Daily Archives: August 12, 2016

Rent receipts are business income if renting is business of Assessee : Supreme Court

By | August 12, 2016

SUPREME COURT OF INDIA Rayala Corporation (P.) Ltd. v. Assistant Commissioner of Income-tax ANIL R. DAVE AND L. NAGESWARA RAO, JJ. CIVIL APPEAL NOS. 6437 TO 6441 OF 2016 AUGUST  11, 2016 JUDGMENT Anil R. Dave, J. – Being aggrieved by the judgment delivered by the High Court of Madras on 4th October, 2013 in… Read More »

Import Manifest (Aircraft )Amendment Regulations 2016

By | August 12, 2016

Amending Import Manifest (Aircraft )Regulations, 1976 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 108/2016-Customs (N.T.) New Delhi, the11th August, 2016 G.S.R. … (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section 157 of the Customs Act, 1962 (52 of… Read More »

Export Manifest (Aircraft) Regulations, 1976 Amended

By | August 12, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION‑3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 107/2016-Customs (N.T.) New Delhi, dated the 11th August, 2016 G.S.R. (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section… Read More »

CBEC notifies date of applicability of Excise Returns for Jewellery Manufacturers 

By | August 12, 2016

Specification of 17th August, 2016 as the date on which clause (v) of rule 5 and rule 6 of Central Excise (Amendment) Rules, 2016 notified by Notificaton No. 8/2016- Central Excise (NT) dated 1st March, 2016, shall come into force GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 42/2016- Central New Delhi,… Read More »

Benefits to hill, N- E states to continue under GST

By | August 12, 2016

Benefits to hill, N- E states to continue under GST The 10- year tax holiday given in the form of area- based excise breaks for hill and northeast states will continue under the coming goods and services tax (GST) regime until the sunset date. The Centre is deliberating a compensation mechanism for manufacturing units availing… Read More »

Category: GST

GST had changed global perception about India: FM

By | August 12, 2016

GST passage conveyed positive global cues: FM Finance Minister Arun Jaitley (pictured) said Parliament’s passage of the constitutional amendment Bill on a national goods and services tax (GST) had changed the global perception about India. Credit availability, he added, was achallenge for micro, small and medium enterprises (MSMEs) but amendments Parliament is considering to the… Read More »

Category: GST

Technical Member in NCLAT appointed

By | August 12, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th August, 2016 S.O. 2677(E).—In exercise of the powers conferred by section 410 of the Companies Act, 2013, the Central Government hereby appoints Shri Balvinder Singh, as Technical Member in the National Company Law Appellate Tribunal in the pay scale of Rs. 80,000/- (fixed) with effect from… Read More »

Benami Transactions (Prohibition) Amendment Act 2016 Notified

By | August 12, 2016

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 11th August, 2016/Shravana 20, 1938 (Saka) The following Act of Parliament received the assent of the President on the 10th August, 2016, and is hereby published for general information:— THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016 NO. 43 OF 2016 [10th August, 2016.] An Act… Read More »

RBI Draft Circular on Customer Protection

By | August 12, 2016

Date : Aug 11, 2016 The Reserve Bank of India has today placed on its website the Draft Circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, for feedback. Suggestions/comments, if any, on the Draft Circular may be sent by post to the Chief General Manager, Department of Banking Regulation,… Read More »

Supply of Service under GST : Analysis

By | August 12, 2016

Supply of Service under GST Key Points about Supply of Service under Model GST Law Definition of service  cover even immovable property, Intangible property and actionable claim but cover money The explanation has been added in Model GST Law, but is not part of definition of service as given in proposed Article 366(26A) of Constitution of… Read More »