Daily Archives: July 15, 2016

Satellite capacity Services provided to Indian , Taxable in India if equipment maintained in India

Services rendered in India: The Chennai Bench of the Income-tax Appellate Tribunal held that a taxpayer—providing satellite capacity and related services to Indian customers by means of communication system monitoring equipment owned by a related party in India—was rendering services in India. The case is: Intelsat Global Sales and Marketing Ltd. Read a July 2016 report [PDF 311… Read More »

Corporate social responsibility expenditure is business expenditure

Corporate social responsibility expenditure is business expenditure The Raipur Bench of the Income-tax Appellate Tribunal held that the voluntary nature of corporate social responsibility payments are expenditures that are allowable as a business expenditure. The case is:Jindal Power Limited. Read a July 2016 report [PDF 323 KB]

Retention bonus allowable as business expenditure

Retention bonus as business expenditure The Delhi Bench of the Income-tax Appellate Tribunal held that a retention bonus paid by the taxpayer to retain employees of a transferred company were allowable as a business expenditure of the taxpayer. The case is: SAIC India Private Ltd. Read a July 2016 report [PDF 282 KB]

No tax for cancelled trademark

No tax for cancelled trademar The Hyderabad Bench of the Income-tax Appellate Tribunal held that a payment received by the taxpayer for restraining the use of the trademark that was cancelled and no longer available for use (it had ceased to exist is a capital receipt) was not subject to tax. The case is: Orient Blackswan Private… Read More »

Book on Guide To Tax Audit 2015 Edn (ENGLISH)

Guide To Tax Audit 2015 Edn (ENGLISH) (Paperback) BUY Specifications of Guide To Tax Audit 2015 Edn (ENGLISH) (Paperback) BOOK DETAILS Publisher Taxman ISBN-10 9350716585 Edition 0 Number of Pages 812 Pages Publication Year 2015 Language ENGLISH ISBN-13 9789350716588 Binding Paperback CONTRIBUTORS Authored By Ca Srinivasan Anand

RBI announces Art Competition to encourage Budding Artists

The Reserve Bank of India has announced an Art Competition with an objective to identify, recognise and encourage talented budding artists in visual art. Anyone who is a citizen of India and is currently a student of a professional art college can participate in the competition. The Reserve Bank would buy the selected works at… Read More »

Sovereign Gold Bond 2016-17 – Series I: Issue Price

Sovereign Gold Bond 2016-17 – Series I: Issue Price Date : Jul 15, 2016 In terms of GoI notification F.No.4(7)-W&M/2016 and RBI circular IDMD.CDD.No.2020/14.04.050/2016-17 dated July 14, 2016, Series I of the Sovereign Gold Bond 2016-17 will be open for subscription from July 18 to 22, 2016. The issue price of the Sovereign Gold Bond… Read More »

Combined Medical Services Examination 2016

Combined Medical Services Examination, 2016 On the basis of result of the written part of the Combined Medical Services Examination, 2016 held by the Union Public Service Commission in June, 2016, the candidates with the under  mentioned Roll Numbers have qualified for Interview/Personality Test:- The candidature of these candidates is PROVISIONAL subject to their being… Read More »

Census 2011 data on disabled population

RGI releases Census 2011 data on disabled population The Registrar General of India (RGI) releases Census 2011 data on disabled population by type of disability, educational level and sex here today. Out of the total disabled population of 2.68 crores in Census 2011, 1.46 crores (54.5%) are literates and the remaining 1.22 crores (45.5%) are… Read More »

New Features Released For National Pension System Subscribers

New Features Released For NPS Subscribers Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new… Read More »

India’s Foreign Trade: June, 2016

India’s Foreign Trade: June, 2016 MERCHANDISE TRADE   EXPORTS (including re-exports) For the first time after a gap of 18 months, exports in June 2016 have recorded a positive growth of 1.27%. During June,2016 exports were valued at US$ 22572.30 million (Rs.151904.56 crore) which was 1.27 per cent higher in Dollar terms (6.72 per cent higher… Read More »

Written consent of Cost Auditor mandatory before appointment : Cost records and audit Amendment Rules 2016.

[To be published in the Gazette of India, Extraordinary, Part ll, Section 3, Sub-section (i)l GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION  New Delhi, the 14th July, 2016 G.S.R…………….. (E).- In exercise ofthe powers conferred by sub-sections (1) and(2) ofsection 469 and section 148 of the Companies Act, 2013 (1.8 of 201.3) (hereinafter referred as… Read More »

Converting Limited Scrutiny into Complete Scrutiny : CBDT Instructions

Instruction No. 5/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 14th of July, 2016 Subject: Direction regarding scope of enquiry in cases under ‘Limited Scrutiny’ selected through CASS 2015 & 2016-regd.-  Vide Instruction No. 20/2015 dated 29.12.2015 in File of even number, Board has… Read More »

Company Secretary can certify for Grant of Unified License (Virtual Network Operators)

Dear Professional Colleagues Sub. : Authorisation to Company Secretary under Guidelines for Grant of Unified License (Virtual Network Operators) With a view to ensure seamless delivery of converged telecom services and to grant Unified Licence (Virtual Network Operators) (UL VNO), Government of India, Ministry of Communication and Information Technology, Department of Telecommunications (Access Service Cell)… Read More »

Hazardous Wastes Import Policy amended

To be published in the Gazette of India Extraordinary Part-II, Section – 3, Sub-Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 14/2015-2020 New Delhi, Dated: 14th July, 2016 Subject: Updation in Para 8 (B) of General Notes Regarding Import Policy of ITC (HS),… Read More »

Customs (Import of goods at concessional rate of duty for manufacture of excisable goods) second (amendment) Rules 2016

Customs (Import of goods at concessional rate of duty for manufacture of excisable goods) second (amendment) Rules 2016 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No 100/2016-Cus (NT), dt. 14-07-2016 G.S.R. (E).- In exercise of the powers conferred by section 156 of the Customs Act, 1962… Read More »

Advance Discharge Voucher not executed :Life Insurer shall not withhold payment

Source : Insurance Regulatory and Development Authority of India Date:13-07-2016 Life Insurers discharge contractual obligations when making policy payments be it maturity or death claims or surrender value etc. Contracts of life insurance are not indemnity contracts but fixed benefit type and the claim amount is usually not in dispute. It is a standard practice… Read More »

Atomic Minerals Concession Rules 2016 Notified by Govt

Atomic Minerals Concession Rules 2016 MINISTRY OF MINES NOTIFICATION New Delhi, the 11th July, 2016 G.S.R. 677(E).—In exercise of the powers conferred by section 11B of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby makes the following rules, namely CHAPTER I PRELIMINARY 1. Short title and commencement.-… Read More »

Inland Vessels (Prevention and Control of Pollution and Protection of Inland Water) Rules 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF SHIPPING NOTIFICATION New Delhi, the 13th July, 2016 G.S.R. 687(E).—Whereas, the draft Inland Vessels (Prevention and Control of Pollution and Protection of Inland Water) Rules, 2016, were published, in exercise of the powers conferred by section 54H of the Inland Vessels Act,1917 (1 of… Read More »

Investments in Non-SLR instruments by State / Central Co-operative Banks

RBI/2016-17/14 DCBR.BPD.BC.No. 01/19.51.026/2016-17 Ashadha 23, 1938 July 14, 2016 All State / Central Co-operative Banks Dear Sir / Madam, Investments in Non-SLR instruments by State / Central Co-operative Banks Please refer to our circulars RPCD.CO.RF.BC.26/07.02.03/2005-06 dated August 4, 2005 and DCBR.CO.RCBD.BC.No.5/19.51.026/2015-16 dated October 21, 2015 on the captioned subject. 2. With a view to providing… Read More »

Category: RBI

Pravasi Bharatiya Samman Awards Regulations revised

THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF EXTERNAL AFFAIRS NOTIFICATION New Delhi, the 13th July, 2016 F.No.OI-11014/37/2016-OIA-II.—In supersession of the notifications of the Government of India listed below, the President is pleased to revise the regulations governing the Pravasi Bharatiya Samman Awards (hereafter referred to as the Award), as follows:- I.… Read More »

RBI Guidelines on Issuance & Operation of Pre-paid Payment Instruments in India

RBI/2016-2017/16 DPSS.CO.PD.PPI.No.01/02.14.006/2016-17 July 01, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Madam / Dear Sir, Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India As you are aware, the Reserve Bank of India has, from time to time,… Read More »

Mobile Banking in India – RBI Operative Guidelines for Banks

RBI/2016-17/17 DPSS.CO.PD.Mobile Banking.No./2/02.23.001/2016-2017 July 1, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam /Dear Sir, Master Circular – Mobile Banking transactions in India – Operative Guidelines for Banks As you are aware, the… Read More »

Sovereign Gold Bonds 2016-17 – Operational Guidelines

RBI/2016-17/19 IDMD.CDD.No.112/14.04.050/2016-17 July 14, 2016 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Dear Sir/Madam, Sovereign Gold Bonds, 2016-17 – Operational Guidelines This has reference to the GoI notification F.No.4(7)-W&M/2016 and RBI circular… Read More »

Sovereign Gold Bonds 2016-17 – Series I: open from 18th july 2016

Sovereign Gold Bonds 2016-17 – Series I RBI/2016-17/18 IDMD.CDD.No.2020/14.04.050/2016-17 July 14, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Dear Sir/Madam, Sovereign Gold Bonds 2016-17 – Series I Government of India… Read More »