Daily Archives: June 1, 2016

Minimum Support Prices for Kharif Crops of 2016-17 season

By | June 1, 2016

Minimum Support Prices (MSP) for Kharif Crops of 2016-17 season   The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the increase in the Minimum Support Prices (MSPs) for all Kharif Crops of 2016-17 Season. Further, to incentivise cultivation of pulses and oilseeds , in… Read More »

Key Tax amendments from 01.06.2016

By | June 1, 2016

Tax amendments from 01.06.2016 ( As per Finance Act 2016) Key Indirect Tax Amendments from 01.06.2016 Tax amendments from 01.06.2016 :Krishi Kalyan Cess Krishi Kalyan Cess, imposed by Finance Act 2016 by inserting new Chapter-VI Krishi Kalyan Cess, @ 0.5% on all taxable services, Krishi Kalyan Cess will come into force w.e.f 01.06.2016 . You… Read More »

Service tax Amendment w.e.f 01.06.2016

By | June 1, 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

By | June 1, 2016

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

By | June 1, 2016

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

By | June 1, 2016

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 »

Factoring charges on sales cannot be termed as interest u/s 194A

By | June 1, 2016

HIGH COURT OF DELHI Principal Commissioner of Income-tax-06 v. M Sons Gems N Jewellery (P.) Ltd. S. MURALIDHAR AND VIBHU BAKHRU, JJ. IT APPEAL NO. 9 OF 2016 APRIL  25, 2016 Rahul Chaudhary, Sr. Standing Counsel for the Appellant. Kapil Goel, Adv. for the Respondent. JUDGMENT 1. This appeal by the Revenue is against the… Read More »

Energy Savings Certificate through Power Exchanges

By | June 1, 2016

CENTRAL ELECTRICITIY REGULATORY COMMISSION NOTIFICATION Mumbai, the 27th May, 2016 No. L-1/97/ 2016.─ In exercise of powers conferred under sub-section(1)and clause (y) of sub-section (2) of section 178 read with Section 66 of the Electricity Act, 2003 (36 of 2003), paragraph 5.9 of the National Electricity Policy, sub-Rule (4) of Rule 12 and clause (b)… Read More »

Medical Officers retirement age 65 : Govt Notification

By | June 1, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 31st May, 2016 G.S.R. 567(E).— In exercise of the powers conferred by the proviso to the article 309 of the Constitution, the President hereby makes the following rules further to… Read More »

Swachh Parks : All parks to be rated for cleanliness

By | June 1, 2016

15 day Swachh Parks campaign gets underway from today All parks to be rated for cleanliness ; UD Ministry issues guidelines As a part of fortnightly thematic campaigns under Swachh Bharat Mission, the Ministry of Urban Development has asked States and Union Territories to focus on ensuring sanitation and cleanliness in all the parks in… Read More »

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

By | June 1, 2016

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

By | June 1, 2016

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

By | June 1, 2016

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)

By | June 1, 2016

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 »

Security under section 59 (3) of the Customs Act

By | June 1, 2016

Circular No. 21/2016 -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 31st May 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Central Excise & Customs, All Chief Commissioners… Read More »

Anti dumping duty on Dichloromethane (Methylene Chloride)

By | June 1, 2016

Seeks to impose anti-dumping duty on ‘Dichloromethane (Methylene Chloride)’ of all types [tariff item 2903 12 00], originating in or exported from People’s Republic of China or Russia, for a period of five years (unless revoked, superseded or amended earlier), from the date of imposition of the provisional anti-dumping duty i.e. from the 08th of… Read More »

Anti-dumping duty on Methyl Acetoacetate

By | June 1, 2016

Seeks to impose definitive anti-dumping duty on ” Methyl Acetoacetate “, originating in or exported from USA or China PR, for a period of five years (unless revoked, superseded or amended earlier). 22/2016-Cus (ADD), dt. 31-05-2016 Related Post Anti dumping duty on narrow woven fabric Extended for one year Anti dumping duty on imports of… Read More »

Service tax Notifications applicable from date of President assent

By | June 1, 2016

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

By | June 1, 2016

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 »

Direct Tax Dispute Resolution Scheme 2016 key features

By | June 1, 2016

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 »