Daily Archives: September 8, 2016

Trust letting out its auditorium for marriage functions not entitled to sec. 11 relief

By | September 8, 2016

IN THE ITAT CHENNAI BENCH ‘D’ Suguna Charitable Trust v. Income-tax Officer, Company Ward-I, Coimbatore CHANDRA POOJARI, ACCOUNTANT MEMBER AND G. PAVAN KUMAR, JUDICIAL MEMBER IT APPEAL NO. 2172 (MDS.) OF 2014 [ASSESSMENT YEAR 2010-11] JUNE  29, 2016 R. Meenakshi Sundaram, Adv. for the Appellant. Durai Pandian, ACIT-DR for the Respondent. ORDER Chandra Poojari, Accountant… Read More »

Notification 35/2008 dated 14th March 2008 rescined

By | September 8, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th September, 2016 S.O. 2882(E).—In exercise of the powers conferred under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby rescinds… Read More »

SEBI imposed restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders

By | September 8, 2016

CIRCULAR SEBI/HO/CFD/DCR/CIR/P/2016/81 September 07, 2016 To All Listed Entities All Registered Registrar & Share Transfer Agents All Depositories All Recognised Stock Exchanges Dear Sir/Madam, Sub: Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders 1. In terms of section 21A of the Securities Contracts (Regulation) Act,… Read More »

April 1 deadline for GST a stiff target: Jaitley

By | September 8, 2016

Union Finance Minister Arun Jaitley on Wednesday said the April 1, 2017, deadline to roll out the goods and services tax (GST) was stiff, as there were a few hurdles ahead. He added the Centre and states were “ running against time”, and there were issues, which the proposed GST Council needed to address. “After… Read More »

Category: GST

FM says GST Top Priority, to Push for April 1 Rollout

By | September 8, 2016

Finance minister Arun Jaitley said the government will attempt to press ahead with implementation of the goods and services tax (GST) from April 1, 2017, pitching the proposed tax reform as a key priority for the government. He said restoring banks’ health was a priority but ruled out privatisation of public sector banks for now.… Read More »

Category: GST

Income Declaration Scheme 2016 – Acceptance of Cash Over Counter by Banks

By | September 8, 2016

RBI/2016-17/62 DBR.No.Leg.BC. 13/09.07.005/2016-17 September 8, 2016 The Managing Directors/Chief Executive Officers All Scheduled Commercial Banks (including RRBs) Dear Sir, Income Declaration Scheme, 2016 – Acceptance of Cash Over the Counter Please refer to the Circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008 wherein banks have been advised to ensure that their branches invariably accept cash from all… Read More »

Category: RBI

Internet broadcasting companies to obtain statutory license under Copyright Act

By | September 8, 2016

SECTION 31D OF THE COPYRIGHT ACT, 1957 – STATUTORY LICENCE FOR BROADCASTING OF LITERARY AND MUSICAL WORKS AND SOUND RECORDING – CLARIFICATIONS ON PROVISIONS OF SAID SECTION OFFICE MEMORANDUM [F.NO.14-35/2015-CRB/LU (IPR VII)], DATED 5-9-2016 Representations have been received from various Stakeholders as to whether the internet broadcasting companies come under the purview of Statutory Licensing… Read More »

SEBI Guidelines for Due Date Rate fixation for Regional Commodity Derivatives Exchanges

By | September 8, 2016

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR/P/2016/79 September 07, 2016 To, The Managing Directors/Chief Executve Officers, Regional Commodity Derivatives Exchanges Sir/Madam, Sub: Guidelines for Due Date Rate (DDR) fixation for Regional Commodity Derivatives Exchanges 1. As per Section 131 (4) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by the erstwhile Forward… Read More »