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 »

Compensation to Family Members of Martyrs

By | May 3, 2016

Compensation to Family Members of Martyrs The Government has not sought assistance from corporate houses to assist the families of deceased Central Armed Police Forces (CAPFs) and Assam Rifles (AR) personnel. However, Sarojini Damodaran Foundation (SDF), Bangalore has recently provided scholarships from the academic year 2015-16 to the wards of CAPFs & AR personnel who… Read More »

Electric Cars Manufacturing in India : FAME India

By | May 3, 2016

Manufacturing of Electric Cars Government has already introduced new scheme for boosting manufacturing of electric & hybrid vehicles in the country for initial period of two years w.e.f. 01.04.2015, popularly known as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India – FAME India. The detail of the vehicle segment wise breakup of… Read More »

Common entrance test for all medical colleges in India

By | May 3, 2016

Common entrance test for all medical colleges With the approval of the Central Government MCI had notified the National Eligibility cum Entrance Test (NEET) for admission to Under Graduate (UG)/Post Graduate (PG) Medical Courses by amending Graduate Medical Education Regulations, 1997 and Postgraduate Medical Education Regulations, 2000 vide notifications dated 21.12.2010 from the academic year… Read More »

Diabetes prevention : Govt Action Plan

By | May 3, 2016

Action plan for diabetes prevention Diabetes is one of the major Non-Communicable Diseases (NCDs) affecting people across the Globe including India. The Government has taken a number of steps for prevention and control of diabetes. Government of India launched National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) which is… Read More »

Free medical treatment for senior citizens

By | May 3, 2016

Free medical treatment for senior citizens As per the unverified information available in public domain, many developed and developing countries have been providing either free medical treatment including medicines and hospitalisation or on subsidised cost, to their senior citizens. However, specific details of such schemes/policies are not available with the Health Ministry. The Government of… Read More »

Railways E-enabled PMIS for Monitoring of Railway projects in India

By | May 3, 2016

Minister of Railways launches one E-enabled application, namely, Project Management & Information System (PMIS) for proper Monitoring of all the Railway projects throughout the country This Application will be able to have a watch over the lifecycle of any project of the Railways Shri Suresh Prabhakar Prabhu, Minister of Railways during a function held at… Read More »

Member can defer the age of drawing pension after 58 years

By | May 3, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 25th April, 2016 G.S.R. 440(E).—In exercise of powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes… Read More »

RBI releases Discussion Paper on margin requirements for non-centrally cleared derivatives

By | May 3, 2016

The Reserve Bank of India has today placed on its website the Discussion Paper on margin requirements for non-centrally cleared derivatives. RBI invites feedback/comments on the policy proposals contained in this document, especially on the specific questions raised in the paper. The feedback/comments on the policy proposals contained in this document, especially on the specific… Read More »

Area based exemption allowed to install new plant in existing unit

By | May 3, 2016

Facts of the Case and Decision  that even if factory license, ESI, PF Code and series of invoice, for new plant, are taken separately, the area based exemption under Notification 50/2003-C.E., will be allowed to the substantial expansion by installing new plant in existing plot/premises. In the said case, the assessee who was operating at… Read More »

Substantial Acquisition of Shares and Takeovers : Revised Format

By | May 3, 2016

Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/DCR1/CIR/P/2016/52                                   May 02, 2016 To All Listed Entities All Recognised Stock Exchanges All Registered Merchant Bankers Dear Sir/Madam, Sub: Revised Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011… Read More »

TCS Govt A/c : Revised time and mode of Payment

By | May 3, 2016

CBDT has revised rule 37CA of Income tax Rules as per [Notification No.30/2016, F.No.142/29/2015-TPL Dated 29.04.2016] w.e.f 01.06.2016 CBDT has inserted sub-rule Rule 3A and 3B and amended Sub Rule- 3 & 4 of Income Tax Rule-37CA. Revised Rule 37CA w.e.f 01.06.2016 is as follow :- Time and mode of payment to Government account of tax collected at… Read More »

AUDITORS’ REPORT OF INSURANCE COMPANIES

By | May 3, 2016

CHANGES TO IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS’ REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002 CIRCULAR NO.IRDA/F&A/CIR/CPM/056/03/2016, DATED 4-4-2016 The provisions of sections 10 and 11 have been modified vide the Insurance Laws (Amendment) Act, 2015. These amendments have necessitated changes to the IRDA (Preparation of Financial Statements and Auditors’ Report of Insurance Companies) Regulations… Read More »

INSURANCE : MASTER DIRECTION

By | May 3, 2016

MASTER DIRECTION – INSURANCE FED MASTER DIRECTION NO.9 (2015-16), DATED 1-1-2016 Issuance of insurance is regulated under sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999, (42 of 1999), read with Notification No.FEMA.12/2000- RB, dated May 3, 2000. These Regulations are amended from time to time to incorporate the changes in the… Read More »

TDS statement due date of filing w.e.f 01.6.2016

By | May 3, 2016

Revised due date as per Rule-31A, Income-tax Rules to file TDS Statement in Form No 24Q, 27Q, and 26Q w.e.f 01.06.2016 as per [Notification No.30/2016, F.No.142/29/2015-TPL Dated 29.04.2016] Earlier Time Limit as per Rule-31A, Income-tax Rules to file TDS Statement in Form No 24Q, 27Q, and 26Q i) the due date specified in the corresponding entry in… Read More »

Demand from Income Tax ? FAQ’s Answered

By | May 3, 2016

1. Whom should I approach to rectify the demand amount? The return has been processed at CPC:  File online Rectification to CPC by logging into https://incometaxindiaefiling.gov.inwith your user ID and password. Select “Rectification request” under My Account tab and enter the necessary details. The return has been processed by Assessing Officer:  Kindly file… Read More »

Registration on Income Tax India efiling portal ; FAQ’s

By | May 3, 2016

Individual Q: I’m not able to register, as I get an error message “Invalid PAN details”. What should I do? A: It is possible that you’re typing in the Name details differently from what you have mentioned while applying for PAN card. Please call ASK, 1800 180 1961 and get the correct details and then… Read More »

e-Filing Process of Income Tax Return :FAQ’s

By | May 3, 2016

I don’t understand the process of e-Filing. What should I do?Answer: To understand the procedure to e-File Income Tax Returns, GO TO ‘e-File’ on the home page of the ITD e-filing web site ( www.incometaxindiaefiling.gov.in)  OR GO TO ‘Help’ → ‘How to e-File’ on the homepage. What is the Return Preparation Software?Answer:The ITD e-filing website… Read More »

Trouble Shooting on e-Filing of Income Tax Return

By | May 3, 2016

Trouble Shooting on e-Filing DSC Registration Problem Description: I am not able to register my Digital Signature Certificate. Or while trying to e-File Income Tax Return using Digital Signature Certificate, the ‘Select your .pfx file’ or ‘Select with your USB Token’ buttons are not displayed or are not clickable. Corrective Action: This occurs due to… Read More »