Daily Archives: December 28, 2015

How many articles CA can train : ICAI Announcement

By | December 28, 2015

Institute of Chartered Accountants of India ANNOUNCEMENT Date: 21.12.2015 43. Engagement of Articled Assistants Subject to the provisions of these Regulations and subject to such terms and conditions, as the Council may deem fit to impose in this behalf, the members designated as an associate or a fellow, who has been in practice continuously, whether… Read More »

Expenses on eyes is not allowed as business expendtiure

By | December 28, 2015

Issue Whether the expenditure of Rs. 43,600/- on medical treatment of eyes for improving the vision has an element of personal expenditure, and accordingly the expenditure incurred by the appellant on foreign tour for pre- operation investigation relating to his eyes cannot be allowed as business expenditure u/s 37 (1) ? Assessee plead It is… Read More »

e-Sampark IT policy of Govt of India

By | December 28, 2015

MINISTRY OF COMMUNICATION AND INFORMATION TECHNOLOGY (Department of Electronics and Information Technology) Vide NOTIFICATION  F. No. 3 (46)/2015-EG-II New Delhi, the 3rd December, 2015 issued  Updation and Usage Policy for the Sampark Database (IT platform for Messages) Ver 1.0 What is e-Sampark ? The IT platform for Messages is an initiative under the “Digital India” programme of… Read More »

SEBI Open Offer exemption if increase in voting rights due to Sec 106 of Companies act

By | December 28, 2015

  SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION  No. SEBI/LAD-NRO/GN/2015-16/026.— Mumbai, the 22nd December, 2015 In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:- “(j) increase in voting rights arising out of… Read More »

Govt notify Nongkhyllem Wildlife Sanctuary Ecosensitive Zone

By | December 28, 2015

MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 18th December, 2015 S.O. 3497(E).—The following draft of the notification, which the Central Government proposes to issue in exercise of the powers conferred by sub-section (1), read with clause (v) and clause (xiv) of sub-section (2) and sub-section (3) of section 3 of the… Read More »

DTAA of India with Macedonia

By | December 28, 2015

[Notification No. 94/2015/ F. No. 503/08/2004-FTD-I] Dated 21st December, 2015 In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Agreement between the Government of the  Republic of India and the Government of the Republic of Macedonia… Read More »

Govt allows export of onion without any Minimum Export Price

By | December 28, 2015

MINISTRY OF COMMERCE & INDUSTRY  vide Notification No No. 29/2015-20 [F. No. 01/91/180/922/AM08/PC-III/Export Cell] Dated  the 24th December, 2015 allowed the Export of onion without any Minimum Export Price (MEP) Para 2 of Notification No. 26 dated 11.12.2015 is amended to read as: “Export of onion for the item description at Serial Number 51 & 52 of Chapter 7… Read More »

No common interest expenditure than no portion of interest allocation under Rule 8D(2)(ii)

By | December 28, 2015

Facts of the case :- The Assessee had shown dividend income of Rs.89, 02,540 out of which Rs. 68, 44,790 was claimed as exempt under Section 10 (34) of the Act. The Assessee disallowed a sum of Rs. 6,84,479 constituting 10% of the net exempted dividend income on account of indirect expenditure incurred in earning… Read More »

CII (COST INFLATION INDEX) INCOME TAX- 1981 to 2017

By | December 28, 2015

Cost Inflation Index under Income Tax Act   What is Cost Inflation Index ? Cost Inflation Index (CII) is a measure of inflation that is used for computing long-term capital gains on sale of capital assets under Section 48 of the Income-Tax Act. What are the COST INFLATION INDEX notified by the Government ? Read New CII Index Base Year… Read More »