Daily Archives: November 24, 2016

Service Tax on Air Conditioned Restaurants is unconstitutional

By | November 24, 2016

HIGH COURT OF KERALA Kerala Classified Hotels & Resorts Association v. Union of India A.M. SHAFFIQUE, J. W.P. (C) NO. 19277 OF 2013 OCTOBER  31, 2016 V. Krishna Kumar, G. Subodhan, Surendradas B., N. Vijayan Pillai, K.V. Rajappan Pillai and K.K. Radhakrishnanfor the Petitioner. N. Nagaresh, Ramavarma Reghunathan Thamburan, John Varghese and M.M. Jasmin for… Read More »

Appointment of director in banks – RBI added new subjects

By | November 24, 2016

Special knowledge or practical experience useful to banking companies RBI/2016-17/152 DBR.Appt.BC.No.39/29.39.001/2016-17 November 24, 2016 All Commercial Banks excluding RRBs Dear Sir / Madam, Special knowledge or practical experience useful to banking companies In the backdrop of innovations in banking and technology, it is felt that the domain knowledge and experience enumerated under various statutory provisions… Read More »

Category: RBI

Guarantee Bond Format to decongest storage facilities at banks

By | November 24, 2016

[ Deposit under Guarantee Scheme to decongest the storage facilities at banks ] Annex – Guarantee Bond Format The Regional Director / Chief General Manager Reserve Bank of India Issue Department (Address) Dear Sir, In consideration of the Reserve Bank of India consenting to make an immediate payment of the value of exchange for the… Read More »

RBI revived Guarantee Scheme to enable deposit of Specified Bank Notes

By | November 24, 2016

Specified Bank Notes (SBNs) – Deposit under Guarantee Scheme to decongest the storage facilities at banks RBI/2016-17/153 DCM (Plg) No.1383/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Specified… Read More »

Meet Cash requirements of pensioners & Armed Forces Personnel- RBI To banks

By | November 24, 2016

Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel RBI/2016-17/154 DCM (Plg) No.1384/10.27.00/2016-17 November 24, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/ District Central Co-operative Banks Dear Sir,… Read More »

Know Your LIN -Labour Identification Number

By | November 24, 2016

Labour Identification Number (LIN) touches the mark of 18 Lakh LIN (Labour Identification Number) provided by Shram Suvidha Portal has been issued to about 18 Lakh units covered under various labour laws. The LIN number so allotted was communicated by using the email addresses and mobile numbers of the unit representatives available in our database.… Read More »

Sec .23(1) applies if buildings let out by owner to his own company

By | November 24, 2016

Facts of the case The property is owned by the co-owners themselves, who are also the Directors of the lessee company which has established the Hospital. As per the lease agreement between the co-owners and the lessee company, the mutually agreed rent is Rs.1 per sq.ft. However, a portion of the very same building is… Read More »

Section 54F claim not available on basis of Agreement to sale , Sale deed required

By | November 24, 2016

Held There was an agreement for purchase of land which was not carried out and matter was taken to Court, where parties entered into settlement for transfer of plot. Fact remains that no legal document having effect of transfer of immovable property was placed before Appellate Authority. Under the provisions of transfer of Transfer of… Read More »

GST FAQ’s in Assamese

By | November 24, 2016

GST FAQ’s in Assamese Download GST FAQ’s in Assamese GST Study material in other regional languages   State /India GST Material     GST Enrolment Plan State Wise : Announced by Indian Govt Steps to enrol on GST Common Portal (India) India How to login to GST Common Portal (India) FAQ on GSTN Migration (English) GST-Video Tutorial… Read More »

Delhi Real Estate -Regulation and Development -General) Rules -2016 Notified

By | November 24, 2016

MINISTRY OF URBAN DEVELOPMENT NOTIFICATION New Delhi, the 24th November, 2016 G.S.R. 1085 (E).—In exercise of the powers conferred by section 84 and in pursuance of sub-clause (iii) of clause (g) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), the Central Government, hereby makes the following rules, namely:… Read More »

Freight Subsidy Scheme 2013 discontinued

By | November 24, 2016

MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 22nd November, 2016 F.No.11(5)/2009-DBA-II/NER.— The Government has decided to discontinue the Freight Subsidy Scheme, 2013, notified vide notification F.No.11(5)/2009-DBA-II/NER dated 22.01.2013, with immediate effect. Accordingly, industrial units registered under the Freight Subsidy Scheme, 2013 prior to the date of issue… Read More »

IDS Challan No 286 in Excel ,PDF or Pay Online -ITNS 286 in Excel ,PDF

By | November 24, 2016

Income Declaration Scheme, 2016 (IDS Challan) As per Finance Act, 2016, The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid taxes in full for previous years to declare their undisclosed income for such previous years and pay taxes thereon. The said tax payment has to be made to the Government… Read More »

Printout of GAR7 forms/ TR-6 challans is not required -Reducing printouts in Customs Clearance

By | November 24, 2016

[F. No. 450/25/2013-Cus IV (Pt)] Government of India Ministry of Finance Department of Revenue Central Board of Excise And Customs New Delhi Circular No. 55/2016-Customs, Dated: November 23, 2016 To All Principal Chief Commissioners/Chief Commissioners of Customs/ Customs (Prev.) All Principal Chief Commissioners/Chief Commissioners of Central Excise&Customs All Principal Commissioners/Commissioners of Customs/ Customs (Prev.) All… Read More »

Aadhaar number Seeding in UAN database of EPF members

By | November 24, 2016

EMPLOYEES’ PROVIDENT FUND ORGANISATION (Ministry of Labour & Employment, Govt of India) No. CAIU /011(27) 2016/KYC/13466 Dated: 21.11.2016 To All Additional Central P.F. Commissioner (Zones) All Regional P.F. Commissioner-In-charge of ROs/ SROs Sub:-Seeding of Aadhaar number in the UAN database of  EPF members -regarding. Madam/Sir, It is noted that under the implemented Universal Account Number… Read More »

Revamped Merchant Shipping Bill 2016 approved by Govt of India

By | November 24, 2016

Cabinet approves introduction of the revamped Merchant Shipping Bill 2016 in the Parliament and simultaneous repealing of the Merchant Shipping Act, 1958 and the Coasting Vessels Act, 1838 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Merchant Shipping Bill, 2016 for introducing it in the Parliament. The Merchant Shipping… Read More »

India and New Zealand Protocol ratified for avoidance of double taxation

By | November 24, 2016

Cabinet approves the third Protocol to the Convention between India and New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the ratification and entry into force of the third Protocol to… Read More »

Calling for information u/s 133(6) without prior approval of CIT is curable irregularity

By | November 24, 2016

Held we are of the opinion that calling for information without prior approval of the CIT is a case of curable irregularity and it cannot be termed as nullity. We are of the opinion that no appeal lies against section 133(6) of the Act and this Tribunal cannot adjudicate upon validity of action of the… Read More »

Assessing Officer can collect information from Co-operative Society

By | November 24, 2016

Issue The notice under section 133(6) is not attracted in the case of a Co-operative Society Held Going by sub-clause (v) of section 2(31), which defines term ‘person’, and also in view of nature and construction of a co-operative society, it can be said that a co-operative society is a ‘ body corporate ‘ given… Read More »

Enquiry by Assessing Officer u/s 133 of Income Tax, does not violate right to privacy

By | November 24, 2016

Issue whether collection of information / inquiry by Assessing Officer u/s 133(6)  intrudes into ‘privacy’ of the members of the petitioner Banks and that the right of privacy is an integral part of Article 21 of the Constitution of India therefore whether word  “inquiry” in Section 133 (6) of the Income Tax Act, 1961 and… Read More »

Notice to Cooperative Societies /Banks can be issued u/s 133 (6)

By | November 24, 2016

Issue Whether section 133(6) of the Income-tax Act authorise issuance of notice to Cooperative Societies including Cooperative Banks ? Held yes, The Department is free to ask for information about any particular person or to call for general information in regard to any matter they consider necessary. Section 133(6) does not refer to any enquiry… Read More »

Cash Deposit more than Rs 250000 – Income Tax Notice u/s 133 for enquiry

By | November 24, 2016

Cash Deposit more than Rs 250000 and Income Tax Notice u/s 133 for enquiry Section 133 of Income Tax Act gives power to the assessing officer to call for information.Sub section 6 of this section narrates that,the AO has the power to direct any person, banking company or from any of its officer, to furnish… Read More »

Section 133(6) notice could be validly issued even if no proceeding or enquiry pending

By | November 24, 2016

Held “In the instant case, by the impugned notice the assessing authority sought for information in respect of its customers which have cash transactions or deposits of Rs. 1,00,000/- or above for a period of three years, without reference to any proceeding or enquiry pending before any authority under the Act. Admittedly, in the present case… Read More »

SEBI amendment regarding Angel Funds

By | November 24, 2016

PR No. 161/2016 SEBI Board Meeting The SEBI Board met in Mumbai today and took the following important decisions: I. Amendment to SEBI (Alternative Investment Funds) Regulations, 2012 regarding Angel Funds In order to further develop the alternative investment industry and the startup ecosystem in India, SEBI, in March 2015, constituted a Committee of experts… Read More »

Safeguard duty on Hot Rolled flat sheets and plates of alloy or non-alloy steel

By | November 24, 2016

Seeks to levy safeguard duty on Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,… Read More »

New versions of e-TDS/TCS Return Preparation Utility and FVU from Nov 26,2016

By | November 24, 2016

E-TDS/TCS Return Preparation Utility New versions of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) will be made available at TIN website applicable from November 26, 2016 at the following URL https://www.tin-nsdl.com/etds-etcs/eTDS-download-regular.php. 1. RPU Version 1.8 (Java based): This is used for preparing and validating e-TDS/TCS Statement(s) and also contains inbuilt FVUs. 2.… Read More »

Section 133 of Income Tax Act 1961 -AO power to Call for Information

By | November 24, 2016

Section – 133 of Income Tax Act 1961 Power to call for information. 133. The 92 [Assessing] Officer, the 93 [Deputy Commissioner (Appeals),] 94 [the 95.[Joint Commissioner] or the Commissioner (Appeals)] may, for the purposes of this Act,— (1) require any firm to furnish him with a return of the names and addresses of the… Read More »

Captain Amarinder Singh resigned from Amritsar, Lok Sabha Speaker Accepted resignation

By | November 24, 2016

LOK SABHA SECRETARIAT NOTIFICATION New Delhi, the 23rd November, 2016 S.O. 3519(E).—Captain Amarinder Singh, an elected member of Lok Sabha from Amritsar Parliamentary Constituency of Punjab has resigned his seat in Lok Sabha and his resignation has been accepted by the Speaker with effect from 23 November, 2016. [No. 21/1/2016/T (B)] ANOOP MISHRA, Secy. General

विमुद्रीकरण: सुप्रीमकोर्ट का विभिन्न हाईकोर्ट में लंबित याचिकाओं की सुनवाई पर रोक लगाने से इंकार

By | November 24, 2016

विमुद्रीकरण: सुप्रीमकोर्ट का विभिन्न हाईकोर्ट में लंबित याचिकाओं की सुनवाई पर रोक लगाने से इंकार Published on Nov 23, 2016 500 और 1000 का नोट बंद करने के मामले से विभिन्न हाईकोर्ट में लंबित याचिकाओं की सुनवाई पर रोक लगाने से सुप्रीम कोर्ट ने फिलहाल इंकार कर दिया है। केंद्र की ट्रांसफर पेटिशन पर सुनवाई… Read More »