The Reserve Bank of India (RBI) has issued guidelines regarding setting up of White Label ATMs by non-bank entities. Non-bank entities that intend setting up, owning and operating ATMs, are christened “White Label ATM Operators” (WLAO) and such ATMs are called “While Label ATMs” (WLAs). Three different schemes are available to WLAOs… Read More »

Action Against Tax Evaders

Action Against Tax Evaders Appropriate action under relevant laws against tax evaders is an on-going process. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of tax, interest, penalties, etc and filing of prosecution complaints in criminal courts, wherever applicable. The tax, interest and penalties, forming part of the total… Read More »

Custom Duty on Life Saving Drugs

Custom Duty on Life Saving Drugs Representations have been received from domestic industry stating, inter alia that the exemption/concessional customs duties on drugs including life saving drugs deters domestic manufacture of these life saving drugs.Accordingly, in consultation with the stakeholders including Ministry of Health and Family Welfare and the Department of Pharmaceuticals, exemption/concessional customs duties… Read More »

Govt issued Instructions for One Rank One Pension

OROP Scheme Detailed instructions along with OROP tables on implementation of OROP have been issued on 3.2.2016. Considering the requirement for implementation of “One Rank One Pension”, the expenditure ceiling for Defence Pensions in BE 2016-2017 has been increased from Rs.69,876 crores to Rs.82,332.66 crores. Government has received representations from various Ex-Servicemen Associations and beneficiaries… Read More »