Daily Archives: May 3, 2016

Independent peer reviewed practicing Company Secretary can also provide certificate in case allotment of securities to more than 49 and up to 200 investors in a financial year

By | May 3, 2016

Securities and Exchange Board of India CFD/DIL3/CIR/P/2016/53 May 03, 2016 To All Recognised Stock Exchanges Dear Sir/Madam, Sub: Procedure to deal with cases prior to April 01, 2014 involving offer / allotment of securities to more than 49 and up to 200 investors in a financial year. 1. SEBI, vide circular No. CIR/CFD/DIL3/18/2015 dated December… Read More »

Compensation to retiring partners is Goodwill , Depreciation allowed

By | May 3, 2016

Issue Whether the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?” Held The Supreme Court in the case of SMIFS Securities Ltd.  was dealing with the question as to whether ‘goodwill’ is an asset within the meaning of section 32 of the Income-tax… Read More »

Unlisted shares Transfer ? Income under Capital Gain irrespective of period of holding : CBDT

By | May 3, 2016

 SECTION 45, READ WITH SECTION 28(i), OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS, CONSISTENCY IN TAXABILITY OF INCOME/LOSS ARISING FROM TRANSFER OF UNLISTED SHARES LETTER F.NO.225/12/2016/ITA.II, DATED 2-5-2016 Regarding characterisation of income from transactions in listed shares and securities, Central Board of Direct Taxes (‘CBDT’) had issued a clarificatory Circular no. 6/2016 dated 29th… Read More »

Export benefit allowed even if Contract entered into Indian Rupees

By | May 3, 2016

CESTAT, MUMBAI BENCH Commissioner of Service Tax v. Balaji Telefilms Ltd. M.V. RAVINDRAN, JUDICIAL MEMBER AND C.J. MATHEW, TECHNICAL MEMBER APPEAL NO. ST/651/2010 CROSS OBJECTION NO. ST/CO.13/2011 ORDER NOS. A/86272-86273/2016/STB SEPTEMBER  9, 2015 V.K. Singh, Special Counsel for the Appellant. Badrinarayanan, Advocate for the Respondent. ORDER   C.J. Mathew, Technical Member – Revenue is in… Read More »

Sports Sciences : New Degrees from UGC

By | May 3, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] UNIVERSITY GRANTS COMMISSION NOTIFICATION New Delhi, the 2nd May, 2016 SPECIFICATION OF DEGREES No. F. 5-1/2015 (CPP-II).—In exercise of the powers conferred by sub-Section (3) of Section 22 of the University Grants Commission Act, 1956 and in amendment of earlier Gazette Notification on specification of… Read More »

Indian Govt Schemes for Poor Talented Players

By | May 3, 2016

Scheme for Poor Talented Players The Minister of State (Independent Charge) for Youth Affairs & Sports, Shri Sarbananda Sonowal has said that following major schemes are being implemented by the Department of Sports for the development of sports in the country: (i) Scheme of Assistance to National Sports Federations (NSFs) for conduct of National Championships… Read More »

5 Layer Plan to stop Infiltration from Indo-Pakistan border

By | May 3, 2016

Five Layer Plan to stop Infiltration In order to curb the infiltration from Indo-Pakistan border, the Government has adopted multi-pronged approach which include construction of fencing, floodlighting, Border out Posts (BoPs), induction of latest surveillance equipments like Hand Held Thermal Imager (HHTI), Long Range Recce Observation System (LORROS), Nightvision Goggle/Devices, etc. Beside this Government of… Read More »