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

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 »

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

 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

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

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 »

2 NBFCs surrender their Certificate of Registration to RBI

Date : May 03, 2016 The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr.… Read More »

RBI cancels Certificate of Registration of 6 NBFCs

Date : May 03, 2016 The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office… Read More »

Indian Govt Schemes for Poor Talented Players

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 »

NHAI steps to remove Hurdles for Faster Execution of highway projects

NHAI takes steps to remove Hurdles for Faster Execution of Projects In order to ensure faster execution of projects, National Highways Authority of India has delegated powers to its Regional Officers for hiring of equipment and laborers up to Rs.10 lacs per project, to demolish structures that fall within the right-of-way of the project. As… Read More »

5 Layer Plan to stop Infiltration from Indo-Pakistan border

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

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

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 »

Cervical cancer in women : 24% death in India

Cervical cancer in women As per data collected by National Centre for Diseases Informatics and Research – National Cancer Registry Programme of ICMR, the estimated number of deaths due to cervical cancers accounts for 24% of all anatomical sites of cancer in women in India. This is the largest proportion among all cancers in women… Read More »

Common entrance test for all medical colleges in India

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

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 »

Life Expectancy in India : Female will live longer

Life Expectancy in the Country The projected levels of expectation of life at birth for male are 68.8 years and that of female is 71.1 years for period 2016-20. The state-wise life expectancy of male and female is given in the table below. The projected levels of expectation of life at birth in years, 2001-2026… Read More »

Free medical treatment for senior citizens

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 »

War Widows and Dependents Welfare Schemes

Welfare Schemes for War Widows and Dependents District-wise number of war widows and ex-servicemen from Rajasthan State at present are given below: Sl. No. District No. of War Widows No. of Ex-Servicemen 1. Ajmer 32 9636 2. Alwar 145 19986 3. Barmer 13 1750 4. Bharatpur Nil 6474 5. Dholpur Nil 531 6. Bhilwara 12… Read More »

India to Sign Pact with WHO in the field of traditional medicines

Government to sign a pact with WHO in the field of traditional medicines The Union Cabinet in its meeting held on 17th Februray 2016 approved the signing of Agreement with the World Health Organization (WHO). The Agreement, however, is yet to be signed. As per Cabinet approval, as a first step in the long term… Read More »

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

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

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

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 »

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

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 »


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 »


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

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 »

Defective Return Error Code

Error Code 1:”Tax computed but GTI(Gross Total Income) is nil or 0?”Description:No tax can be computed without providing the details of income. The Assessee should maintain consistency in providing details of income and tax computation in the return of income in the new xml which will be filed in response to this communication. Error Code… Read More »

Demand from Income Tax ? FAQ’s Answered

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 »

Notice u/s 245 ? FAQ’s answered

Notice u/s 245 of Income tax Act 1. Why am I receiving Notice u/s 245?  Your return has been processed at CPC and the same has resulted in refund. The refund so determined is liable to be adjusted against the outstanding demand. Notice u/s 245 informs you of such demands against which your refund… Read More »

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

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

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 »