Monthly Archives: July 2016

Section 80IB benefit not available for DEPB income

By | July 31, 2016

HIGH COURT OF GUJARAT Banpal Oil Chem (P.) Ltd. v. Assistant Commissioner of Income-tax AKIL KURESHI AND A.J. SHASTRI, JJ. TAX APPEAL NO.188 OF 2011 JULY  7, 2016 Tushar P. Hemani, Advocate for the Appellant. Nitin Mehta, Advocate for the Respondent. JUDGMENT Akil Kureshi, J. – The assessee is in the appeal against the judgement… Read More »

No Disallowance u/s 40(a)(ia) when books rejected and income estimated

By | July 31, 2016

IN THE ITAT KOLKATA BENCH ‘A’ Future Distributors v. Principal Commissioner of Income-tax, Kolkata P.M. JAGTAP, ACCOUNTANT MEMBER AND S.S. VISWANETHRA RAVI, JUDICIAL MEMBER IT APPEAL NO. 277 (KOL.) OF 2016 [ASSESSMENT YEAR 2010-2011] JULY  29, 2016 S.K. Tulsiyan, Advocate for the Appellant. Sachchidananda Srivastava, for the Respondent. ORDER P.M. Jagtap, Accountant Member – This… Read More »

Benami Transaction (Prohibition) Bill 2016 :- Key Takeaways

By | July 31, 2016

The Benami Transaction (Prohibition) Amendment Bill 2016 passed by Lok Sabha on 27.07.2016 Key takeaways from The Benami Transaction (Prohibition) Amendment Bill 2016 are as follows: Objective of The Benami Transaction (Prohibition) Amendment Bill 2016  :- The Benami Transaction (Prohibition) Amendment Bill 2016 passed by Lok Sabha, empowers the Government to confiscate Benami properties held in… Read More »

CPT Exam on 18th December 2016 (sunday)

By | July 31, 2016

The Institute of Chartered Accountants of India 26fh July, 201 6 No.13-CA (EXAM)/CPT/December/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of lndia is pleased to notify that the Common Proficiency Test will be held on Sunday, 18’~ December, 2016 in two sessions as… Read More »

Rs 919 Crores collected under Sovereign Gold Bond Scheme -4th tranche

By | July 30, 2016

Collections under Sovereign Gold Bond Scheme Reach a New High. The amount realised through the 4th tranche, at around Rs 919 Crores, is the highest achieved as yet In pursuance of the announcement in Union Budget 2015-16, Sovereign Gold Bond (SGB) scheme was launched as an alternative to physical gold in Nov 2015. The aim… Read More »

Judicial and Technical Members in National Company Law Tribunal appointed

By | July 30, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 28th July, 2016 S.O. 2563(E).—In exercise of the powers conferred by section 408 of the Companies Act, 2013, the Central Government hereby appoints following persons as Judicial and Technical Members in the National Company Law Tribunal in the pay scale of Rs. 67000-79000/- with effect from the dates… Read More »

Relief in Average Export Obligation as per Para 5.19 of Hand Book of Procedures of FTP 2015-20

By | July 30, 2016

Relief in Average Export Obligation in terms of Para 5.19 of Hand Book of Procedures of FTP 2015-20. Government of lndia Minlstry of Commerce and industry Department of Commerce (Directorate General of Foreign Trade) ISO 9001:2008 Certified Organisalon udyog Bhawan,H―Wing,Gate No 2, Maulana Azad Road,New Delhi-110011 Tel(EPBAX No):011-23061562 Fax No1 011-23062225 web Site:http://dgft. gov.in E―… Read More »

Trademark certificate registration process made automated

By | July 30, 2016

GOVERNMENT OF INDIA Ministry of Commerce & Industries Office of the Controller General Patents, Designs and Trademarks Boudhik Sampada Bhawan, S. M. Road, Antop Hill, Mumbai 400037 CG/Public Notice-/2016-17/TMR/     Date: 28/07/2016 Public Notice The process relating to generation & issuance of registration certificates for applications made for registration of trademarks has been fully… Read More »

Income Tax Department Open on Saturday and Sunday -30th July and 31st july – to accept Return

By | July 30, 2016

F.No.225/195/2016/ITA.II Government of India Ministry of Finance Depertrnen1 of Revenue Central Boland of Direct Taxes North Block., New Delhi, the 29th of July, 2016 Order Under Section 119(1) of the Income tax Act, 1961. The ‘due-date’ of filing Income-tax returns for certain categories of tax payers pertaining to Assessment Year 2016-2017 is 31st July, 2016,… Read More »

Removal of mandatory warehousing requirements for EOUs, STPIs,EHTPs etc

By | July 30, 2016

Removal of mandatory warehousing requirements for EOUs, STPIs,EHTPs etc-Amendment to Notification 52/2003-Customs dt 31.3.2003. F.No. 484/3/2015-LC (Pt II) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs North Block, New Delhi Circular No. 35/2016-Customs Dated, the 29th July 2016 All Principal Chief Commissioners Customs, All Principal Chief Commissioners of… Read More »

Amends Notification 52/2003-Customs dated 31.3.2003

By | July 30, 2016

Amends Notification 52/2003-Customs dated 31.3.2003 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 44/2016-Customs New Delhi, the 29th July, 2016 S.O. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being… Read More »

Procedure for exports through Foreign Post Office using e-commerce platform under MEIS Scheme

By | July 30, 2016

Procedure for exports through Foreign Post Office Delhi / Mumbai / Chennai using e-commerce platform under MEIS Scheme of Chapter 3 of Foreign Trade Policy (2015-20) Circular No. 36/2016-Customs F.No. 476/01/2013/LC Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ************** North Block, New Delhi, Dated 29th July 2016.… Read More »

India – Saint Kitts and Nevis DTAA notified

By | July 30, 2016

MINISTRY OF FINANCE (Department of Revenue) Notification No. 62/2016-Income Tax New Delhi, the 21st July, 2016 S.O. 2488(E).—Whereas, an Agreement between the Government of the Republic of India and the Government of Saint Kitts and Nevis was signed at New York on the 11th November, 2014 (hereinafter referred to as the said Agreement); And whereas,… Read More »

Re-evaluation of CA Exam Answer Books cannot be directed : High Court

By | July 30, 2016

Issue writ petition was filed by the appellant who is a student of respondent No.1- Institute of Chartered Accountants of India. He gave the Final Examination of the respondents in November, 2013. He did not qualify. He thereafter applied for Suggestive Answers, Re-evaluation of the marks and Certified copy of his answer sheet. Held In… Read More »

Book on Strategic Financial Management for CA Final

By | July 30, 2016

Strategic Financial Management for CA Final (English) (Paperback, Dr J B Gupta) BUY Specifications of Strategic Financial Management for CA Final (English) (Paperback, Dr J B Gupta) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9350719606 Edition Ninth Publication Year 2016 Language English ISBN-13 9789350719602 Binding Paperback

Book on Advanced Auditing and Professional Ethics for CA Final

By | July 30, 2016

Advanced Auditing and Professional Ethics for CA Final (English) (Paperback, CA Pankaj Garg) BUY Specifications of Advanced Auditing and Professional Ethics for CA Final (English) (Paperback, CA Pankaj Garg) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9350719428 Edition Seventh Publication Year 2016 Language English ISBN-13 9789350719428 Binding Paperback

Commissioner u/s 59 (2) of DVAT Act can call upon to produce books even if no rules framed

By | July 30, 2016

HIGH COURT OF DELHI Vayam Technologies Ltd. v. Commissioner of Trade & Taxes DR. S. MURALIDHAR AND VIBHU BAKHRU, JJ. W.P. (C) NO. 10156 OF 2015 CM NOS. 25028 & 28227 OF 2015 MAY  26, 2016 Rajesh Jain and Virag Tiwari, Advs. for the Petitioner. Gautam Narayan, ASC and R.A. Iyer, Advocate for the Respondent.… Read More »

DVAT Dealers to Install softwares to communicate sale invoices to Commissioner

By | July 30, 2016

DELHI VALUE ADDED TAX (AMENDMENT) ACT, 2016 – AMENDMENT IN SECTIONS 3, 29, 86, 92, 93 & 107 AND INSERTION OF SECTIONS 50A, 91A NOTIFICATION NO.F.14(12)/LA-2016/CONS2LAW/7786, DATED 5-7-2016 The following Act of the Legislative Assembly of the National Capital Territory of Delhi received the assent of the Lt. Governor of Delhi on the 24th June,… Read More »

High Court can’t direct CIT(A) to condone the delay beyond condonation power of CIT(A)

By | July 30, 2016

Held Section 85 of the Finance Act, is similar to Section 128 of the Customs Act, 1962; Section 34(3) of the Arbitration and Conciliation Act, 1996; Section 125 of the Electricity Act, 2003; Section 35-G of the Central Excise Act, 1944 and the statutes referred to above, are self contained Acts and codes by themselves.… Read More »

Arrear of 7th pay commission to be paid in one installment with Aug 2016 Salary

By | July 30, 2016

Arrear of 7th pay commission to be paid in one installment in cash with Aug 2016 Salary No. 1-5/2016-IC Government of India Ministry of Finance Department of Expenditure (Implementation Cell) New Delhi , the 29th july 2016 Office Memorandum Subject : Implementation of the recommendations of the 7th Central Pay commission- Fixation of pay and… Read More »

Trust claiming exemption u/s 10(23C), No Section 40(a)(ia) Disallowance

By | July 29, 2016

Held The assessee was registered under section 10(23C)(iv) of the Act and claimed exemption under the said Act. Similarly, in assessment years 2009-10, 2010-11, since the assessee was registered under section 12AA of the Act, the income was claimed to be exempt under section 11 of the Act. It is also a fact on record… Read More »

CA can’t be said to be deemed in practice if only running coaching classes for CA Students

By | July 29, 2016

HIGH COURT OF DELHI Harpal Singh Dhingra v. Vinod Gupta SANJEEV SACHDEVA, J. CONT.CAS(C) 657 & C.M. NO. 19762 OF 2016 JULY  26, 2016 Vishwas Ahuja for the Appellant. Ashish Makhija for the Respondent. JUDGMENT 1. On 23.05.2016, this petition as directed to be listed on 01.12.2016 alongwith the connected Writ Petition. In the Writ… Read More »

Section 10 (46) Exemption to Kerala Headload Workers Welfare Board

By | July 29, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION New Delhi, the 26th July, 2016 S.O. 2527(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Amendment Rules 2016

By | July 29, 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 11th April, 2016 G.S.R. 414(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (m) of sub-section (2) of section 59 read with section 44… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Third Amendment Rules 2015

By | July 29, 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 12th October, 2015 G.S.R. 776(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59 read with section 44… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Second Amendment Rules 2015

By | July 29, 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 3rd July, 2015 G.S.R. 536(E).—In exercise of the powers conferred by sub-section (1), clause (k) and clause (l) of sub-section (2) of section 59 read with section 44 and section… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Amendment Rules 2015

By | July 29, 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 27th April, 2015 G.S.R. 322(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59, read with section 44… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Second Amendment Rules 2014

By | July 29, 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 26th December, 2014. G.S.R. 918(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59, section 44 and section… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Amendment Rules 2014

By | July 29, 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 8th September, 2014 G.S.R. 638(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of Section 59 read with Section 44… Read More »

Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules 2014

By | July 29, 2016

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 14th July, 2014. G.S.R. 501(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of sub-section (2) of section 59 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), read with section… Read More »

Date extended for Public Servants to file Annual Return of assets

By | July 29, 2016

As per the following notification Govt has extended the date for filing nnual Return of Assets and Liabilities by public servants to 31st December 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 29th July, 2016. G.S.R.747(E).––In… Read More »

Exemption on Clinical Trials

By | July 29, 2016

Exemption on Clinical Trials The Government has vide GSR No.313 (E) dated 16.03.2016 amended the Drugs and Cosmetics Rules, 1945 to inter alia provide as below: “no permission for conduct of clinical trial intended for academic purposes in respect of approved drug formulation shall be required for any new indication or new route of administration… Read More »

Indian Trusts Amendment Act 2016 received president assent

By | July 29, 2016

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 27th July, 2016/Shravana 5, 1938 (Saka) The following Act of Parliament received the assent of the President on the 26th July, 2016, and is hereby published for general information:— THE INDIAN TRUSTS (AMENDMENT) ACT, 2016 (NO. 34 OF 2016) [26th July, 2016.] An Act further… Read More »

Every public servant to declare Assets in prescribed form: Bill in Lok Sabha Introduced

By | July 29, 2016

THE GAZETTE OF INDIA EXTRAORDINARY [PART II- Section 2] LOK SABHA ———— The following Bill was introduced in Lok Sabha on 27th July, 2016:— BILL NO. 185 OF 2016 A Bill to amend the Lokpal and Lokayuktas Act, 2013 BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:—… Read More »

Compensatory Afforestation Fund Bill 2016 Passed by Rajya Sabha

By | July 29, 2016

Compensatory Afforestation Fund Bill, 2016 Passed by Rajya Sabha Rajya Sabha today passed The Compensatory Afforestation Fund Bill, 2016.   The Bill had earlier been passed by Lok Sabha in May 2016. Replying to the discussion on the Bill today, Minister of State (Independent Charge) of Environment, Forest and Climate Change, Shri Anil Madhav Dave, said that it… Read More »

Excise Duty on Jewellery- Gist of all notifications issued

By | July 28, 2016

Simplified Central Excise norms for Jewellery Sector notified In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set… Read More »

TRAI issues Consultation Paper on “Complaints/Grievance Redressal in Telecom Sector”

By | July 28, 2016

TRAI issues Consultation Paper on “Complaints/Grievance Redressal in Telecom Sector” The telecom sector in India has grown rapidly in the last decade and subscriptions have crossed 1 billion. These subscribers are filing large numbers of complaints with the Telecom Service Providers [TSPs]. The complaints are on account of wrong billing, indifferent or poor quality of… Read More »

Excise Duty on Jewellery –Key Takeaway

By | July 28, 2016

Excise Duty on Jewellery –Key Takeaway The Central Government proposed to impose excise duty on manufacturing of jewellery except silver jewellery (other than studded with diamond and precious stones) in the Union Budget. However, the jewellers protested against such levy of excise duty. They went on strike across the Country demanding withdrawal of excise duty… Read More »

Companies (Accounts) Amendment Rules 2016 Notified

By | July 28, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th July,2016 G.S.R. 742(E).— In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134 and section 138 read with section 469 of the Companies… Read More »