Daily Archives: January 18, 2017

Draft Aircraft (Security) Amendment Rules 2017

By | January 18, 2017

MINISTRY OF CIVIL AVIATION NOTIFICATION New Delhi, the 11th January, 2017 G.S.R. 37(E). ––Whereas, the following draft of certain rules to amend the Aircraft (Security) Rules, 2011 which the Central Government proposes to make in exercise of the powers conferred by section 4, read with section 5 of the Aircraft Act, 1934 (22 of 1934)… Read More »

Govt of India advisory on fraudulent e-mails

By | January 18, 2017

Department of Consumer Affairs issues an advisory on fraudulent e-mails It has come to the notice of Department of Consumer Affairs, Government of India that consumers are receiving e-mails from fraudulent people asking for payment as security amount, etc.  on behalf of this Department. Consumers are advised that the Department of Consumer Affairs or any of… Read More »

Clarifications on Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

By | January 18, 2017

Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017. CBDT has received queries from stakeholders seeking clarifications about various provisions of… Read More »

GST Video – Levy, Exemptions & Composition (Including Transition)

By | January 18, 2017

GST- Levy, Exemptions & Composition (Including Transition) Published on Jan 17, 2017 : View PPT Below View  PPT  on Levy, Exemptions & Composition (Including Transition ) View  PPT  – Transition Provisions Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video –… Read More »

Cabinet approves Listing at stock exchange of Govt owned General Insurance Companies

By | January 18, 2017

Cabinet approves Listing of Government owned General Insurance Companies at the stock exchanges The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its ‘in principle’ approval  for listing the following five Government owned General Insurance Companies in the stock exchanges.  These are: (i)                 The New India Assurance Company… Read More »

Modified Special Incentive Package Scheme – Cabinet approves amendment

By | January 18, 2017

Cabinet approves amendment in Modified Special Incentive Package Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of ‘ Net Zero imports’ in electronics by 2020.… Read More »

Cabinet approves repealing of 105 obsolete and redundant laws

By | January 18, 2017

Cabinet approves the repealing of the obsolete and redundant laws The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Repealing and Amending Bill, 2017 to repeal 105 Acts. Background: The two Member Committee constituted by the PMO, the Law Commission of India and the Legislative… Read More »

Cabinet approves exclusion of States from investments of National Small Savings Fund

By | January 18, 2017

Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. … Read More »

12 FAQ’s on PMGKY 2016 released by CBDT

By | January 18, 2017

FAQ on PMGKY 2016 Central Board of Direct Taxes (CBDT) has released 12 FAQ on PMGKY 2016 vide circular No 2 of 2017 as below :- Circular No.2 of 2017 F.No.142/33/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 18th of January, 2017 Clarifications on the… Read More »

Comments Invited on Consolidated FDI Policy we.f 07.june.2016

By | January 18, 2017

Consolidated Foreign Direct Investment Policy Circular of 2017 – inviting comments from stakeholders Department of Industrial Policy & Promotion issued a ‘Consolidated FDI Policy Circular (Circular 1 of 2010)‘ on 31/03/2010, compiling all the information on FDI policy at one place. The Circular subsumed all the earlier Press Notes/ Press Releases/ Clarifications regarding Government’s policy… Read More »

CA Final November 2016 Pass Percentage

By | January 18, 2017

CA Final November 2016 Pass Percentage ttempt Group No. Of Candidate Appeared No. of candidates cleared pass percentage CA Final November 2016 Pass Percentage Both 36768 4256 11.57% CA Final Nov 2016. Group – 1. 37200 2655 07.14% CA Final Nov 2016. Group – 2. 36896 4545 12.32% CA Final may 2016 Both 40180 4565… Read More »

MCA Advisory to Companies to furnish Financial Transactions to Income Tax Department

By | January 18, 2017

From Ministry of Corporate Affairs , Govt of India To, The Principal Officer All eligible companies Sir, As per Rule 114E of the Income Tax Rules 1962, for and from 2016-17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below: S.No. Nature and value of transactions Reporting companies… Read More »

Tax sparing credit

By | January 18, 2017

Tax sparing credit The Hyderabad Bench of the Income-tax Appellate Tribunal held that: (1) the “ tax sparing ” credit is allowed on the interest income under the India-Cyprus income tax treaty; (2) payment for clinical trials is not taxable as “fees for technical services” under the India-United States income tax treaty; and (3) post-merger,… Read More »

PANs and reporting of cash transactions

By | January 18, 2017

PANs and reporting of cash transactions The Central Board of Direct Taxes issued guidance with respect to permanent account numbers (PANs) reflecting the links to bank accounts with PAN/Form No. 60. The rules were also amended to provide details of bank accounts in which cash deposits were made during the demonetisation period and making this… Read More »

Depreciation on goodwill -When claim not made in Return – Case Law

By | January 18, 2017

Depreciation on goodwill The Ahmedabad Bench of Income Tax Appellate Tribunal allowed the taxpayer’s claim of depreciation on goodwill under Section 32 of the Income-tax Act, 1961 (even though the claim was not made by the taxpayer on an amended return, but was made during the course of assessment proceedings). The case is: Zydus Wellness… Read More »

Employees not covered with EPFO but covered with ESIC : EPFO Circular

By | January 18, 2017

Difference in EPFO ESIC registered employee Difference in EPFO ESIC registered employee membership. EPFO to conduct meetings with employers to bring employees under coverage Employees Provident Fund Organisation MINISTRY OF LABOUR & EMPLOYMENT GOVERNMENT OF INDIA Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place, New Delhi-110066 No.CAIU/011(67)2016/EPFO-ESICDATA/17617 Dated: 16/01/2017 To All RPFCs (In charge of Regions/SROs) Sub:… Read More »

Suspension of Circular on Indirect Transfer provision under Income Tax Act 1961

By | January 18, 2017

Clarification on Indirect Transfer provision under the Income Tax Act, 1961   Circular No. 41/2016 was issued on 21 December, 2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. The stakeholders have presented their concerns stating… Read More »

Comment invited on Information Utilities by Insolvency and Bankruptcy Board

By | January 18, 2017

Insolvency and Bankruptcy Board of India invite public comments on draft regulations on Information Utilities. The Ministry of Corporate Affairs had set up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group- 4 had a mandate to deliberate and submit its recommendations on rules, regulations and other related… Read More »