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Archive: 15 February 2016

Posts in 15 February 2016

S. 80IB(10) Mere Common Commercial & Residential Layout?

February 15, 2016 1117 Views 0 comment Print

M/s. D.S. Kulkarni Developers Ltd. vs. ACIT (ITAT Pune)- Tribunal held that the building plans for the residential and amenities space were sanctioned independently and merely because a common lay out plan was passed by the authorities, does not disentitle the assessee to the claim of deduction under section 80IB (10).

Daughter have equal rights in Parents property prospectively: SC

February 15, 2016 12966 Views 1 comment Print

Supreme Court held In the case of Prakash & Ors vs. Phulavati & Ors that the text of the amendment itself clearly provides that the right conferred on a ‘daughter of a coparcener’ is ‘on and from the commencement of Hindu Succession (Amendment) Act, 2005’.

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2016

February 15, 2016 1234 Views 0 comment Print

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2016. (ii) They shall come into force from the date of their publication in the Official Gazette.

Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Amendment) Regulations, 2016

February 15, 2016 934 Views 0 comment Print

A Non-resident Indian (NRI) may purchase or sell shares, convertible preference shares, convertible debentures and warrants of an Indian company or units of an investment vehicle, on repatriation basis, on a recognised stock exchange, subject to the following conditions:

CAG online empanelment application date extended to 22/02/2016

February 15, 2016 1240 Views 0 comment Print

The last date for submission of online application form for Empanelment with O/o C&AG for the year 2016-17 for audit of PSUs is extended to 22nd February, 2016 as a one time relief. Online application can be filled at at the earliest to avoid the last minute rush as no further extension would be made.

Demystifying challenges in embracing Goods and Service Tax

February 15, 2016 856 Views 0 comment Print

Whatever may be the time frame for the rollout and implementation of GST in India, it has huge impact on the business process and to the business houses. The business process have to be changed due to the above mentioned points. The budget session of the Parliament is being proposed from 23rd February, 2016 and it is expected to be placed in the Rajya Sabha for discussion.

Physical brand embossing not must, to be called as branded goods

February 15, 2016 1696 Views 0 comment Print

It was held that a name or writing need not be a brand name or trade name in a sense it is normally understood. Even ordinary mark or letter is sufficient to indicate a connection between the product and the company.

Now wait for Only 45 days for VAT Refund?

February 15, 2016 4799 Views 0 comment Print

Arjuna, MVAT Act comes under the purview of the Maharashtra State Government. The dealers have been irritated due to the complicated and time consuming provisions of MVAT Laws for refund. There is also too much delay in receiving VAT Refund. Because of which Taxpayers have many a times requested the Department for quicker Grants of Refunds.

DRI to Verify if $ 505 Billion Left Country between 2004–13

February 15, 2016 372 Views 0 comment Print

Special Investigation Team (SIT) Asks DRI to Verify if $ 505 Billion Left the Country Between 2004–2013 ; Sit to take Further Necessary Action After Receipt of Report From DRI

Revision in sector/group exposure limit in debt-based MF schemes

February 15, 2016 638 Views 0 comment Print

These amendments relate to restrictions on investments in debt instruments issued by a single issuer wherein the limit is reduced to 10% of NAV which may be extended to 12% of NAV with the prior approval of the Board of Trustees and the Board of Asset Management Company.

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February 2016