Daily Archives: March 23, 2016

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 »

Govt approved Nutrient Based Subsidy rates for fertilizers

By | March 23, 2016

Fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2016-17       The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertlizersfor the year 2016-17, due to decreasing… Read More »

Hosting of Under-17 World Cup 2017 in India

By | March 23, 2016

Hosting of Under-17 World Cup 2017 in India The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the following decisions with regard to holding of Federation Internationale de Football Association (FIFA) Under-17 World Cup to be held in India in 2017:- (a) The venues are as under: 1… Read More »

Govt approved DA to Center Govt Employee and DR for Pensioners

By | March 23, 2016

Release of additional instalment of Dearness Allowance to Central Government employees and Dearness Relief to Pensioners due from 1.1.2016 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to Pensioners w.e.f. 01.01.2016. This represents… Read More »

Govt approved Pradhan Mantri Awaas Yojana for Rural Housing

By | March 23, 2016

Implementation of the rural housing scheme of Pradhan Mantri Awaas Yojana — Gramin to achieve Housing for All by 2022             The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for the implementation of the rural housing scheme of Pradhan Mantri Awaas Yojana – Gramin.  Under the scheme, financial… Read More »

World Bank support to Swachh Bharat Mission (Gramin)

By | March 23, 2016

World Bank support to Swachh Bharat Mission (Gramin) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the US $ 1,500 million project of World Bank Support to Swachh Bharat Mission (Gramin) [(SBM(G)]. The Project basically provides for incentivising States on the basis of their performance in the… Read More »

No Section 40(a)(iii) disallowance of salary paid outside india if if tax is not paid within specified time but is paid subsequently

By | March 23, 2016

Facts of the case Pursuant to the aforesaid Circular (CBDT Circular No.685 dated 17/20th June, 1994), the Assessee deposited a sum of Rs.9,69,43,214/-, being the amount of TDS pertaining to the payments made abroad to and/or for the benefit of the employees serving in India during the financial years 1984-85 to 1993-94 and the interest… Read More »

Not liable to Deduct TDS in case amendment with retrospective effect

By | March 23, 2016

Facts of the case The assessee company has made payment to M/s Holcim Group Support Ltd, (HGSL), a resident company of Switzerland.  The assessee has not deducted TDS in respect of following payments which were on account of training conducted by the Switzerland company outside India. Issue why disallowance under section 40(a)(i) should not be made… Read More »

Senior Citizens Welfare Fund Rules 2016 notified by Govt

By | March 23, 2016

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th March, 2016 G.S.R. 322(E).-In exercise of the powers conferred by section 128 of the Finance Act, 2015, 20 of 2015 the Government hereby makes the following rules, namely: 1. Short title, extent and commencement.- (1) These rules may be called Senior Citizens Welfare… Read More »