"16 March 2016" Archive

Delhi VAT: Sealing and de-sealing of premises during surveys

Circular No. 41 of 2015-16- Delhi VAT 16/03/2016

Section 60 of the Delhi Value Added Tax Act, 2004 empowers the Commissioner to enter premises and seize records and goods of any person during surveys. The surveys are to be conducted on the premises of a dealer to detect tax evasion. The survey teams are headed by an officer of the level of Assistant Commissioner/VATO and comprises of AV...

Employee PF Exemption agreement between India and Australia

File No IWU/7(2)2009/Australia/Vol –I/24955 16/03/2016

The agreement provides for detachment, totalisation and portability. Under the detachment clause, the employees of one country deputed by their employers to the other country on short –term assignment are exempted from Social Security contribution in that country up to a period of 60 months. However, such exemption can be availed on the...

CBDT notifies Rules in respect of fund manager regime U/s. 9A

NA 16/03/2016

Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried out through an eligible fund manager in India by an eligible investment fund does not constitute busi...

S.24 Interest for property acquisition allowed despite use in construction

Mrs. Samiksha Mahajan & Mrs. Anita Rani Vs ACIT (ITAT Delhi)

As per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed....

Consider Info related to Penny Stock in Scrutiny Assessment: CBDT

F.No.287/30/2014-IT (inv. II)-Vol-III 16/03/2016

Assessing Officer to ensure that information available in the 'Penny Stock' functionality which may be useful for the purpose of cases presently under scrutiny, is examined and considered while finalizing assessments and considering reopening of cases u/s 148 of the IT Act, 1961. ...

Income Declaration Scheme, 2016- Double edged Sword

Double edged Sword for Tax Evaders – The Income Declaration Scheme, 2016 Shri Arun Jaitley, Hon’ble Finance Minister of the Government of India, introduced The Income Declaration Scheme, 2016 vide Finance Bill, 2016 After the budget presentation, in an interview to Doordarshan, the Finance Minister said that to bring the Black mon...

Fertilizer companies to print MRP and available subsidy on bag

It has been made mandatory for the fertilizer companies to submit alongwith their subsidy claims, the cost data of their fertilizer products from 2012-13 onwards in prescribed format on six monthly basis . The Department has also appointed Cost Accountants/ Firms to scrutinize the said cost data to ensure that the prices fixed by the fert...

SEBI bans 20 entities from securities market

Notice No: 20160316-6 16/03/2016

Prohibited the following entities from accessing the securities market and further prohibited from buying, selling or dealing in securities, either directly or indirectly or being associated with the securities market in any manner whatsoever, for the period as mentioned besides the respective entities:-...

DTAA with Republic of Indonesia

Notification No. 17/2016- Income Tax 16/03/2016

S.O. 1144(E).-Whereas, an Agreement between the Government of the Republic of India and the Government of the Republic of Indonesia for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed at New Delhi on the 27th day of July, 2012 (hereinafter referred to as the said Agreement);...

Indian Insurance Companies Foreign Investment Amendment Rules, 2016

Notification No. G.S.R. 314(E) [F. No. 12018/1/2006-Ins.IV] 16/03/2016

The Foreign Investment proposals up to forty-nine per cent of the total paid up equity of the Indian Insurance Company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India...

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