Daily Archives: August 8, 2016

26.98 Lakh e-returns filed for AY 2016-17

Surging growth in Electronic filing of Income Tax Returns for Financial Year 2016-2017; Over 226.98 Lakh e-returns filed as on 5th August 2016 in F.Y. 2016-17 as compared to 70.97 Lakh for the same period in FY 2015-16 The facility of e-verification of IT returns has been used by over 75.3 Lakh taxpayers till 5th… Read More »

Prime Minister Text on GST in Parliament

PM in Lok Sabha: GST is a Great Step by Team India, Great Step Towards Transformation PM describes the imminent passage of GST as a victory for Indian Democracy The Prime Minister, Shri Narendra Modi, today described the Goods and Services Tax (GST) as a “Great Step by Team India,” a “Great Step Towards Transformation,”… Read More »

Category: GST

India ushering into GST regime

The Indian trade and industry together with other stakeholders, witnessed a historical measure on 3rd August 2016, when the much anticipated 122nd Constitutional Amendment Bill 2014 (“GST Bill”) with certain changes, received unanimous assent of the Upper House (“Rajya Sabha”) of the Indian Parliament. The GST Bill which earlier sailed through the Lower House (“Lok… Read More »

Section 188 of Insolvency and Bankruptcy Code 2016

Section 188  of Insolvency and Bankruptcy Code 2016 Section 188 Establishment and incorporation of Board. PART IV REGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND INFORMATION UTILITIES CHAPTER I THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Establishment and incorporation of Board. 188. (1) With effect from such date as the Central Government may, by notifi-cation, appoint, there shall be… Read More »

Sections 188 to 194 of Insolvency and Bankruptcy Code 2016 Comes into force w.e.f 5.08.2016.

Insolvency and Bankruptcy Code 2016 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th August, 2016 S.O.2618(E).—In exercise of the powers conferred by the proviso to sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints the 5th of August, 2016 as the date on… Read More »

Indian Medical Council (Amendment) Act 2016 Notified

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th August, 2016/14 Shravana, 1938 (Saka) The following Act of Parliament received the assent of the President on the 4th August, 2016, and is hereby published for general information:— THE INDIAN MEDICAL COUNCIL (AMENDMENT) ACT, 2016 NO. 39 OF 2016 [4th August, 2016.] An Act further… Read More »

Appellate Authority notified to hear appeals of housing finance institutions

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 3rd August, 2016 S.O. 2626(E).—In partial modification to the Notification dated 15 th March, 2016, and in exercise of the powers conferred by sub-section (7) of Section 29A of the National Housing Bank Act, 1987… Read More »

MUDRA Income Notified for non deduction of TDS u/s 194A

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 5th August, 2016 No. 65 /2016 INCOME-TAX S.O. 2616(E).—In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961… Read More »

Pensionary benefit recommendations accepted by Govt -Notified

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Pension and Pensioners’ Welfare) RESOLUTION New Delhi, the 4th August, 2016 No. 38/37/2016-P&PW (A) .—The Terms of Reference of the Seventh Central Pay Commission as contained in Ministry of Finance (Department of Expenditure) Resolution No.1/1/2013-E.III (A) dated 28.2.2014 included the following: “To examine the principles which… Read More »