Daily Archives: January 18, 2017

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

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 »

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

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

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 exclusion of States from investments of National Small Savings Fund

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

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

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

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 »

Ministry of Corporate Affairs updates dated 18.01.2017

Ministry of Corporate Affairs updates dt. 18.01.2017 Forms ADJ, DIR-6 and 23AC are likely to be revised on MCA21 Company Forms Download page w.e.f 19th Jan 2017. Stakeholders are advised to check the latest version before filing. Revised INC-7 form for incorporating Part 1 companies and companies with more than 7 Subscribers is made available… Read More »

Rounding off of tax under GST

Rounding off of tax under GST As per Section 160 of Revised Model GST Law, 160. Rounding off of tax etc.  The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of the Act shall be rounded off to the nearest… Read More »

Tax sparing credit

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

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 »

Foreign tax credit allowed gross receipts basis

Foreign tax credit allowed on basis of gross receipts The Ahmedabad Bench of the Income-tax Tribunal held that the foreign tax credit is applicable with respect to “ income ”—and not “gross receipts.” However, the tribunal allowed the taxpayer’s claim for foreign tax credit on the basis of “ gross receipts. ” The case is:… Read More »

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

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

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

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 »