Monthly Archives: March 2016

ITR Forms for AY 2016-17 (FY 2015-16) Notified by Income tax Dept

By | March 31, 2016

INCOME-TAX (NINTH AMENDMENT) RULES, 2016 AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More »

Period of limitation expire, Assessement time can’t be extended :SC

By | March 31, 2016

Period of limitation   Facts of the Case The Assessing Officer sent notices to the respondent- assessee in Form ST-XIV forAssessment Years 2000- 01, 2001-02, 2002-03 and 2003-04., i.e., after the expiry of three years. The assessee took an objection that these notices were sent beyond the period of assessment and, therefore, it was not… Read More »

External Commercial Borrowings Revised framework

By | March 31, 2016

RBI/2015-16/349 A.P. (DIR Series) Circular No.56 March 30, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) – Revised framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph no. 1.8, 2.2, 2.4.1, 2.4.2, 2.4.5, 2.4.6, 2.5,… Read More »

Transfer or issue of Security by Person Resident outside India

By | March 31, 2016

Reserve Bank of India Foreign Exchange Department Central Office Mumbai – 400 001 Notification No.FEMA.366/2016-RB March 30, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of… Read More »

Category: RBI

Insurance sector FDI limit enhanced

By | March 31, 2016

RBI/2015-16/350 A.P. (DIR Series) Circular No.58 March 31, 2016 To All Authorised Dealer Category – I Banks Madam/Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More »

Compliances of Service Tax in Banking Sector

By | March 31, 2016

Revised Publication ‘ Compliances of Service Tax in Banking Sector ‘ updated by Finance Bill, 2016 Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative… Read More »

Central Excise Law for Jewellery (105 FAQ )

By | March 31, 2016

 New Publication ‘Central Excise Law and Procedure for Jewellery Industry (including 105 FAQs)” to promote ease of doing business The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds/other precious… Read More »

Election Commission Provides Complaint Redressal Mechanism

By | March 31, 2016

ECI Provides Complaint Redressal Mechanism- Call Centre & Web-Based Management During Ongoing Elections In view of the ongoing elections, the Election Commission of India (ECI) has issued instruction to provide a Complaint Redressal Mechanism in all the five election going states. The main objective of this IT platform is to provide the following: Manage the… Read More »

Companies (Auditor’s Report) Order 2016 Notified

By | March 30, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CORPORATE AFFAIRS ORDER New Delhi, the 29th March, 2016 S.O. 1228(E).—In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013 (18 of 2013 ) and in supersession of the Companies (Auditor’s Report) Order, 2015 published in the… Read More »

Building Bye-laws Revised for Delhi by Govt

By | March 30, 2016

User friendly unified, simplified Building Bye-laws for Delhi announced Enables single window clearences and payments, approvals in 30 days, says Shri M.Venkaiah Naidu No sanctions needed for plots up to  105 sq.mtrs; construction permissions done away with Revised Bye-laws improve ease of doing business, promote investments, says Minister To promote safe, green and sustainable construction… Read More »

e-CGHS Card self-printing enabled by Govt

By | March 30, 2016

Shri J P Nadda launches GIS-enabled HMIS application, self-printing of e-CGHS Card “A significant steps towards Digital India and for easy access of health services to the common man”: Shri J P Nadda Shri J P Nadda, Union Minister of Health and Family Welfare launched two major Digital initiatives to provide easy access to health… Read More »

Special Clearing operations on March 30 and 31, 2016

By | March 30, 2016

RBI/2015-16/347 DPSS.CO.CHD.No./2313/03.01.03/2015-16 March 28, 2016 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 30 and 31, 2016 A reference is invited to the… Read More »

FPI Investment limit in Govt Securities Increased

By | March 30, 2016

Investment by Foreign Portfolio Investors (FPI) in Government Securities RBI/2015-16/348 A.P. (DIR Series) Circular No. 55 March 29, 2016 To, All Authorised Persons Madam/ Sir, Investment by Foreign Portfolio Investors (FPI) in Government Securities Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue… Read More »

RBI clarifies its Directions on MCLR System

By | March 30, 2016

Mar 29, 2016 The Reserve Bank of India today clarified some of the provisions of Reserve Bank of India (Interest Rate on Advances) Directions, 2016 (hereinafter called the Directions) relating to the Marginal Cost of Funds based Lending Rate (MCLR) system which comes into effect on April 01, 2016. The changes are: 1. Fixed Rate… Read More »

22 NBFCs Registration cancelled by RBI

By | March 30, 2016

RBI cancels Certificate of Registration of 22 NBFCs Mar 29, 2016 The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 22 (twenty two) non-banking financial companies (NBFCs) as shown in Annex, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act,… Read More »

Rs 1 Note issued by RBI

By | March 30, 2016

Issue of ₹ 1 denomination currency notes with Rupee symbol (₹) and the inset letter ‘L’   The Reserve Bank of India will soon put into circulation currency notes in one rupee denomination. The notes have been printed by the Government of India. These currency notes are legal tender as provided in The Coinage Act… Read More »

Construction & Demolition Waste Management Rules Notified for First Time by Environment Ministry

By | March 29, 2016

Environment Ministry Notifies Construction and Demolition Waste Management Rules for the First Time ‘Rules are an Intiative to Effectively Tackle Pollution and Waste Management’: Javadekar The Government has notified Construction & Demolition Waste Management Rules, 2016 for the first time.  Outlining the salient features of the Construction & Waste Management Rules here today, Union Minister… Read More »

Unskilled manual worker Rates under MNREG act

By | March 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 23rd March, 2016 S.O. 1205(E).— In exercise of the powers conferred by sub-section (1) of section 6 of the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (42 of 2005), the Central Government hereby makes the following further… Read More »

National Film Awards 2015 announced

By | March 29, 2016

63rd National Film Awards 2015 announced Bahubali awarded Best Feature Film and Bajrangi Bhaijaan declared Best Popular Film providing Wholesome Entertainment Amitabh Bachchan to be given Best Actor award for the film Piku; Kangana Ranaut Best Actress for Tanu Weds Manu Returns Sanjay Leela Bhansali given Best Direction Award for his Film Bajirao Mastani The… Read More »

Padma awardees List

By | March 29, 2016

President of India presents Padma Awards The President of India, Shri Pranab Mukherjee presented Padma Vibhushan, Padma Bhushan and Padma Shri awards today (March 28, 2016) at a Civil Investiture Ceremony held at Rashtrapati Bhavan.   Among the dignitaries present on the occasion were the Vice President of India, Prime Minister, Union Ministers of Home… Read More »

CPC to process forms for registration of companies

By | March 28, 2016

SECTION 396 OF THE COMPANIES ACT, 2013 registration of companies  EMPOWEREMENT OF CENTRAL REGISTRATION CENTRE (CRC) NOTIFICATION [F. NO. A-42011/03/2016-AD.II], DATED 23-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the Act), the Central Registration Centre (herein… Read More »

Actuaries and their Mentors Appointment Guidelines of IRDA

By | March 28, 2016

Guidelines on Appointment of Appointed Actuaries and their Mentors Ref:IRDAI/ACTL/GDL/MISC/055/03/2016 Date:22-03-2016 In terms of the powers conferred under section 14 (2) (e ) of the IRDA Act 1999 as amended from time to time, the Insurance Regulatory and Development Authority of India (IRDAI) issues these guidelines on the Appointment of Appointed Actuaries and their Mentors.… Read More »

No TDS on Provision of Interest u/s194A if provision reversed

By | March 28, 2016

Facts of the Case The appellant is an undertaking of the Government of Karnataka engaged in power transmission. The appellant purchases electricity from various parties by entering into power purchase agreements. For such purchases, when payment of purchase price is delayed, the agreements provide for payment of interest to suppliers of electricity by the appellant.… Read More »

Bio Medical Waste Management Rules Notified

By | March 28, 2016

New Bio Medical Waste Management Rules Notified ‘New Bio-Medical Waste Management Rules will Change The way Country Used to Manage Waste Earlier; Make a Big Difference to Clean India Mission’: Javadekar “The new bio-medical waste management rules will change the way country used to manage this waste earlier. Under the new regime, the coverage has… Read More »

THE AADHAAR ACT 2016 NOTIFIED BY GOVT

By | March 27, 2016

 AADHAAR ACT 2016 Govt of India has notified the aadhaar act 2016  which will be called  THE AADHAAR (TARGETED DELIVERY OF FINANCIAL AND OTHER SUBSIDIES, BENEFITS AND SERVICES) ACT, 2016 as per the following notification THE GAZETTE OF INDIA EXTRAORDINARY PART II — Section 1 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 26th… Read More »

High Court admitted winding up petition of Kingfisher Airlines

By | March 27, 2016

Facts of the case The respondent-company Aerotron Ltd., having its office in the United Kingdom, had filed Company Petition No. 214 of 2012 under section 433(e) and (f) read with sections 434 and 439(1)(b) of the Companies Act, 1956, for winding up of the appellant-company. Issue since the respondent-company was carrying on business in India… Read More »

Plastic Waste Management Rules 2016 Notified

By | March 26, 2016

Plastic Waste Management Rules 2016 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION [F. No. 17-2/2001-HSMD] New Delhi, the 18th March, 2016 G.S.R. 320(E).―Whereas the Plastic Waste (Management and Handling) Rules, 2011 published vide notification number S.O 249(E), dated 4th February, 2011 by the Government of… Read More »

THE BUREAU OF INDIAN STANDARDS ACT 2016 NOTIFIED

By | March 25, 2016

THE GAZETTE OF INDIA EXTRAORDINARY PART II — Section 1 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 22nd March, 2016/Chaitra 2, 1938 (Saka) THE BUREAU OF INDIAN STANDARDS ACT, 2016 NO. 11 OF 2016 [21st March, 2016.] An Act to provide for the establishment of a national standards body for the harmonious… Read More »

New Certificate of Incorporation Form for Companies

By | March 25, 2016

COMPANIES (INCORPORATION) SECOND AMDNDMENT RULES, 2016  SUBSTITUTION OF FORM INC-11 NOTIFICATION [F.NO.01/13/2013 CL-V (PT-I)], DATED 23-3-2016 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely:—… Read More »

Audit objection satisfied by AO canot base for reassessment

By | March 25, 2016

Case law on Audit objection Facts of the case It is stated that the petitioner manages consumer loyalty programs for its partner organizations, whereby the customers of its partners become entitled to loyalty points on purchase of certain goods or services, which can be redeemed towards future purchases. The loyalty program is managed by the… Read More »

Govt notify Karnataka Urban Water Supply and Drainage Board for Section 10(46) of Income tax act

By | March 23, 2016

SECTION 10(46) OF THE INCOME-TAX ACT, 1961 EXEMPTIONS STATUTORY BODY/AUTHORITY/BOARD/COMMISSION NOTIFIED BODY OR AUTHORITY NOTIFICATION NO. SO 1139(E) [NO.15/2016 (F.NO.196/6/2015-ITA.I)], DATED 16-3-2016 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the… Read More »

Railways Enhances Senior Citizen Quota

By | March 23, 2016

Ministry of Railways Enhances Senior Citizen Quota Ministry of Railways Undertakes Rationalization of Lump¬sum Rates for Merry¬go¬round (MGR) System In terms of a Rail Budget Announcement 2016-17 by Minister of Railways Shri Suresh Prabhakar Prabhu, Following two services were  launced:- Enhanced Senior Citizen Quota Rationalization of Lumpsum freight rates for Merry-Go-Round (MGR)   These services… Read More »

Govt invite comments for discloure of Personal information under RTI Act

By | March 23, 2016

Personal information under RTI Act The Department of Personnel and Training have been impressing upon the public authorities to disclose maximum information proactively, so that public at large need not file RTI applications to seek information held by the public authorities. In this regard, it was brought to the notice of the public authorities from… Read More »

Govt warning to taxman to pay tax on interest income

By | March 23, 2016

Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on… Read More »

Govt notify E-Waste Management Rules 2016

By | March 23, 2016

Environment Ministry Notifies E-Waste Management Rules, 2016 ‘E-Waste Rules will include CFL and other Mercury containing Lamps’: Javadekar             The Ministry of Environment, Forest and Climate Change has notified the E-Waste Management Rules, 2016 in supersession of the e-waste (Management & Handling) Rules, 2011.   Announcing the notification of the rules here today, Minister of State… Read More »