Daily Archives: October 13, 2016

Wage limit for ESI Act proposed Rs 21000 : Notification of Draft Rules

By | October 13, 2016

Read ESIC Applicability ; Threshold Salary Limit increased to Rs 21000 -Govt Notification Dated 23.12.2016 MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 6th October, 2016 G.S.R. 957(E).—Whereas certain draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 which the Central Government, after consultation with the Employees’ State Insurance Corporation, proposes to make… Read More »

Rate of Contribution where ESI Act is implemented for first time: Notified

By | October 13, 2016

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 6th October, 2016 G.S.R. 959(E).—Whereas certain draft rules further to amend the Employees’ State Insurance (Central) Rules, 1950 were published, as required by sub-section (1) of section 95 of the Employees’ State Insurance Act, 1948 (34 of 1948), in the Gazette of India, Extraordinary, Part-II, section… Read More »

SLR securities acquired from RBI under LAF eligible assets for Statutory Liquidity Ratio

By | October 13, 2016

Section 24 and Section 56 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) RBI/2016-17/83 DBR.No.Ret.BC.15/12.02.001/2016-17 October 13, 2016 All Commercial Banks, Primary (Urban) Co-operative Banks (UCBs), State and Central Co-operative Banks (StCBs/CCBs) Dear Sir, Section 24 and Section 56 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity… Read More »

Revision of interest rates for Small Savings Schemes

By | October 13, 2016

RBI/2016-17/82 DGBA.GAD.881/15.02.005/2016-17 October 13, 2016 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Revision of interest rates for Small Savings Schemes Please refer to our circular DGBA.GAD.13/15.02.005/2016-17 dated July 7, 2016 on the above subject. The Government of India, had… Read More »

Revised Kisan Credit Card (KCC) Scheme-RBI

By | October 13, 2016

Revised Kisan Credit Card (KCC) Scheme RBI/2016-17/84 FIDD.FSD.BC.No.18/05.05.010/2016-17 October 13, 2016 The Chairman and Managing Director/ CEOs All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Revised Kisan Credit Card (KCC) Scheme Please refer to our circular RPCD.FSD.BC.No.23/05.05.09/2012-13 dated August 7, 2012 on the above subject. 2. It has been decided to make certain changes in… Read More »

Limited Liability Partnership- Practice Book 2016

By | October 13, 2016

Limited Liability Partnership- Law and Practice BUY Limited Liability Partnership- Law and Practice A LLP contains features of two long-standing forms of business associations, namely the ‘company’ and the ‘partnership firm’. A LLP, thus, is a hybrid of a company and a partnership. To explore this new business structure, every businessman and professional would need… Read More »

Settlement Commission has powers to make addition in income of assessee to determine tax liability

By | October 13, 2016

HIGH COURT OF ORISSA Commissioner of Income-tax, Sambalpur v. Income-tax Settlement Commission (IT & WT) I. MAHANTY AND DR. D.P. CHOUDHURY, JJ. W.P. (C) NO. 1199 OF 2015 AUGUST  31, 2016 S.K. Acharya, Sr. Standing Counsel (IT) for the Petitioner. Manas Mohapatra, Sr. Adv. for the Repondent. ORDER Dr. D.P. Choudhury, J. – In the… Read More »

GST Suvidha Provider (GSP)

By | October 13, 2016

GST SUVIDHA PROVIDERS (GSP): ILLUSTRATED FRAMEWORK (BUILDING OF GSP ECO SYSTEM) Background The Goods and Services Tax constitutional amendment having been promulgated by the Govt of India, the rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC… Read More »

GST Network to launch registration portal

By | October 13, 2016

Existing taxpayers can enrol and submit their details to ensure seamless tax payment, returns and refunds on the website, to be opened in November New Delhi: Goods and Services Tax Network (GSTN), the company tasked with setting up the information technology backbone for the ambitious indirect tax reform, will open a website for the registration… Read More »

Go for lower GST rates: Arvind Subramanian

By | October 13, 2016

We should go for lower GST rates: Arvind Subramanian October 13, 2016 We should go for lower GST rates: Arvind Subramanian, Chief Economic Adviser NPA continues to remain a challenge for Chief Economic Adviser Arvind Subramanian, who in a free-wheeling interview to ET, talks about a fix and how GST could serve its purpose if… Read More »

Category: GST

MCA to withdraw old incorporation Form INC-29 from November 1, 2016

By | October 13, 2016

MCA to withdraw e-Form INC-29 (Integrated Incorporation Form) with effect from November 1, 2016. Accordingly, INC-29 will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions with effect from November 1, 2016. Stakeholders are requested to plan accordingly and use SPICe (Simplified Proforma for… Read More »

License fee for liquor vending would not fall within section 43B

By | October 13, 2016

IN THE ITAT BANGALORE BENCH ‘C’ Elite Enterprises v. Income-tax Officer, Ward 1, Puttur VIJAY PAL RAO, JUDICIAL MEMBER AND INTURI RAMA RAO, ACCOUNTANT MEMBER IT APPEAL NO. 1738 (BANG.) OF 2013 [ASSESSMENT YEAR 2007-08] AUGUST  26, 2016 Balram R. Rao, Adv. for the Appellant. Sunil Kumar Agarwal, JCIT (DR) for the Respondent. ORDER Vijay… Read More »

Computerized machines are not Computers, 60 % Depreciation not allowed

By | October 13, 2016

Held Increasingly organizations are moving towards computerized integrated manufacturing, where more and more computers, robots, and microprocessors are used in conjunction with the machines. But the machines cannot be called as computers even though computer is an integral and dedicated part of the whole machine. That computer in the machine cannot be used for any… Read More »

Draft rules for application for corporate insolvency resolution process released

By | October 13, 2016

DRAFT FOR PUBLIC COMMENTS  INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 In exercise of the powers conferred under sub-section (2) of section 7, sub-section (1) of section 8, sub-section (2) of section 9, sub-section (2) of section 10, sub-sections (1) and (2) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31… Read More »

Treatment of interest paid on partner’s capital when used for Tax free Income

By | October 13, 2016

Treatment of interest paid on partner’s capital The Pune Bench of the Income-tax Appellate Tribunal held that interest paid with respect to a partner’s capital is not an “expenditure” but is an amount in the nature of a deduction under section 40(b) of the Income-tax Act, 1961. The case also involved an investment in mutual… Read More »

Analysis of Revised ICDS -income computation and disclosure standards

By | October 13, 2016

Revised income computation and disclosure standards (ICDS): The Ministry of Finance issued a revised ICDS, as a new framework for computation of taxable income in relation to income under the headings “Profit and gains of business or profession” and “Income from other sources.” Application of the new ICDS has been deferred by one year, and… Read More »

Royalty or Business Profits? Closer look at Australia/India Treaty

By | October 13, 2016

11 October 2016 Jenny Wong analyses a recent Federal Court decision regarding Australia’s rights to tax payments to an Indian company in Australia. The Full Court handed down its decision for Tech Mahindra Limited v Commissioner of Taxation [2016] FCAFC 130 (22 September 2016). The case concerns the Australia and India Treaty and whether Australia… Read More »

Australia: Guidelines on foreign stamp duty surcharge in Queensland

By | October 13, 2016

Foreign stamp duty surcharge The Queensland Commissioner of State Revenue (the Commissioner) has recently released three Guidelines to assist taxpayers in determining when the new Additional Foreign Acquirer Duty (AFAD) rules under the Queensland Duties Act will apply. Under the rules, from 1 October 2016, an additional 3 percent stamp duty surcharge will apply to certain… Read More »

USA- Double Check ACA Information on Your federal tax return

By | October 13, 2016

Health Care Tax Tip HCTT 2016-73                                                                                            October 12, 2016   Filing Extension Deadline Almost Here Double Check ACA Information on Your Return If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to… Read More »

Category: USA