Daily Archives: March 4, 2016

Tax incentives for start-ups

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

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

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

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

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 »

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

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 »

Train E-Ticketing Curbs to Tame Touts

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 »

Dadasaheb Phalke Award to Manoj Kumar

Veteran Film Actor Shri Manoj Kumar to be conferred Dadasaheb Phalke Award for the year 2015 Veteran Film Actor and Director Shri Manoj Kumar is to be conferred the 47th Dadasaheb Phalke Award for the year 2015. Award is conferred by the Government of India for outstanding contribution to the growth and development of Indian… Read More »

Govt clarify levy imposed on jewellery

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 Steps to control prices of essential items

Steps to control the prices of essential items The Government has taken a number of to improve the availability and to contain prices of essential food items. These include:- • National Consultation Meeting of the minister of states/UTs in-charge of Consumer Affairs and Food held on 7thJuly, 2015 at New Delhi resolved to take steps… Read More »

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

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

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 »

Rationalization of taxation of income by way of dividend

Finance Bill 2016 Rationalization of taxation of income by way of dividend Under the existing provisions of clause (34) of section 10 of the Act, dividend which suffer dividend distribution tax (DDT) under section 115-O is exempt in the hands of the shareholder. Under section 115-O dividends are taxed only at the rate of fifteen… Read More »

Indian Railways Dedicates 2 More New Trains to Nation

Indian Railways Dedicates two More New Trains in the Service of the Nation Indian Railways will work to the maximum extent possible to provide better rail transportion to the people of India : Suresh Prabhu The Indian Railways has been working effortlessly to connect every part of the country with rail network.  In this direction,… Read More »

Conviction under POCSO Act

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

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

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

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 »

Grant of EDF Waiver for Export of Goods Free of Cost

RBI/2015-16/332 A.P. (DIR Series) Circular No.53 March 03, 2016 To All Category – I Authorised Dealer Banks Madam / Sir, Grant of EDF Waiver for Export of Goods Free of Cost Attention of Authorised Dealers is invited to A.P. (DIR Series) Circular No. 94 dated April 26, 2003 in terms of which GR waiver to… Read More »