Daily Archives: July 6, 2016

Duty Free Shops at airports ; Passengers allowed to purchase upto Rs 25000 in Indian Currency

By | July 6, 2016

Circular No.31/2016-Customs F.No: 473 / 05 / 2015 – LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 6th July 2016 All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners… Read More »

Interest on Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds from 01.07.2016 to 30.09.16

By | July 6, 2016

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 30th June, 2016 F. No. 5(4)-B(PD)/2016.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75, dated 30th June, 1975, shall with effect… Read More »

Concession certificate to physically challenged persons (Divyang) by Railway

By | July 6, 2016

Railway Streamline procedure for issue of concession certificate to physically challenged persons (Divyang) Ministry of Railways has decided to streamline the procedure for issuing of concessional certificate to physically challenged persons (Divyang) in case of change of residence and also in some other cases for the convenience of the passengers. Indian Railways has already facilitated… Read More »

ICDS deferred by Govt , Now to apply from AY 2017-18

By | July 6, 2016

Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment… Read More »

Govt Committee to decide feasibility of having new financial year

By | July 6, 2016

Government today constituted a Committee headed by Dr. Shankar Acharya (former Chief Economic Adviser) to examine the desirability and feasibility of having ‘a new financial year’; The Committee to submit its Report by 31st December, 2016. The Government of India today constituted a Committee to examine the desirability and feasibility of having ‘a new financial… Read More »

Upfront payment of interest allowable in the year of payment , No Spreading required over the years : SC

By | July 6, 2016

[2015] 372 ITR 605 (SC) SUPREME COURT OF INDIA Taparia Tools Ltd. v. Joint Commissioner of Income-tax, Nasik A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6366 – 6368 OF 2003 AND 6946 – 6948 OF 2004 MARCH  23, 2015 K. Radhakrishnan, Sr. Adv., Sanjay M. Shah, Rustom B. Hathikhanawala, Ms. Niranjana Singh,… Read More »

Stamp duty expenses etc. incurred for obtaining loan is revenue expenditure

By | July 6, 2016

[1966] 60 ITR 52 (SC) SUPREME COURT OF INDIA India Cements Ltd. v. Commissioner of Income-tax K. SUBBA RAO, J.C. SHAH AND S.M. SIKRI, JJ. CIVIL APPEAL NO. 1106 OF 1964 DECEMBER  8, 1965 A.V. Viswanatha Sastri, R. Venkataraman and R. Gopalakrishnan for the Appellant. S.T. Desai, Gopal Singh, B.R.G.K. Achar and R.N. Sachthey for… Read More »

RBI Master Direction on Risk Management and Inter-Bank Dealings

By | July 6, 2016

RBI/FMRD/2016-17/31 FMRD Master Direction No. 1/2016-17 July 5, 2016 To, All Authorised Dealers – Category I Banks Madam / Sir, Master Direction – on Risk Management and Inter-Bank Dealings In exercise of the powers conferred by clause (h) of sub-section (2) of section 47 of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999),… Read More »