"23 March 2016" Archive

Govt permits upto 49% FDI in pension sector under automatic route

Press Note No. 2(2016 Series) 23/03/2016

The Government of India has liberalized its Foreign Direct Investment (FDI) policy on Pension sector. Accordingly, Paragraph 6.2.18.7 his. of `Consolidated FDI Policy Circular 2015', effective from 12.5.2015, is amended to read as below:...

FTP: Reconstitution of Board of Trade (BoT)

Trade Notice 21/2015-2020 23/03/2016

It has been decided to reconstitute the Board of Trade as per the provisions given in the Para 300 of Foreign Trade Policy Statement 2015-2020. The objective is to have continuous discussion and consultation with trade and industry. The Board of Trade would, inter-alia, advise the Government on policy measures related to Foreign Trade Pol...

Govt permits upto 49% FDI in Insurance sector under automatic route

Press Note No. 1(2016 Series) 23/03/2016

The Government of India has liberalized its Foreign Direct Investment policy on Insurance Sector. Accordingly, Paragraph 6.2.18.7 of `Consolidated FDI Policy Circular 2015', effective from 12.5.2015, is amended to read as below:...

Include Interest Income in your Tax Return: CBDT

NA 23/03/2016

CBDT would like to inform the persons earning interest income that interest credited/received on deposits is taxable unless exempt under section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is not exempt under section 10 of the Income-...

Notice issued to a deceased assessee is illegal – Delhi HC

Vipin Walia Vs ITO (Delhi High Court)

Revenue was to initiate proceedings under Section 147 against the deceased Assessee for AY 2008-09. The limitation for issuance of the notice under Section 147/148 was 31st March 2015. On 27th March 2015, when the notice was issued, the Assessee was already dead. ...

S.69A: No addition where no money/bullion found in possession

ITO Vs Shri Parvez Mohammed Hussain Ghaswala (ITAT Mumbai)

For invoking provisions of section 69A assessee should be the owner of any money, bullion, jewellery or any other valuable articles. In this case of assessee he was not found to be the owner of any money, bullion, jewellery or any other valuable articles....

Expense out of earmarked fund for member’s welfare, not deductible

ACIT Vs M/s Tumkur Veerashiva Co-operative Bank Ltd. (ITAT Bangalore)

ITAT Bangalore held in the case of ACIT vs. M/s Tumkur Veerashiva Co-operative Bank Ltd. that from the facts, it is clearly shows that the amount spent out of members benevolent fund and members death relief fund are spent for the welfare of the members....

MCA amends format of Certificate of Incorporation

Notification No. G.S.R. 336(E) 23/03/2016

Certificate of Incorporation-[Pursuant to sub-section (2) of section 7 of the Companies Act, 2013 and rules 8 of the Companies (Incorporation) Rules, 2014] I hereby certify that is incorporated on this(i.e. FIRST, SECOND etc.) day of two thousand under the Companies Act, 2013 and that the company is ....

Charitable/religious trust can invest in Sovereign Gold Bonds Scheme 2015

Notification No. 21/2016-Income Tax 23/03/2016

n the Income-tax Rules, 1962, in rule 17C, after clause (viii), the following clause shall be inserted, namely:- (ix) Investment in Stock Certificate as defined in clause (c) of paragraph 2 of the Sovereign Gold Bonds Scheme, 2015, published in the Official Gazette vide notification number G.S.R. 827(E), dated the 30th October, 2015....

Limitation period if order been pasted at Factory Gate after closure

M/s Aafloat Textiles (India) Ltd Vs Commissioner of C.Ex. & Service Tax, Vapi (CESTAT Ahmedabad)

It is stated that all the operations and activities at the factory came to standstill. There was closure notice and the factory was closed. It is, therefore, impossible for the petitioner to have been aware of an order stated to be pasted on its factory gate. ...

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