Daily Archives: June 1, 2016

Minimum Support Prices for Kharif Crops of 2016-17 season

By | June 1, 2016

Minimum Support Prices (MSP) for Kharif Crops of 2016-17 season   The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the increase in the Minimum Support Prices (MSPs) for all Kharif Crops of 2016-17 Season. Further, to incentivise cultivation of pulses and oilseeds , in… Read More »

Key Tax amendments from 01.06.2016

By | June 1, 2016

Tax amendments from 01.06.2016 ( As per Finance Act 2016) Key Indirect Tax Amendments from 01.06.2016 Tax amendments from 01.06.2016 :Krishi Kalyan Cess Krishi Kalyan Cess, imposed by Finance Act 2016 by inserting new Chapter-VI Krishi Kalyan Cess, @ 0.5% on all taxable services, Krishi Kalyan Cess will come into force w.e.f 01.06.2016 . You… Read More »

Service tax Amendment w.e.f 01.06.2016

By | June 1, 2016

Finance Bill, 2016 which get President’s assent dated 14th May, 2016, has proposed to amend various provisions under the Act. Changes made applicable wef. 1st June, 2016 are listed as follows:- a. Levy of “Krishi Kalyan Cess” Krishi Kalyan Cess (KKC) @0.5%, vide introduction of Chapter VI in the Act, would be levied on all… Read More »

If time limit for issue of scrutiny notice not expired, Income escaping notice couldn’t be issued

By | June 1, 2016

IN THE ITAT CHANDIGARH BENCH Vardhman Holdings Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Ludhiana H.L. KARWA, VICE-PRESIDENT AND MS. RANO JAIN, ACCOUNTANT MEMBER IT APPEAL NOS. 523 & 621 (CHD.) OF 2008 AND 1136 (CHD.) OF 2011 [ASSESSMENT YEAR 2002-03] MAY  5, 2016 Subhash Aggarwal and Vineet Jain for the Appellant. S.K. Mittal, DR… Read More »

Indexation benefit can’t be denied because Assessee not declared long term gain in ITR

By | June 1, 2016

IN THE ITAT MUMBAI BENCH ‘E’ Sanju Verma v. Deputy Commissioner of Income-tax, 25(3), Mumbai SAKTIJIT DEY, JUDICIAL MEMBER AND RAMIT KOCHAR, ACCOUNTANT MEMBER IT APPEAL NO. 5977 (MUM.) OF 2013 [ASSESSMENT YEAR 2010-11] MAY  6, 2016 Jitendra Jain for the Appellant. Sunil Kumar Agarwal, DR for the Respondent. ORDER Ramit Kochar, Accountant Member –… Read More »

National Disaster Management Plan released by Govt

By | June 1, 2016

PM releases National Disaster Management Plan 2016 The National Disaster Management Plan 2016  aims to make India disaster resilient and reduce loss of lives Prime Minister Shri Narendra Modi today released the National Disaster Management Plan (NDMP). This is the first ever national plan prepared in the country. It aims to make India disaster resilient and… Read More »

Factoring charges on sales cannot be termed as interest u/s 194A

By | June 1, 2016

HIGH COURT OF DELHI Principal Commissioner of Income-tax-06 v. M Sons Gems N Jewellery (P.) Ltd. S. MURALIDHAR AND VIBHU BAKHRU, JJ. IT APPEAL NO. 9 OF 2016 APRIL  25, 2016 Rahul Chaudhary, Sr. Standing Counsel for the Appellant. Kapil Goel, Adv. for the Respondent. JUDGMENT 1. This appeal by the Revenue is against the… Read More »

Energy Savings Certificate through Power Exchanges

By | June 1, 2016

CENTRAL ELECTRICITIY REGULATORY COMMISSION NOTIFICATION Mumbai, the 27th May, 2016 No. L-1/97/ 2016.─ In exercise of powers conferred under sub-section(1)and clause (y) of sub-section (2) of section 178 read with Section 66 of the Electricity Act, 2003 (36 of 2003), paragraph 5.9 of the National Electricity Policy, sub-Rule (4) of Rule 12 and clause (b)… Read More »

Medical Officers retirement age 65 : Govt Notification

By | June 1, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 31st May, 2016 G.S.R. 567(E).— In exercise of the powers conferred by the proviso to the article 309 of the Constitution, the President hereby makes the following rules further to… Read More »