Daily Archives: December 22, 2016

Salary Income -No Interest for defaults in payment of Advance Tax : Supreme Court

Held The provisions relating to payment of advance tax is contained in Part ‘C’ and interest thereon in Part ‘F’ of Chapter VII of the Act. In cases where receipt is by way of salary, deductions under Section 192 of the Act [i.e TDS ] is required to be made. No question of payment of… Read More »

67.54 lakh Potential Non-Filers of Income Tax Return for FY 2014-15 identified by Income Tax Dept.

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15 The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and… Read More »

Interest rates on Special Deposit Scheme 1975 for calendar year 2016

Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016 RBI/2016-17/192 DGBA.GAD.No.1478/15.01.001/2016-17 December 22, 2016 The Chairman/Chief Executive Officer Agency Banks handling Special Deposit Scheme,1975 Dear Sir, Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016 Please find enclosed copies of Government of India Gazette Notifications dated April… Read More »

No penalty when Assessee surrendered undisclosed income & taxed based on seized papers

IN THE ITAT JAIPUR BENCH Assistant Commissioner of Income-tax, Central Circle-2, Jaipur v. Ajit Singh KUL BHARAT, JUDICIAL MEMBER AND VIKRAM SINGH YADAV, ACCOUNTANT MEMBER IT APPEAL NO. 714 (JP.) OF 2014 [ASSESSMENT YEAR 2009-10] SEPTEMBER  26, 2016 R.S. Dagur, Addl. CIT for the Appellant. Manish Agarwal, CA for the Respondent. ORDER Vikram Singh Yadav,… Read More »

ICAI Code of Conduct for elected, Co-opted and Nominated Representatives w.e.f 01.01.2017

ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued. – (22-12-2016) No. ICAI /ESB/2016/02 Announcement In pursuance of the decision taken at the 356th Meeting of Council held on 29th June – 1stJuly, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued. This Code applies… Read More »

Withdrawal of Cash From Bank -RBI Updated FAQ

Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 22, 2016) (Updated as on December 22, 2016) 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes… Read More »

Press in India Report 2015-16 -Key highlights -Know What India is reading

Press in India Report 2015-16 Shri Naidu  released the Press in India Report 2015-16 prepared by Registrar of Newspapers of India. on 22.12.2016 The highlights of the Press in India Report is given below: 1 The Total Number of Registered Publications i)       Newspaper category (Daily, Tri/Bi-weekly periodicities) ii)    Periodicals category (other periodicities) 1,10,851 16,136 94,715… Read More »

Know how to pay using AePS (Hindi and English Video ) -Aadhaar Enabled Payment System

How to pay using AePS Aadhaar Enabled Payment System (AePS) is a unique payment method by which you can transact using just your finger print. Reach your nearest bank correspondent and start transacting using AePS. Know how to pay using AePS (Hindi) Know how to pay using AePS (English)

Know how to transact using UPI apps (English Video)

Know how to transact using UPI apps (English) Did you know that the you can pay with your name! Create your Virtual Payment Address (VPA) (eg. yourname@abcbank) on any Unified Payments Interface (UPI) app of your choice and start transacting today. [Related Post How to do Cashless Transactions -SBI Pay App- Payment without cash] Now You… Read More »

TDS not deducted on Payment to Non Resident – Notice to be issued in Reasonable time

Facts of the Case In engaging the non- resident entities for interconnections, some charges were accrued – which were paid by the Petitioner to those foreign entities.. The respondents issued the Show Cause Notice dated 31.03.2011, for the period F.Y. 2001-2002 to 2010-2011, to the Petitioner asking it to show cause as to why it… Read More »

Service Tax paid because Client refused to Pay – Allowed Expenses under Section 37 of Income Tax

Facts of the case Some of the clients of the Respondent-Assessee did not pay the service tax as required in terms of the invoice for onward payment to the Government of India. In these circumstances, the Respondent- Assessee paid the service tax payable under the Finance Act, 1994 out of its own resources and claimed… Read More »

Depositories shall provide transaction data of promoters/group on daily basis SEBI

CIRCULAR CFD/DCR/CIR/2016/139 December 21, 2016 To All Listed Entities All Registered Registrar & Share Transfer Agents All Depositories All Nationwide Stock Exchanges Dear Sir/Madam, System-driven Disclosures in Securities Market 1. SEBI, vide circular dated December 01, 2015, had introduced the system-driven disclosures in securities market detailing the procedure to be adopted for its implementation with… Read More »

Companies Act 2013 -Govt delegates powers to Regional Directors u/s 458

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 19th December, 2016 S.O. 4090(E).—In exercise of the powers conferred by Section 458 of the Companies Act, 2013 (18 of 2013), and in supersession of the notification of the Government of India, in the Ministry of Corporate Affairs, dated the 10th July, 2012, published in the Gazette… Read More »

Notification No.08/2013-Customs -Anti-dumping duty on imports of Soda Ash

Notification No.08/2013-Customs (ADD) dated 18.04.2013 amendment Seeks to rescind notification No.08/2013-Customs (ADD) dated 18.04.2013. This notification has been issued since the time limit of three months for issuing the notification is ending shortly. However, the operation of the said rescinding notification shall remain in abeyance, till the final decision of the Hon’ble High Court of… Read More »

Only 1% Indians pay Income Tax: NITI Aayog CEO

Chief Executive Officer of NITI Aayog Amitabh Kant today said just one per cent of India’s more than 1.25 billion population pays Income Tax and the country cannot afford as high as 95 per cent of its economy making cash transactions. Addressing a Workshop on Cashless Transaction organised by the National Disaster Response Force (NDRF),… Read More »