Daily Archives: June 1, 2016

Service tax Amendment w.e.f 01.06.2016

Finance Bill, 2016 which get President’s assent dated 14th May, 2016, has proposed to amend various provisions under the Act. Changes made applicable wef. 1st June, 2016 are listed as follows:- a. Levy of “Krishi Kalyan Cess” Krishi Kalyan Cess (KKC) @0.5%, vide introduction of Chapter VI in the Act, would be levied on all… Read More »

If time limit for issue of scrutiny notice not expired, Income escaping notice couldn’t be issued

IN THE ITAT CHANDIGARH BENCH Vardhman Holdings Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Ludhiana H.L. KARWA, VICE-PRESIDENT AND MS. RANO JAIN, ACCOUNTANT MEMBER IT APPEAL NOS. 523 & 621 (CHD.) OF 2008 AND 1136 (CHD.) OF 2011 [ASSESSMENT YEAR 2002-03] MAY  5, 2016 Subhash Aggarwal and Vineet Jain for the Appellant. S.K. Mittal, DR… Read More »

Indexation benefit can’t be denied because Assessee not declared long term gain in ITR

IN THE ITAT MUMBAI BENCH ‘E’ Sanju Verma v. Deputy Commissioner of Income-tax, 25(3), Mumbai SAKTIJIT DEY, JUDICIAL MEMBER AND RAMIT KOCHAR, ACCOUNTANT MEMBER IT APPEAL NO. 5977 (MUM.) OF 2013 [ASSESSMENT YEAR 2010-11] MAY  6, 2016 Jitendra Jain for the Appellant. Sunil Kumar Agarwal, DR for the Respondent. ORDER Ramit Kochar, Accountant Member –… Read More »

National Disaster Management Plan released by Govt

PM releases National Disaster Management Plan 2016 The National Disaster Management Plan 2016  aims to make India disaster resilient and reduce loss of lives Prime Minister Shri Narendra Modi today released the National Disaster Management Plan (NDMP). This is the first ever national plan prepared in the country. It aims to make India disaster resilient and… Read More »

Minimum addition of 9 sq.mt carpet area under PMAY(urban)

Minimum enhancement of 9 sq.mt carpet area required under Urban Housing Mission Under Prime Minister’s Awas Yojana (Urban), minimum addition of 9.0 sq.mt of carpet area to the existing house will be required to be eligible for Central assistance under the ‘Beneficiary Led Construction’ component of the housing mission. Ministry of Housing & Urban Poverty… Read More »

Form 11 filing date of LLP extended

General Circular No. 07/2016 F.No. MCA/21/33/2016-e-Gov cell Government of India Ministry of Corporate Affairs 5th Floor, A Wing, Shastri Bhavan Dr. R.P. Road, New Delhi-110001 Dated  31 May, 2016 All the Regional Directors All the Registrar of Companies/Official Liquidators All Stakeholders Sub: Relaxation of additional fees and extension of time for filing of e­-Forms by… Read More »

Mutual Funds redemption Restriction : SEBI Guidelines

Securities and Exchange Board of India Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/57 Dated: May 31, 2016 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Restriction on redemption in Mutual Funds 1. Presently, in terms of circular SEBI/IMD/CIR No.5/126096/08 dated May 23, 2008, facility of restriction on redemption under any scheme… Read More »

Delhi restaurant/ halwai to stop composition @ 1% u/s 16(1)

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 No.F.3(664)/VAT/2016/313-319 CIRCULAR NO 08 of 2016-17 Dated: 30/05/2016 Subject: New Composition Scheme for Restaurants and Halwais A new Composition Scheme under section 16(12) of the DVAT Act was recently introduced vide notification No. F.3(29)/Fin.(Rev-l)/2015-16/dsvi/93… Read More »

Ex-bond bill of entry filing on ICES

Procedure regarding filing of ex-bond bill of entry Circular No. 22 /2016 -Customs F. No. 484 / 03 / 2015 – LC (Vol II) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 31stMay 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of… Read More »

Service tax Notifications applicable from date of President assent

F. No. B-1/19/2016 -TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) *** Dated- May 31, 2016 To, Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer Services… Read More »

Indirect Tax Dispute Resolution Scheme 2016 Key Features

The Indirect Tax Dispute Resolution Scheme 2016 (The Indirect Tax Dispute Resolution Scheme 2016 covered in  CHAPTER XI of Finance Act 2016 ) Key Features of Indirect Tax Dispute Resolution Scheme 2016 The Indirect Tax Dispute Resolution Scheme 2016 covered in  CHAPTER XI of Finance Act 2016 The Indirect Tax Dispute Resolution Scheme 2016 shall come into… Read More »

Retirement age of doctors of Central Health Services is 65 years

Prime Minister approves retirement age of doctors of Central Health Services to 65 years Will empower the Government to strengthen the healthcare sector in the country: J P Nadda The Prime Minister today approved the proposal of the Ministry of Health and Family Welfare for enhancing the age of superannuation of all doctors of the… Read More »

Direct Tax Dispute Resolution Scheme 2016 key features

Books on Direct Tax Dispute Resolution Scheme 2016 The Direct Tax Dispute Resolution Scheme 2016 Key features of Direct Tax Dispute Resolution Scheme 2016 CHAPTER X of Finance Act 2016 covers The Direct Tax Dispute Resolution Scheme 2016 The Direct Tax Dispute Resolution Scheme 2016 shall open from w.e.f 01.06.2016 A person may make a declaration to the designated… Read More »