Daily Archives: June 10, 2016

Tax benefit of medical / training expenses of person with disability

By | June 10, 2016

Deduction in respect of expenditure on training/medical treatment of a dependent, being a person with disability [Section 80DD of Income Tax Act] A resident individual/HUF, incurring expenditure on maintenance of relative dependent, being a person with disability, can claim deduction under section 80DD. Deduction is available in respect of any of the following: (a) Expenditure… Read More »

Tax benefit of expenses on medical treatment of specified diseases

By | June 10, 2016

Deduction in respect of expenditure on medical treatment of specified diseases [Section 80DDB] As per section 80DDB of Income Tax Act , a taxpayer can claim deduction in respect of expenditure incurred by him on medical treatment of specified diseases. The provisions in this regard are as follows: What are the ” specified diseases or… Read More »

IRDA extension to insurers for implementation of Corporate Governance guidelines

By | June 10, 2016

Insurance Regulatory and Development  Authority of India Ref. : IRDA/FM/GDL/CG /100/05/2016 Date:6th June, 2016 Guidelines for Corporate Governance for insurers in India Addendum The Authority has Issued a revised set of Guidelines on Corporate Governance for insurers in India on l8th May, 2016. The guidelines inter-alia incorporate the stipulations regarding the qualifications and other eligibility… Read More »

Rule 37BB Income-tax Rules : payment to a non-resident

By | June 10, 2016

Rule – 37BB Income-tax Rules (Rule 37BB substituted by the Income-tax (Twenty First Amendment) Rules, 2015, w.e.f. 1-4-2016) Furnishing of information for payment to a non-resident, not being a company, or to a foreign company. 37BB . (1) The person responsible for paying to a non-resident, not being a company, or to a foreign company,… Read More »

New Print Media Advertisement policy

By | June 10, 2016

I&B Ministry frames New Print Media Advertisement policy Policy to focus on Transparency & Equity in release of Government ads   Ministry of Information & Broadcasting has framed a New Print Media Advertisement Policy for Directorate of Advertising & Visual Publicity (DAVP) with the objective to promote transparency and accountability in issuing of advertisements in… Read More »

Due date of quarterly uploading of Form 15G /H declaration by payers

By | June 10, 2016

F.No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi. Notification No 1/2016 Dated: 09th June, 2016 Subject: Simplification of procedure for Form No. 15G & 15H –Clarifications -reg The existing provisions of section 197A of the Income-tar Act, 1961 (The Act) inter alia provide that… Read More »

Application Form for Licence under Public Warehousing Licensing Regulations, 2016 / Private Warehousing Regulations, 2016 / Special Warehousing Regulations, 2016.

By | June 10, 2016

Form of application for a Licence under Public Warehousing Licensing Regulations, 2016 / Private Warehousing Regulations, 2016 / Special Warehousing Regulations, 2016. F. No. 484/30/2016- LC Govt. of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ************** Circular No. 26/2016 – Customs New Delhi, dated 9th June 2016 To, All… Read More »

No Equalisation Levy on use of Google AdWords

By | June 10, 2016

Equalisation Levy on use of Google AdWords Following is the Communication Received from Google regarding use of Google Adwords : This is to inform you that as per the Notification No. 37/ 2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalisation Levy’ on provision of… Read More »

Providing essential commodities at subsidized rates is Charitable activity u/s 2(15)

By | June 10, 2016

Held The assessee was established with an object to ensure supply of food grains, edible oils, dall etc., to the masses/general public through the approved outlets by State Civil supplies department by grant of substantial subsidies given by the Govt. and is a Corporation governed and controlled by the Govt. of A.P {then}. The main… Read More »

Road Accidents in India 2015 : 400 deaths everyday on Indian roads

By | June 10, 2016

Shri Nitin Gadkari releases the report “Road Accidents in India 2015”: reiterates commitment to reduce the number of road accidents and fatalities by 50 per cent by 2020 The Minister of Road Transport & Highways Shri Nitin Gadkari launched the report “Road Accidents in India 2015” in New Delhi today. Road accidents have emerged as… Read More »