Daily Archives: March 31, 2016

ITR Forms for AY 2016-17 (FY 2015-16) Notified by Income tax Dept

INCOME-TAX (NINTH AMENDMENT) RULES, 2016 AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More »

Period of limitation expire, Assessement time can’t be extended :SC

Period of limitation   Facts of the Case The Assessing Officer sent notices to the respondent- assessee in Form ST-XIV forAssessment Years 2000- 01, 2001-02, 2002-03 and 2003-04., i.e., after the expiry of three years. The assessee took an objection that these notices were sent beyond the period of assessment and, therefore, it was not… Read More »

POINT OF TAXATION (SECOND AMENDMENT) RULES 2016

POINT OF TAXATION (SECOND AMENDMENT) RULES, 2016 AMENDMENT IN RULE 7 NOTIFICATION NO.21/2016-ST, DATED 30-3-2016 In exercise of the powers conferred by clause (a) and clause (hhh) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Point of… Read More »

External Commercial Borrowings Revised framework

RBI/2015-16/349 A.P. (DIR Series) Circular No.56 March 30, 2016 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) – Revised framework Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.32 dated November 30, 2015 and paragraph no. 1.8, 2.2, 2.4.1, 2.4.2, 2.4.5, 2.4.6, 2.5,… Read More »

Transfer or issue of Security by Person Resident outside India

Reserve Bank of India Foreign Exchange Department Central Office Mumbai – 400 001 Notification No.FEMA.366/2016-RB March 30, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fifth Amendment) Regulations, 2016 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of… Read More »

Category: RBI

Insurance sector FDI limit enhanced

RBI/2015-16/350 A.P. (DIR Series) Circular No.58 March 31, 2016 To All Authorised Dealer Category – I Banks Madam/Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More »

Compliances of Service Tax in Banking Sector

Revised Publication ‘ Compliances of Service Tax in Banking Sector ‘ updated by Finance Bill, 2016 Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative… Read More »

Central Excise Law for Jewellery (105 FAQ )

 New Publication ‘Central Excise Law and Procedure for Jewellery Industry (including 105 FAQs)” to promote ease of doing business The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds/other precious… Read More »

Election Commission Provides Complaint Redressal Mechanism

ECI Provides Complaint Redressal Mechanism- Call Centre & Web-Based Management During Ongoing Elections In view of the ongoing elections, the Election Commission of India (ECI) has issued instruction to provide a Complaint Redressal Mechanism in all the five election going states. The main objective of this IT platform is to provide the following: Manage the… Read More »