Daily Archives: March 23, 2016

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

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 »

National Defence Academy & Naval Academy Examination (I) 2016

National Defence Academy & Naval Academy Examination (I) 2016  The Union Public Service Commission will be conducting the National Defence Academy and Naval Academy Examination (I) 2016 at different venues located at 41 Centres throughout the country on Sunday the 17th April, 2016 (Sunday).  The e-Admit cards for the candidates have been uploaded on the… Read More »

Railways Enhances Senior Citizen Quota

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 warning to taxman to pay tax on interest income

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

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 »

Hosting of Under-17 World Cup 2017 in India

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

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 »

World Bank support to Swachh Bharat Mission (Gramin)

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

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

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 »