Daily Archives: May 18, 2016

Rents Paid Deduction under Income tax Act

  Rents Paid Deduction under Income Tax Act 1961 Section 80GG An individual can claim deduction under section 80GG if rents paid by him but not receiving any HRA from the employer. Conditions for Claiming Deduction of Rent Paid :- The least of following is allowed as deduction: a) Rent paid in excess of 10% of total… Read More »

10.7% growth in Foreign Tourist Arrivals in april 2016 in India

10.7% growth in Foreign Tourist Arrivals in april 2016 over the same period in 2015 Bangladesh accounts for highest share of tourist arrivals followed by USA and UK in April 2016 Rs. 11, 637 crores Foreign Exchange earned through tourism in April 2016 10.7% growth in Foreign Tourist Arrivals (FTAs) in April 2016 over the… Read More »

Government approves 3 proposals of FDI Rs 60.73 crore

Government approves three (3) proposals of Foreign Direct Investment (FDI) amounting to Rs. 60.73 crore approximately; recommends one proposal for approval of CCEA involving FDI of Rs. 12,973.14 crore. Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its 234th meeting held on 29th April 2016, the Government has approved three FDI… Read More »

Drought affected states :Rain water harvesting on building in urban areas to be made compulsory

Prime Minister and Agriculture & Farmers Welfare Minister meetings with Chief Ministers of 10 drought affected States and decisions taken in subsequent meetings. Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh appealed to the drought-affected states that they take immediate steps to fight drought and review it on week to week basis.  The Minister… Read More »

voluntary retirement scheme for employees of Hindustan Vegetable Oils Corporation

Improved voluntary retirement scheme package for employees of Hindustan Vegetable Oils Corporation The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils… Read More »

HeForShe postage stamp

Joint issue between Department of Posts and United Nations Postal Administration on UN Women HeForShe postage stamp The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the joint issue of UN Women HeForShe postage stamp. A Memorandum of Understanding (MoU) has been signed between Department of Posts and United Nations… Read More »

Tax on Accreted income of Certain Trust and Institutions

As per Section – 62, Finance Acts – 2016 After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:— ‘CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS 115TD. Tax on accreted income.—(1) Notwithstanding anything contained in… Read More »

6 New / Revised Standards on Auditing by ICAI

 New / Revised Standards on Auditing Revised SA 700, Forming an Opinion and Reporting on Financial Statements. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent… Read More »

Tax on income from patent

Tax on income from patent Section – 54, Finance Acts – 2016 has introduced new section 115BBF for tax on Income from patent After section 115BBE of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— 115BBF. Tax on income from patent.—(1) Where the total income… Read More »

Advance Tax Due Dates w.e.f 01.06.2016

Advance Tax Due Dates under Income Tax act 1961   Section – 89, Finance Acts – 2016 has amended Section 211 of Income Tax Act relating to Advance Tax Due Dates In section 211 of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of June, 2016,… Read More »

TIN in 7 days under Punjab VAT act

Punjab Value Added Tax Act, 2005 NOTIFICATION NO.GSR 28 [P.A.8/2005/S.70/AMD.(58)/2016], DATED 31-3-2016 In exercise of the powers conferred by sub-section (1) of section 70. of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make… Read More »

Assets, Liabilities, and Solvency Margin of General Insurance Business Regulations, 2016

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th April, 2016 Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/7/119/2016- In exercise of the powers conferred by clauses (y), (z), (za) and (zab) of sub- section (2) of section 114A read with… Read More »

States to convert 3784 urban areas into statutory Urban Local Bodies

Press Information Bureau Government of India Ministry of Urban Development 17-May-2016 17:16 IST States asked to convert 3,784 urban areas into statutory Urban Local Bodies Statutory ULBs lead to planned urban development, enhanced revenues ; entitled to Central assistance W.Bengal has 780 Census Towns, Kerala-461, Tamil Nadu-376, Maharashtra-279, UP-267, MP-112 Ministry of Urban Development has… Read More »

Service tax in respect of religious pilgrimage faciliated by External Affair Ministry

Service Tax Payable under section 66B of the Finance Act 1994 on the services provided by the specified organisations as defined in clause (zfa) of paragraph 2 of notification mo 25/2012 -service tax in respect of religious pilgrimage faciliated by the ministry of External affairs of the Govt of India under Bilateral Agreement  from the… Read More »

Draft National Policy for Women 2016

Draft National Policy for Women, 2016 WCD Minister Smt Maneka Gandhi releases Draft National Policy for Women, 2016 for consultation Union WCD Minister Smt Maneka Sanjay Gandhi released the draft National Policy for Women, 2016 for stakeholder comments and consultations. Releasing the draft policy at a press conference in New Delhi, the Minister stated that… Read More »