Daily Archives: September 8, 2016

Trust letting out its auditorium for marriage functions not entitled to sec. 11 relief

IN THE ITAT CHENNAI BENCH ‘D’ Suguna Charitable Trust v. Income-tax Officer, Company Ward-I, Coimbatore CHANDRA POOJARI, ACCOUNTANT MEMBER AND G. PAVAN KUMAR, JUDICIAL MEMBER IT APPEAL NO. 2172 (MDS.) OF 2014 [ASSESSMENT YEAR 2010-11] JUNE  29, 2016 R. Meenakshi Sundaram, Adv. for the Appellant. Durai Pandian, ACIT-DR for the Respondent. ORDER Chandra Poojari, Accountant… Read More »

President gave assent to GST Constitution Amendment Bill

New Delhi, Sep 8 (PTI) President Pranab Mukherjee today gave assent to Constitution Amendment Bill on Goods and Services Tax (GST), a major step towards rolling out the new indirect tax regime which the Modi government wants to come into effect from April 1 next year. Mukherjee has given approval to the bill, official sources… Read More »

Category: GST

Notification Number 229/2007 dated 21st August 2007 rescined

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th September, 2016 S.O. 2883(E).—In exercise of the powers conferred under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby rescinds… Read More »

Notification 35/2008 dated 14th March 2008 rescined

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th September, 2016 S.O. 2882(E).—In exercise of the powers conferred under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby rescinds… Read More »

SEBI imposed restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders

CIRCULAR SEBI/HO/CFD/DCR/CIR/P/2016/81 September 07, 2016 To All Listed Entities All Registered Registrar & Share Transfer Agents All Depositories All Recognised Stock Exchanges Dear Sir/Madam, Sub: Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders 1. In terms of section 21A of the Securities Contracts (Regulation) Act,… Read More »

April 1 deadline for GST a stiff target: Jaitley

Union Finance Minister Arun Jaitley on Wednesday said the April 1, 2017, deadline to roll out the goods and services tax (GST) was stiff, as there were a few hurdles ahead. He added the Centre and states were “ running against time”, and there were issues, which the proposed GST Council needed to address. “After… Read More »

Category: GST

FM says GST Top Priority, to Push for April 1 Rollout

Finance minister Arun Jaitley said the government will attempt to press ahead with implementation of the goods and services tax (GST) from April 1, 2017, pitching the proposed tax reform as a key priority for the government. He said restoring banks’ health was a priority but ruled out privatisation of public sector banks for now.… Read More »

Category: GST

Income Declaration Scheme 2016 – Acceptance of Cash Over Counter by Banks

RBI/2016-17/62 DBR.No.Leg.BC. 13/09.07.005/2016-17 September 8, 2016 The Managing Directors/Chief Executive Officers All Scheduled Commercial Banks (including RRBs) Dear Sir, Income Declaration Scheme, 2016 – Acceptance of Cash Over the Counter Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all… Read More »

Category: RBI

Internet broadcasting companies to obtain statutory license under Copyright Act

SECTION 31D OF THE COPYRIGHT ACT, 1957 – STATUTORY LICENCE FOR BROADCASTING OF LITERARY AND MUSICAL WORKS AND SOUND RECORDING – CLARIFICATIONS ON PROVISIONS OF SAID SECTION OFFICE MEMORANDUM [F.NO.14-35/2015-CRB/LU (IPR VII)], DATED 5-9-2016 Representations have been received from various Stakeholders as to whether the internet broadcasting companies come under the purview of Statutory Licensing… Read More »

SEBI Guidelines for Due Date Rate fixation for Regional Commodity Derivatives Exchanges

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/79 September 07, 2016 To, The Managing Directors/Chief Executve Officers, Regional Commodity Derivatives Exchanges Sir/Madam, Sub: Guidelines for Due Date Rate (DDR) fixation for Regional Commodity Derivatives Exchanges 1. As per Section 131 (4) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward… Read More »

Penalty for short collection/non-collection of margins from clients

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/80 September 07, 2016 To, The Managing Directors/Chief Executve Officers, National Commodity Derivatives Exchanges Sir/Madam, Sub: Mechanism for regular monitoring of and penalty for short collection/non-collection of margins from clients 1. As per Section 131 (4) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the… Read More »

Transaction Charges by Commodity Derivatives Exchanges

CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/82 September 07, 2016 To, The Managing Directors / Chief Executive Officers of All Commodity Derivatives Exchanges Sir / Madam, Sub: Transaction Charges by Commodity Derivatives Exchanges 1. The Commodity Derivatives Exchanges are collecting transaction charges from the members for the trades executed on their trading platform. In order to promote competition in the… Read More »

Daily Price Limits for Non-Agricultural Commodity Derivatives/ First Day DPL for All Commodity Derivatives

CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2016/83 September 07, 2016 To, The Managing Directors / Chief Executive Officers National Commodity Derivatives Exchanges Sir / Madam, Sub.: Daily Price Limits (DPL) for Non-Agricultural Commodity Derivatives/ First Day DPL for All Commodity Derivatives 1. As per Section 131(4) of Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments,… Read More »

Rules Amendment for Appointment of IEPF Chairperson & Members

GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 5th September 2016 G.S.R. (E) — In exercise of the powers conferred by section 469 read with sub-sections (5), (6) and (7) of section 125 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Investor Education… Read More »

Import prices on CIF basis at or above which safeguard duty on subject goods will not be applicable

Seeks to amend notification No. 1/2016-Customs(SG) dated 29.03.2016 to prescribe import prices on CIF basis at or above which safeguard duty on subject goods will not be applicable Government of India Ministry of Finance (Department of Revenue) Notification No. 2/2016-Customs (SG) New Delhi, the 5th August, 2016 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of… Read More »

Anti-dumping duty on imports of Para Nitroaniline

Seeks to extend the levy of anti-dumping duty on imports of Para Nitroaniline, originating in, or exported from Peoples Republic of China, (imposed vide notification No. 88/2011-Customs, dated 9th September, 2011) for a period of one year i.e. upto and inclusive of the 8th September, 2017. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,… Read More »

India- Maldives DTAA for Income Derived From International Air Transport

MINISTRY OF FINANCE (Department of Revenue) Notification No. 77/2016 New Delhi, the 2nd September, 2016 (INCOME TAX) S.O. 2853(E).-Whereas, an Agreement entered into between the Government of the Republic of India and the Government of the Republic of Maldives for Avoidance of Double Taxation of Income Derived From International Air Transport was signed at New… Read More »

Exemption from GST by Government

EXEMPTION FROM GST BY GOVERNMENT Sponsored Book BUY Power to Government to grant exemption Schedule to GST Law prescribe the rate of GST for supply of various goods and services. As per clause 10(1) of GST Model Law, 2016 Central Government has been granted to reduce GST rates as per requirements, by issuing a general… Read More »

Category: GST