Daily Archives: May 18, 2016

Partial excise exemption on bio-diesel fuel Extended till March 31, 2017

By | May 18, 2016

NOTIFICATION NO.23/2016-C.E, DATED 17-5-2016 In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India… Read More »

Deduction of interest on loan taken for residential house property : Section 80EE

By | May 18, 2016

 Interest on loan taken for residential house property (Section 80EE of Income Tax Act) Section – 38, Finance Acts – 2016 amended the Section 80EE of Income tax Act relating to  Deduction in respect of interest on loan taken for residential house property For section 80EE of the Income-tax Act, the following section shall be… Read More »

Government approves 3 proposals of FDI Rs 60.73 crore

By | May 18, 2016

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

By | May 18, 2016

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

By | May 18, 2016

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

By | May 18, 2016

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 »

Site for construction of National War Memorial and National War Museum

By | May 18, 2016

Site for construction of National War Memorial and National War Museum The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the decision taken by the Empowered Apex Steering Committee (EASC) that Princess Park Complex would be the suitable site for construction of the National War Museum. As regards the National… Read More »

Tax on Accreted income of Certain Trust and Institutions

By | May 18, 2016

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 »

Royal Bank of Scotland (RBS) closing retail banking in India

By | May 18, 2016

Royal Bank of Scotland (RBS) on Monday said that it will be closing its retail banking branches in India in a phased manner and has started informing its customers. “After examining a number of options for our banking business in India, we decided to wind down our corporate, institutional and retail banking businesses in India.… Read More »

6 New / Revised Standards on Auditing by ICAI

By | May 18, 2016

 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 »

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

By | May 18, 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

By | May 18, 2016

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 »

Rehabilitation of Bonded Labourer Scheme 2016 to be Made Central Sector Scheme

By | May 18, 2016

Press Information Bureau Government of India Ministry of Labour & Employment 17-May-2016 19:30 IST Rehabilitation of Bonded Labourer Scheme – 2016 to be Made Central Sector Scheme Revised Scheme Proposes Increase in Quantum of Financial Assistance Annual Budget Raised from Rs.5 Crore to Rs.47 Crore; Cash Assistance from Rs. 20,000 to Rs. One Lakh Cash… Read More »

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

By | May 18, 2016

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

By | May 18, 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 »