Daily Archives: October 25, 2016

No capital gain tax if capital contribution by partner is current asset and not capital asset : ITAT

Held The Assessee brought to the notice of the CIT(A) a CBDT Circular subsequent to the insertion of sub-section (3) in section 45 of the Act, viz., circular bearing No. 495 dated September 22, 1987, (1987) 168 ITR (St.) 87, wherein it was stated thus: “24.2 With a view to blocking this escape route for… Read More »

Tamil Nadu Chamber of Commerce opposes cess on GST

The Tamil Nadu Chamber of Commerce and Industry senior president S. Rethinavelu has strongly opposed the idea of levying cess on select goods. The GST council meeting, which was held last week, had proposed to levy cess on ultra luxury goods like big cars and a few tobacco items. This, the Centre, had pointed at… Read More »

Certificates of Appreciation by Income tax Department of India to Taxpayers

CBDT issues second round of Certificates of Appreciation to another 10.15 lakh tax payers for their contribution towards Nation building The Union Finance Minister Shri Arun Jaitley, had personally handed-over the Certificates of Appreciation to a few individuals at North Block in the national capital to commence the program of taxpayer appreciation on 19th September,… Read More »

India – e-Postal Ballot System for Service Voters

e-Postal Ballot System for Service Voters Decision: The Government has issued Notification on 21st October, 2016 amending rule 23 of the Conduct of Elections Rules, 1961 enabling service voters, including armed forces personnel, to cast their vote in elections through e-postal ballot. Under this system a blank postal ballot paper would be transmitted to them… Read More »

Applicability of para 26(2) of EPF Act for temporary, casual and site workers

EMPLOYEES’ PROVIDENT FUND ORGANASTION (Ministry of Labour & Employment Govt.) No. C-I/3(2)2016/Court Matter/478/2008/19211 Date: 19 Oct 2016 To All Regional PF Commissioner-I&II In-Charge of Regional/ sub Regional office, Sub:- An order delivered by Hon’ble High court of Madras in WP No. 478/2008 in the matter of Builders Association of Builders Association of India V/S Union… Read More »

E book on Appeals to Commissioner (Appeal) in Excise,Cusotms,Service tax

Appeals to Commissioner (Appeal) in Excise, Cusotms,Service tax 1. Introduction 1.1 Under Central Excise/Customs/Service Tax laws, the officers of Customs & Central Excise have been empowered to act as a quasi-judicial authority and decide as to whether an infringement or contravention has taken place and whether penal action is called for. The adjudication proceedings are… Read More »

SEBI prescried disclosures in case of listed insurance companies

SECURITY & EXCHANGE BOARD OF INDIA CIRCULAR CIR/CFD/DIL/115/2016 October 24, 2016 To All issuers All Recognized Stock Exchanges Dear Sir / Madam, Sub: Disclosures in case of listed insurance companies 1. SEBI circular No. CIR/CFD/CMD/15/2015 dated Nov 30, 2015 provides for formats for publishing financial results by listed companies. 2. Subsequently, vide circular No. CIR/CFD/FAC/62/2016… Read More »

FAQ’s on Companies Mediation and Conciliation Rules 2016

Companies (Mediation and Conciliation) Rules, 2016 The Central Government, in order to facilitate voluntary dispute resolution mechanism, vide Notification dated September 9, 2016 has come up with Companies (Mediation and Conciliation) Rules, 2016 The Rules pertain to section 442 of the Companies Act, 2013 (hereinafter referred to as “Act, 2013”) which provides for the setting… Read More »

Companies (Mediation and Conciliation) Rules 2016

COMPANIES (MEDIATION AND CONCILIATION) RULES, 2016 NOTIFICATION [F.NO.1/36/20/13-CL.V], DATED 9-9-2016 In exercise of the powers conferred under section 442, read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely : Short title and Commencement 1. (1) These rules may be called the Companies (Mediation… Read More »

Draft valuation rules for fair market value in Trust or Institution under Income Tax Act 1961

  F. No. 370142/21/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 24th October, 2016 Subject: Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg. The Finance Act,… Read More »

China- Customs audit regulations w.e.f 1 November 2016

China- Customs audit regulations w.e.f 1 November 2016 The new measures provide guidelines in implementing customs audit regulations and specify and refine various items in the operation and implementation of the customs audit regulations.  The measures: Add some content related to self-disclosure Add provisions in relation to introducing third-party agencies (e.g., professional accounting or tax organizations)… Read More »