Daily Archives: July 10, 2016

bonus shares not taxable under Section 56(2)(vii)(c)

By | July 10, 2016

Allotment of bonus shares The Bangalore Bench of the Income Tax Appellate Tribunal held that bonus shares cannot be considered to be as received without consideration or for inadequate consideration and, therefore, are not taxable under Section 56(2)(vii)(c) of the Income-tax Act, 1961. The case is: Dr. Rajan Pai. Read a June 2016 report [PDF… Read More »

What is RTGS System?

By | July 10, 2016

RTGS System Q1. What is RTGS System? Ans. The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some… Read More »

RTGS Holidays – 2016

By | July 10, 2016

Reserve Bank of India Department of Payment & Settlement Systems, Central Office RTGS Holidays – 2016 Sr. No. Date Day Occasion 1 January 26, 2016 Tuesday Republic Day 2 March 25, 2016 Friday Good Friday 3 April 1, 2016 Friday Annual Closing of banks 4 April 14, 2016 Thursday  Birthday of Dr. B. R. Ambedkar… Read More »

Payment of Pension to Government Pensioners ; FAQ

By | July 10, 2016

Scheme for Payment of Pension to Government Pensioners by Authorised Banks Updated as on June 01, 2015 The Reserve Bank of India (the Reserve Bank) oversees disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/complaints from pensioners in regard to… Read More »

What is Exchange Earner’s Foreign Currency (EEFC) Account ?

By | July 10, 2016

What is Exchange Earner’s Foreign Currency (EEFC) Account ? Q 1. What is an EEFC Account and what are its benefits? Ans. Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank i.e. a bank authorized to deal in foreign exchange. It is a… Read More »

Draft revised Authorised Economic Operator scheme guidelines notified

By | July 10, 2016

India’s Central Board of Excise and Customs (CBEC) issued draft guidance for comments concerning an Authorised Economic Operator (AEO) regime. Among the benefits under the AEO programme would be a higher facilitation level; the facility of direct port delivery or entry; reduced bank guarantees; expedited investigations and dispute resolutions; paperless declarations with no supporting document… Read More »

TDS on payments for highway toll-collecting services

By | July 10, 2016

DCIT V. Project Director , NHAI (ITA No 69/Vizag/2013) The Vishakhapatnam Bench of the Income-tax Appellate Tribunal held that tax must be withheld (deducted) from the amount of payment made to toll-collecting agencies under section 194C of the Income-tax Act, 1961. The taxpayer was engaged in the development and maintenance of highways across India, and… Read More »

Improving Night Schools and Zilla Parishad Schools is our priority :HRD Minister

By | July 10, 2016

“Improving Night Schools and Zilla Parishad Schools is our priority” – Javadekar. Union HRD Minister visits Night School in Dadar, Mumbai Close on the heels of assuming charge as the Human Resources Development Minister, Shri Prakash Javadekar on Saturday evening paid a visit to the Gopal Krishna Gokhale Night School in Dadar, Mumbai and interacted… Read More »

Atal Incubation Centres Guidelines under under Atal Innovation Mission

By | July 10, 2016

Atal Incubation Centres Guidelines under under Atal Innovation Mission Download  Atal Incubation Centres Guidelines Atal Innovation Mission is funding 100 Atal Incubation Centres across the country. We’re setting up sector-specific incubation centres to support start-ups. If you’re an interested academic/research institutions, private organization or individual, Apply now! Send in your applications now! DEADLINE EXTENDED: 20… Read More »

First Woman Captain of Indian Merchant Navy to receive IMO Award

By | July 10, 2016

Captain Radhika Menon, First Woman Captain of Indian Merchant Navy to receive IMO Award for Exceptional Bravery at Sea Captain Radhika Menon, Master of the oil products tanker Sampurna Swarajya, is to receive the 2016 International Maritime Organization Award for Exceptional Bravery at Sea for her role in the dramatic rescue of seven fishermen from… Read More »