Daily Archives: May 24, 2016

Payment of Service Tax : Quarterly for HUF /One person co

By | May 24, 2016

 Payment of Service Tax (After Finance Act 2016 Amendment w.e.f 01.04.2016) Read Also Finance Act 2016 Notified by Indian Govt Date of Payment of Service Tax by HUF / One Person Company w.e.f. 1-4-2016 ,Rule 6 of the Service Tax Rules, 1994 is being amended by Finance Act 2016 to extend the benefit of quarterly payment… Read More »

13 more Smart Cities announced in India

By | May 24, 2016

Lucknow tops Fast Track competition; 13 more Smart Cities announced Warangal, Bhagalpur, Raipur, New Town Kolkata, Port Blair, Imphal, Ranchi among the winners Tie between Meerut and Rai Bareilly in UP and Jammu and Srinagar to be resolved Urban renaissance set in motion as part of country’s transformation, says Shri M.Venkaiah Naidu 5 year action… Read More »

Delhi Sugam 1 for inter state movement of goods, Form T-1 discontinued

By | May 24, 2016

Government of National Capital Territory of Delhi No.F.3(671)/Policy/Vat/2016/251-63 Dated 19.05.2016 Download Delhi Sugam 1 and Notification Related post Display of Certificate of Registration : Delhi Vat Third Schedule of Delhi vat changed w.e.f 10.5.16 VAT rate of Diesel changed under Delhi Vat Form GE-II : Purchases upto Rs 1000 not required in Delhi Vat Return… Read More »

Indian KYC/AML norms will now be applicable to all ODI issuers

By | May 24, 2016

Securities and Exchange Board of India PRESS RELEASE NO. 98/2016, DATED 19-5-2016 The SEBI Board met in Mumbai today and took the following important decisions: A. Offshore Derivative Instruments (ODIs) The Board was informed about the various aspects of ODIs. The Board took note of the measures taken by SEBI for tightening the eligibility and… Read More »

Credit Guarantee Scheme for Stand Up India w.e.f 05.04.16

By | May 24, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY  [PART I—SEC. 1]  MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 19th May, 2016 S.O. 1826(E).— Whereas, by a notification of the Ministry of Finance, Department of Financial Services vide number S.O.1499(E) dated 25th April, 2016, the Central Government made the Credit Guarantee Scheme for Stand… Read More »

UID in Form 15G / 15H , Relaxation by CBDT

By | May 24, 2016

F.No 142/32/2015-TPL Government of India Ministry of Finance Department  of Revenue Central Board of Direct Taxes (TPL Division) Circular No 18/2016– Dated 23rd, May 2016 Sub: Relaxation for Furnishing of UID in case of Form 15G /15H for certain quarters -reg The existing provisions of section 197A of the Income-tax Act, 1961 (‘the Act1 inter… Read More »

Production Subsidy Scheme for Sugar Industry withdrawn

By | May 24, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION (Department of Food and Public Distribution) NOTIFICATION New Delhi, the 19th May, 2016 No.20(43)/2015-S.P.-1.— Pursuant to Para 4 of the Production Subsidy Scheme notified vide notification No. 20(43)/2015-S.P.-1 dated 2.12.2015, the Central Government, after having been satisfied with… Read More »

Email based paperless assessment in 7 cities of India

By | May 24, 2016

F.No.225/267/2015/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes   New Delhi Dated: 3rd May 2013 To, The Pr. Chief Commissioner of Income Tax, Ahmedabad, Bangalore, Chennai, Delhi, Mumbai, Hyderabad, Kolkata Sir, Subject: Use of email based communication for Paperless Assessment Proceedings-reg. Paperless assessment/ e-assessment has been conceived to usher… Read More »

Pension Payment after Death of member , Rule Changed

By | May 24, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 19th May, 2016 G.S.R. 533(E).—In exercise of the 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… Read More »

Time to claim Rebate of Duty on Export starts from date when docs confirming export submitted by department

By | May 24, 2016

Held Where the lapse as to non-availability of requisite document is on account of Central Excise Department or Customs Department, this would be mitigating circumstance flowing from the aforesaid legislative scheme. Limitation is to be considered in the light of availability of requisite documents and should be taken to begin when documents necessary for substantiating… Read More »

Applications under Rule 10VA examined by Committee

By | May 24, 2016

Committee for examining applications made under Rule 10VA notified The Finance Act, 2015 inserted a new Section 9A to the Income-tax Act, 1961 with effect from 01.04.2016 to provide for a special regime in respect of offshore funds having fund managers located in India.  The necessary guidelines for application of Section 9A have been published… Read More »

Indirect transfer u/s 9 : fair market value and reporting, Draft Rules

By | May 24, 2016

F No 142/26/2015-TPL F No 142/26/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ******* New Delhi, Dated 23rd May, 2016 Subject: Manner of determination of fair market value and reporting requirement for Indian concern-Indirect transfer provisions-section 9(1) of the Income-tax Act, 1961-Draft Rules-reg. Under section 9 of the… Read More »

Comments invited on fair market value of Indian & global assets

By | May 24, 2016

Comments and suggestions sought from stakeholders and general public on draft rules and forms prepared for determination of fair market value of Indian and global assets and the manner for reporting requirement on the Indian concern in which the foreign company or entity holds the assets in India Under Section 9 of the Income-tax Act,… Read More »