Daily Archives: September 13, 2016

Special Public Prosecutors for Income Tax Deptt :Guidelines for Engagement

By | September 13, 2016

SECTION 279 OF THE INCOME-TAX ACT, 1961 – OFFENCES AND PROSECUTION – TO BE AT COMMISSIONER’S INSTANCE – SCHEDULE OF FEES PAYABLE TO PROSECUTION COUNSELS FOR THE INCOME TAX DEPARTMENT – GUIDELINES FOR ENGAGEMENT OF SPECIAL PUBLIC PROSECUTORS (SPPS) TO REPRESENT INCOME TAX DEPARTMENT BEFORE COURTS OF SESSIONS AND ITS SUBORDINATE COURTS; REVISION OF THEIR… Read More »

Expenses incurred on buy back of shares is capital expediture :ITAT

By | September 13, 2016

IN THE ITAT DELHI BENCH ‘B’ Cornell Overseas (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 3 (1), New Delhi R.S. SYAL, ACCOUNTANT MEMBER AND N.K. CHOUDHARY, JUDICIAL MEMBER IT APPEAL NO. 2014 (DELHI) OF 2014 [ASSESSMENT YEAR 2005-06] AUGUST  16, 2016 Anil Kumar Sharma, Sr. DR. for the Respondent. ORDER R.S. Syal, Accountant Member… Read More »

Muted response to black money disclosure window

By | September 13, 2016

The government’s effort to get people to voluntarily disclose their black money, under the Income Declaration Scheme (IDS), has had a tepid response, with only about Rs. 4,000 crore reported till mid- August. The four- month window for disclosing black money deposits will close at the end of this month. The informal target for the… Read More »

Exemption on maturity of life insurance policy allowed even if taken from foreign insurer

By | September 13, 2016

Held The ld AR has pointed out that the term ‘insurer’ has been used u/s 80C(xii). Therefore, the definition of Insurer, in our opinion, is not relevant in sec 10(10D) where no such condition has been specified; but the language of sec. 10(10D) is clear that any sum received under Life Insurance Policy. When there… Read More »

Aaadhaar Act 2016 : Govt notified Certain Sections w.e.f 12.09.2016

By | September 13, 2016

MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY NOTIFICATION New Delhi, the 12th September, 2016 S.O. 2927(E).—In exercise of the powers conferred by sub-section (3) of Section 1 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016), the Central Government hereby appoints the 12th day of September 2016,… Read More »

Aadhaar (Removal of Difficulties) Order 2016

By | September 13, 2016

MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY ORDER New Delhi, the 12th September, 2016 S.O. 2923(E).—Whereas, the Aadhaar (Targeted Delivery of Financial and Other Subsides, Benefits, and Services) Act, 2016 (the said act) received the assent of the President on 25th March 2016 and was published in the Gazette of India on 26th March 2016; And… Read More »

GST Council to start journey in September 2016

By | September 13, 2016

Signalling the urgency to roll out the goods and services tax (GST) by the April 1, 2017 deadline, the Union Cabinet on Monday gave its nod to the constitution of the GST Council. The council would be responsible for deciding on rates and preparing a model Bill for implementation of the new tax regime. It… Read More »

Category: GST

IRS officers oppose GSTN, GST council secretariat

By | September 13, 2016

An association representing thousands of IRS ( Indian Revenue Services) officers on Monday strongly opposed goods and services tax network (GSTN), a private company tasked to create Information Technology infrastructure for GST, and composition of revenue secretary- led GST council secretariat. The association of Indian revenue service (customs and central excise) officers have sought Union… Read More »

Category: GST

Service Tax Ready Reckoner: Book

By | September 13, 2016

Service Tax Ready Reckoner (English) (Paperback, V S Datey) BUY Key Features of Service Tax Ready Reckoner (English) Language: English Binding: Paperback Publisher: Taxmann Publications (P.) Ltd. Genre: Business, Investing and Management ISBN: 9789350719176, 9350719177 Edition: Twenty Seven, 2016

Book on Negotiable Instruments and Dishonour of Cheques

By | September 13, 2016

Law of Negotiable Instruments and Dishonour of Cheques (English) BUY Specifications of Law of Negotiable Instruments and Dishonour of Cheques (English) (Hardcover, Justice P.S. Narayana) BOOK DETAILS Publisher Asia Law House ISBN-10 9385989022 Edition 10 Book Type Law Book Number of Pages 1000 Pages Publication Year 2016 Language English ISBN-13 9789385989025 Binding Hardcover

Schedule V of Companies Act Amended by MCA

By | September 13, 2016

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (ii)] Government of India MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 12th September, 2016. S.O.  (E). In exercise of the powers conferred by sub-sections (1) and (2) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government… Read More »

Implementation of Rules of Origin under Free/Preferential Trade Agreements & Verification of preferential Certificates of Origin-

By | September 13, 2016

Instruction no. 31/2016 – Customs F. No. 20000/4/2011- IC (ICD) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs North Block, New Delhi Dated 12th September, 2016 To All Chief Commissioners of Customs/ Customs (Prev.), All Chief Commissioners of Central Excise, All Chief Commissioners of Central Excise & Customs,… Read More »

CBDT Clarifications on Direct Tax Dispute Resolution Scheme 2016

By | September 13, 2016

DIRECT TAX DISPUTE RESOLUTIONS CHEME, 2016 (English) (Paperback, DR. GIRISH AHUJA, DR. RAVI GUPTA) BUY Circular No.33 of 2016 F.No.142/11/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** Dated: 12th September, 2016 Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 The Direct Tax Dispute Resolution Scheme,… Read More »