Daily Archives: March 16, 2016

Online TMS functionality to process Returns of FY 2014-15 enabled

SECTION 143 OF THE INCOME-TAX ACT, 1961  ASSESSMENT – GENERAL – PROCESSING OF RETURNS FILED IN F.Y. 2014-15 GETTING TIME BARRED ON 31-3-2016 ON ONLINE TMS IN ITD APPLICATION AST INSTRUCTION NO.140 [F.NO.DGIT(S)/DIT(S)-3/AST/TMS/ONLINE/27-C/2015-16], DATED 15-3-2016 As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section… Read More »

Govt notified Rules for Off Shore Fund Manager

[TO BE PUBLSIHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (INCOME – TAX) Notification New Delhi, the 15th March, 2016 S.O. 1101(E).- In exercise of the powers conferred by section 9A read with section 295 of the… Read More »

RBI cancels Certificate of Registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date… Read More »

Cadets Selection criteria fixed by Sports Authority of India

Tie up of SAI for setting up of CRPF sports company The Minister of State (Independent Charge) for Youth Affairs & Sports, Shri Sarbananda Sonowal has said that the Government of India through Sports Authority of India (SAI) has approved establishment of a Boys Sports Company to be run by Central Reserve Police Force (CRPF)… Read More »

Special Facilities For The Disabled in Indian Railways

Special Facilities For The Disabled in Indian Railways Improvement/augmentation of amenities at stations, including those for differently abled passengers is a continuous process. In order to provide better accessibility to passengers with disabilities, short term facilities as detailed below have been planned at all stations, beginning with ‘A-1’, ‘A’ & ‘B’ category stations: • Standard… Read More »

Allowing Private Sector in Mineral Exploration

Allowing Private Sector in Mineral Exploration TheMines and Minerals (Development and Regulation) Amendment Act, 2015 (MMDR Amendment Act, 2015) has,besides Mining Lease (ML), two specific provisions for mineral exploration viz. Non-exclusive Reconnaissance Permit [NERP] and Prospecting License-cum-Mining Lease [PL-cum-ML] through which private sector can participate in mineral exploration. The allocation of mineral blocks through auction… Read More »

Amarnathji Yatra from 2nd July to 18th August, 2016

Shri Amarnathji Yatra from 2nd July to 18th August, 2016 The process of registration of pilgrims for  Shri Amarnathji   Yatra 2016 has started. Shri Amarnathji Shrine Board chaired by the Governor, Jammu and Kashmir has issued following procedure for registration of yatris through bank:- The registration and issue of Yatra Permit (YPs) will be done… Read More »

Online application for Kailash Manasarovar Yatra-2016

Kailash Manasarovar Yatra – 2016 Ministry of External Affairs has announced today the commencement of online application for Kailash Manasarovar Yatra-2016 on the website http://kmy.gov.in The Yatra is planned during the period 12 June to 9 September 2016 through Lipulekh and Nathu La. The route via Lipulekh Pass (Uttarakhand), which involves extensive trekking of about… Read More »

Change of Address in Passports

Change of Address in Passports Address of the passport holder is printed on the additional data page of the passport. This page is laminated along with the primary data page containing the photo, name and other personal particulars of the passport holder, using a laminate paper with high security features. Change in address of the… Read More »

Govt Facilities for Haj Pilgrimage

Facilities for Haj Pilgrimage The number of pilgrims who proceeded for Haj during the last three years are  as follows: Year Number of Pilgrims proceeded for Haj 2013 135,938 2014 135,914 2015 135,868 The expenditure towards Haj is borne by the pilgrims themselves. No financial assistance is given directly to Haj pilgrims. However, Ministry of… Read More »

15 Government Owned Hotels and Yatri Niwas in India

Government Owned Hotels and Yatri Niwas India Tourism Development Corporation Ltd. (ITDC) under the administrative control of Ministry of Tourism, Government of India runs 15 hotels in the country.  The details of the hotels are given below. ITDC has been in profit for the last three years. The details are as under:                                                                                                             (Rs. in… Read More »

Bed and Breakfast Scheme

Bed and Breakfast Scheme The Scheme for Approval and Registration of Incredible India Bed and Breakfast/Homestay Establishments of the Ministry of Tourism is voluntary in nature. The main objective of the scheme is to provide a clean and affordable place for foreigners and domestic tourists alike including an opportunity for foreign tourists to stay with… Read More »

Private Company Cannot Accept loan from Partnership firm

Q Can a Private Limited Company accept loan from a Partnership firm. The partners are no way related to the Private Limited Company ?. According to Section 73 of the Companies Act 2013 read with Companies (Acceptance of deposits) Rules 2014 and amendments made thereto, a private company cannot accept loan from a partnership firm.

CAG Compliance Audit report on Central Excise

Report of the Comptroller and Auditor General of India Union Government Department of Revenue (Indirect taxes – Central Excise) Report No. 2 of 2016 This Report for the year ended March 2015 has been prepared for submission to the President of India under Article 151 of the Constitution of India. The Report contains significant results… Read More »

Integrated Declaration under Indian Customs Single Window

Circular- 10/2016-Customs F.No.450/147/2015-Cus-IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) Dated: the 15th March, 2016 To, All Chief Commissioners of Customs / Customs (Preventive), All Chief Commissioners of Customs and Central Excise, All Commissioners of Customs / Customs (Preventive), All Commissioners of Customs and Central Excise.  … Read More »

CAG Compliance Audit report on direct Taxes

Highlights The Comptroller and Auditor General of India conducts the audit of Receipts from Direct Taxes of the Union Government under section 16 of the Comptroller Auditor General of India (Duties, Powers and Conditions of Service) Act, 1971. This Report discusses direct taxes administration, audit mandate and findings of compliance audit including transfer pricing and… Read More »

Notification No. 22/2016 – Central Excise (N.T.)

Seeks to amend Notification No. 20/2016-Central Excise (N.T.) dated 01.03.2016 [Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable and Other Goods) Rules, 2016] so as to notify 16.03.2016 as the date from which the said rules will be effective. Further the requirement of submission of security for availing the… Read More »

Lok Sabha clears Real Estate Bill

Lok Sabha clears Real Estate Bill as passed by Rajya Sabha Shri Venkaiah Naidu clarifies various issues of the Bill Real Estate Bill is Prime Minister’s Gift to the Nation, says Shri Naidu The Bill shall have a bearing on the ongoing projects and houses 70% is for both construction cost and land cost to… Read More »