Monthly Archives: July 2016

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

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

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)

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 »

Judicial and Technical Members in National Company Law Tribunal appointed

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

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

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

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

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

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

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

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 »

Book on Advanced Auditing and Professional Ethics for CA Final

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

Aadhaar not made ? ,No one will be denied of benefits

No one will be denied of benefits for want of Aadhaar : Venkaiah Naidu With reference to the discussions in the Rajya Sabha, the Hon’ble Members had brought to notice that Aadhaar card is being made mandatory for availing government benefits like subsidized LPG, PDS supplies and pensions.  Taking note of the concerns raised by… Read More »

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

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 »

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

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

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

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

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

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

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

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

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

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 »

Compensatory Afforestation Fund Bill 2016 Passed by Rajya Sabha

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 –Key Takeaway

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

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 »