Daily Archives: December 19, 2016

Railway Increased RAC Berths To Allow More Passenger To Travel On Board Trains

By | December 19, 2016

Ministry Of Railway Increases RAC Berths To Allow More Passenger To Travel On Board Trains Ministry of Railways has decided to revise the number of berths to be earmarked as Reservation Against Cancellation (RAC) in Non-LHB coaches of different classes as under.  The move will help in allowing more persons to travel in the train… Read More »

Rebate In Fare in Rajdhani/Shatabadi/Duranto trains

By | December 19, 2016

Ministry of Railways reviews its flexi fare system in Rajdhani/Shatabadi/Duranto trains It Announces Decisions For Rebate In Fare For The Benefit Of The Passengers The New Decisions To Be Implemented With Effect From 20th December, 2016 Ministry of Railways has reviewed Flexi Fare System in Rajdhani/Shatabdi/Duronto trains which was introduced in September, 2016. On the… Read More »

Supreme Court’s order regarding National Anthem of India in cinema Halls

By | December 19, 2016

Government writes to States/UTs for necessary action on Supreme Court’s order regarding National Anthem of India The Government has written to the Chief Secretaries of all State Governments and Chief Secretaries/Administrators of all Union Territories to comply with the Supreme Court’s order dated 30.11.2016 delivered in the Writ Petition (Civil) No.855/2016 relating to the National… Read More »

Amounts exceeding Rs.5000 in old notes can be deposited only once

By | December 19, 2016

Amounts exceeding Rs.5000 in old notes can be deposited only once between now and 30th December, 2016 The deposits of old notes of Rs.500 and Rs.1000 denominations have been reviewed by the Government from time to time. Already more than five weeks have elapsed since the time of the announcement of the cancellation of the… Read More »

Govt Reduced deemed profit rate under Section 44AD of Income tax from 8% to 6%

By | December 19, 2016

Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than… Read More »

ICAI Convocation for Newly Qualified CA’s 2016-17

By | December 19, 2016

Convocation – 2016-17 (II Round) – (19-12-2016) In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the… Read More »

Supreme Court Judgment on Demonetization – 5-judge division bench to Decide

By | December 19, 2016

SUPREME COURT OF INDIA Vivek Narayan Sharma v. Union of India A.M. KHANWILKAR AND DR. D.Y. CHANDRACHUD, JJ. WRIT PETITION (CIVIL) NO. 906/2016 & OTHERS DECEMBER  16, 2016 ORDER   Writ Petitions are admitted. Issue notice on the Writ Petitions, special leave petitions and other applications. The respondents may file reply affidavit within six weeks.… Read More »

EPF Interest Rate for Fiscal Year 2016-17 decided @ 8.65%

By | December 19, 2016

EPF Interest Rate 2016-17 Provident fund subscribers will get lower interest rate on their deposits this year as compared to last year. The provident fund body – the Employees Provident Fund Organisation or EPFO – at a meeting today decided to give 8.65 per cent interest rate for current fiscal year (2016-17). The move will… Read More »

Cash Deposit of more Than Rs 5000 in Old bank Notes- Banks will ask explanation

By | December 19, 2016

RBI has modified the Following Circular Dated 19.12.2016 and said that  the provisions of the below circular at sub para (i) and (ii) will not apply to fully KYC compliant accounts. Thus Person can deposit in multiple times Rs 500 and Rs 1000 Old Bank Notes if the account is Fully KYC compliant. Withdrawal of… Read More »

Delay in filing return condoned due to Assessee under severe financial crises

By | December 19, 2016

Held The assessee was under severe financial crises. He had to close down his business, his registration under the Kerala Value Added Tax Act has been cancelled, he was involved in cases for dishonour of cheques. It is apparent that the application for condoning the delay in respect of assessment year 2008-09, is alone within… Read More »

Income from sale of plots to be taken in year of registration of conveyance deed

By | December 19, 2016

Issue The appellant recognized revenue only in the year in which the plots were sold and registration of conveyance deed. The Assessing Officer is of the view that the revenue should be recognized at every stage of receipt sale consideration Held he provisions of section 2(47) of the Act have no application to the transactions… Read More »

PMGKY 2016 Compliance Checklist and Steps

By | December 19, 2016

Compliance Checklist of  PMGKY 2016 Pradhan Mantri Garib Kalyan Yojana 2016, Under the Taxation and Investment regime for Pradhan Mantri Garib Kalyan Yojana, a taxpayer can declare undisclosed income in the form of deposits and cash and is required to pay taxes, cess and penalty on such declared incomes. Following are the Steps for Compliance… Read More »