Daily Archives: September 7, 2016

Subsidiary company can adopt calendar year as its Financial Year for consolidation of accounts

By | September 7, 2016

NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH Universal Robots (India) (P.) Ltd., In re RATAKONDA MURALI, JUDICIAL MEMBER AND ASHOK KUMAR MISHRA, TECHNICAL MEMBER T.P. NO. 99 OF 2016 & CA NO. 109/2(41) CB OF 2016 AUGUST  26, 2016 P.R. Sitaram for the Applicant. ORDER The Petition is filed by the Applicant under Section 2(41) of… Read More »

No need to carry Driving Licenses and Vehicle Registration Certificates !

By | September 7, 2016

Driving Licenses and Vehicle Registration Certificates can now be accessed through Mobile App Shri Nitin Gadkari, Minister of Road Transport & Highways and Shipping and Shri Ravi Shankar Prasad, Minister of Electronics & Information Technology and Law & Justice jointly launched a new service – integration of DigiLocker with Driving Licenses (DL) & Vehicle Registration… Read More »

Discussions Begin for Creation of Secretariat to Assist GST Council

By | September 7, 2016

The government has begun the groundwork for creation of a secretariat to cater to the Goods and Services Tax (GST) Council, which will be constituted after Presidential assent for the Constitution Amendment Bill enabling implementation of the proposed tax. The government wants the institutional arrangements ready so that the GST Council can start deliberating the… Read More »

Category: GST

States can’t escape adoption of GST

By | September 7, 2016

States opposing the goods and services tax (GST), such as Tamil Nadu, would not be able to avoid the indirect tax regime after the Constitution amendment Bill becomes law. The states would, however, be able to adopt a GST structure than is different from the one recommended by the proposed GST Council. The recommendations of… Read More »

Category: GST

Capital Gains Accounts Scheme 1988

By | September 7, 2016

CAPITAL GAINS ACCOUNTS SCHEME, 1988 [GSR 724(E), DATED 22-6-1988] In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B, sub-section (2) of section 54D, sub-section (4) of section 54F 1[, sub-section (2) of section 54G and sub-section (2) of section 54GB] of the Income-tax Act, 1961 (43 of 1961),… Read More »

CA held guilty of professional misconduct for non-detection of fraud in concurrent audit : HC

By | September 7, 2016

Buy Chartered Accountant Act HIGH COURT OF DELHI Council of Institute of Chartered Accountants of India v. Uma Shankar Jha PRADEEP NANDRAJOG AND MS. PRATIBHA RANI, JJ. CHAT. A. REF. NO. 1 OF 2012 AUGUST  11, 2016 Rakesh Aggarwal and Pulkit Aggarwal, Advs. for the Petitioner. ORDER Pradeep Nandrajog, J. – This is a reference… Read More »

Salary received by non-resident in India for services rendered outside India, not eligible for exemption under tax treaty

By | September 7, 2016

Salary received by non-resident in India for services rendered outside India, not eligible for exemption under tax treaty: The Chennai Bench of the Income-tax Appellate Tribunal held that a non-resident individual is not eligible to claim any benefit under an income tax treaty. The case is: Swaminathan Ravichandran. Read an August 2016 report of KPMG [PDF… Read More »

Amendment in List of Industries for which Industrial Licensing is compulsory

By | September 7, 2016

MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 11th August, 2016 S.O. 2737 (E).- In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government hereby makes the following further amendments in the… Read More »

Clarification regarding renting of precincts of religious place meant for general public

By | September 7, 2016

F.No. 354/45/2016-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) Circular No. 200/10/2016-Service Tax Dated: 6th September, 2016 To Principal Chief Commissioners of Customs and Central Excise (All) Principal Chief Commissioners of Central Excise & Service Tax (All) Principal Director Generals of Goods and Service Tax/System/CEI Director General of Audit/Tax Payer… Read More »

Service Tax exemption on renting of precincts of a religious place meant for general public

By | September 7, 2016

Seeks to amend Notification No. 25/2012- Service Tax, dated 20.06.2012, so as to make necessary amendment by substituting the clause (a) of entry 5 in opening paragraph GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 40/2016-Service Tax New Delhi, the 6th September, 2016 GSR__(E).- In exercise of the powers conferred by sub-section… Read More »

Section 124 and Section 125 of Companies act Comes into force w.e.f 07.09.2016

By | September 7, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th September, 2016 S.O. 2866(E).—In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints 7th September, 2016 as the date on which the provisions of section 124, sub-sections (1) to (4), (6)… Read More »