"18 March 2016" Archive

Error correction in Focus Product Scheme on Servo & Other Brakes & Part thereof

Public Notice No. 65/(RE-2013)/2009-2014 (18/03/2016)

The item under description, Other – Brakes and Servo Brakes and Part thereof has been incentivized irrespective of the ITC(HS) codes (87082900 or 87083000) mentioned against the product description, exported under Foreign Trade Policy 2009-14 between 05.06.2012 and 24.02.2014. ...

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CBDT amends financial transaction reporting Rule wef FY 2015-16

Notification No. 19/2016- Income Tax (18/03/2016)

In rule 114E (i) in the marginal heading, after the words Information Return, the words or Statement of Financial Transactions shall be inserted. Rule 114E of the Rules, as amended by this rule shall be applicable for the specified financial transactions carried out during the period from 1st April, 2015 to 31st March, 2016....

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Delhi VAT Exemption to Embassy of Socialist Republic of Vietnam

No.F.5(54)/Policy/VAT/2013/PF/1721-31 (18/03/2016)

(A)The facility of VAT refund shall be available to the Embassy on purchase of items viz;- i. Telephone, Internet, Electricity, Water and Gas Bills of Chancery Premises and Embassy Residence and other telephone bills which are in the name of Embassy....

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Definitions under CA, 2013 & Companies Amendment Bill, 2016

The CLC on the basis of the recommendation received from various sources, submitted its report to the Government to make amendments under the Companies Act, 2013. On March 16, 2016 the Bill to further amend the Companies Act, 2013 has been introduced in Lok Sabha. The key highlights of the Bill peraining to the Definitions under the Com...

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Posted Under: DGFT |

Three New Cesses under Indirect Taxes

Though there is no major change in basic tax rates in direct and indirect taxes, the Budget 2016-17 talks of following three cesses- Clean Environment Cess (renamed from clean energy cess), Infrastructure Cess and Krishi Kalyan Cess....

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Posted Under: DGFT |

Budget 2016: Tax on EPF, Approved Super Annuation & New Pension Fund

Feb 2016 witnessed a few important changes for salaried class assessee enjoying their provident fund bounties. While vide Government Notification dated 10-02-2016 withdrawal of employer contributions till 58 years of age was prohibited, Finance Bill 2016 created mayhem over taxability on withdrawal of entire provident fund accumulations....

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Posted Under: DGFT |

Tax Treatment of Breakdown of Joint Development Agreement

In this article we shall discuss tax liabilities in case of breakdown of Joint Development Agreements or Arrangements in the hand of land owner as well as developer. In some cases a Joint Development Arrangement, breaks down due to dispute between the parties before completion of the project or before project reaches a reasonable stage. ...

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Posted Under: DGFT |

Real Estate Bill, 2016 & opportunity for CA, CS, CMA

Clause 49 of The Real Estate (Regulation and Development) Bill, 2016    provides that the applicant or appellant under the bill may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case before the Appell...

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Posted Under: DGFT |

Notes on Real Estate Regulation & Development Bill 2016

Clause wise Note on The Real Estate (Regulation And Development) Bill, 2016’ As Passed By Rajya sabha on 10.03.2016. Clause 1.—This clause relates to the short title, extent and commencement of the proposed legislation. Clause 2.—This clause contains the definitions of various expressions used in the proposed legislation. Clause 3....

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Posted Under: DGFT |

Proposed Amendment in Provisions related to Loan to Directors

Govt has proposed Changes in Section 185 and 186 vide Companies (Amendment) Bill, 2016 with following objects :- Companies (Amendment) Bill, 2016 seeks to amend section 185 of the Act to limit the prohibition on loans, advances, etc., to directors of the company or its holding company or any partner of such director or any […]...

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Posted Under: DGFT |
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