Daily Archives: March 4, 2016

Tax incentives for start-ups

By | March 4, 2016

Finance Bill 2016 Tax incentives for start-ups With a view to providing an impetus to start-ups and facilitate their growth in the initial phase of their business, it is proposed to provide a deduction of one hundred percent of the profits and gains derived by an eligible start-up from a business involving innovation development, deployment or commercialization… Read More »

Taxation of Income from Patents

By | March 4, 2016

Finance Bill 2016 Taxation of Income from Patents In order to encourage indigenous research & development activities and to make India a global R & D hub, the Government has decided to put in place a concessional taxation regime for income from patents. The aim of the concessional taxation regime is to provide an additional incentive for… Read More »

Additional depreciation benefit to business of transmission of power

By | March 4, 2016

Finance Bill 2016 Extending the benefit of initial additional depreciation under section 32(1)(iia) for power sector Under the existing provisions of section 32(1)(iia) of the Act, additional depreciation of 20% is allowed in respect of the cost of new plant or machinery acquired and installed by certain assessees engaged in the business of generation and distribution of… Read More »

15% depreciation on oil wells notified by CBDT

By | March 4, 2016

NOTIFICATION NO. SO 650(E) [NO.13/2016 (F.NO.142/33/2015-TPL)], DATED 3-3-2016 In exercise of the powers conferred by section 295 read with section 32 of the Income‐tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income‐tax Rules, 1962, namely:— 1. (1) These rules may be called… Read More »

Levy of tax where charitable institution ceases to exist or converts into a non-charitable organization

By | March 4, 2016

Finance Bill 2016 Levy of tax where the charitable institution ceases to exist or converts into a non-charitable organization The existing provisions of section 2(24) of the Act define “Income” in an inclusive manner. Any voluntary contribution received by a charitable trust or institution or a fund is included in the definition of income. Sections 11… Read More »

TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh

By | March 4, 2016

Finance Bill 2016 Tax Collection at Source (TCS) on sale of vehicles; goods or services The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption,… Read More »

RBI issued terms & conditions for Sovereign Gold Bonds- 2016 Series-II

By | March 4, 2016

RBI/2015-16/333 IDMD.CDD.No. 2020/14.04.050/2015-16 March 04, 2016 The Chairman& Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Stock Holding Corporation of India Ltd.( SHCIL) Dear Sir/Madam, Sovereign Gold Bonds- 2016 Series-II Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated March 04, 2016 announced that the Sovereign Gold Bonds, 2016 (“the Bonds”) will be open… Read More »

RBI to accept Sovereign Gold Bonds form from 08th March to 14th march 2016

By | March 4, 2016

Sovereign Gold Bond Scheme 2016 – Series II Source : Reserve Bank of India Date : Mar 04, 2016 The Reserve Bank of India, in consultation with the Government of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14,… Read More »

Train E-Ticketing Curbs to Tame Touts

By | March 4, 2016

Train E-Ticketing Curbs to Tame Touts Some instances of misuse of reservation system by touts do come to notice from time to time. Regular joint drives are conducted by Commercial, Vigilance and Railway Protection Force against touts. These checks are intensified during peak rush/festival periods. Touts apprehended are prosecuted as per Section 143 of Railways… Read More »

Govt clarify levy imposed on jewellery

By | March 4, 2016

Clarifications on levy imposed on jewellery In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment… Read More »

Govt to Issue Sovereign Gold Bond 2016 – Series II

By | March 4, 2016

Government to Issue Third Tranche of Sovereign Gold Bonds The Government of India, in consultation with the Reserve Bank of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016.… Read More »

Schedule for the General Elections of Assam, Kerala, Tamil Nadu, West Bengal and Puducherry

By | March 4, 2016

Schedule for the General Elections to the Legislative Assemblies of Assam, Kerala, Tamil Nadu, West Bengal and Puducherry The terms of the Legislative Assemblies of Assam, Kerala, Tamil Nadu, West Bengal and Puducherry are normally due to expire as follows: Tamil Nadu                           22.05.2016 West Bengal                          29.05.2016 Kerala                                     31.05.2016 Puducherry                            02.06.2016 Assam                                     05.06.2016… Read More »

Reasons for equalisation levy and rate of equalisation levy in Budget 2016

By | March 4, 2016

Finance Bill 2016 Equalisation Levy With the expansion of information and communication technology, the supply and procurement of digital goods and services have undergone exponential expansion everywhere, including India. The digital economy is growing at ten per cent per year, significantly faster than the global economy as a whole. Currently in the digital domain, business… Read More »

Conviction under POCSO Act

By | March 4, 2016

Conviction under POCSO Act The Protection of Children from Sexual Offences Act, 2012 came into force on 14.11.2012. It is only 3 years since the Act has been in force and even the data for the year 2015 is under collection, therefore a review of the Act is not planned at this stage. However, Section… Read More »

Crimes against Children

By | March 4, 2016

Crimes against Children As per National Crime Records Bureau, a total of 38,172 cases, 58,224 cases and 89,423 cases were registered under crime against children during 2012, 2013 and 2014 respectively. The Juvenile Justice (Care and Protection of Children) Act, 2015 which came into force on 15.01.2016, has provisions for punishment relating to offences against… Read More »

Employment generation in India

By | March 4, 2016

Employment generation in country The Ministry is implementing the scheme of Prime Minister’s Employment Generation Programme (PMEGP) for employment generation in the micro sector.  PMEGP, a credit linked subsidy scheme of Government of India, for setting up of new micro-enterprises to generate employment opportunities in the country through Khadi and Village Industries Commission (KVIC), State… Read More »

New Technology Centres in India

By | March 4, 2016

New Technology Centres in the country The Ministry of Micro, Small and Medium Enterprises (MSME) is running 18 Technology Centres (10 Tool Rooms and 8 Technology Development Centres) to provide technological support to the micro, small and medium industries in the Country.  The State-wise details of 18 existing Technology Centres are given is below: S.… Read More »