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Archive: 06 May 2016

Posts in 06 May 2016

DGFT amends ANF-5A, ANF-5B, ANF-5C & Appendix 5C

May 6, 2016 21130 Views 0 comment Print

Revised ANF 5A, ANF 5B, ANF 5C and Appendix 5C of Appendices & Aayat Niryat Forms of FTP 2015-20 are notified as detailed in the Annexure to this Public Notice.

MCA releases revised Form No. GNL-1 & GNL-4

May 6, 2016 12244 Views 0 comment Print

(1) These rules may be called the Companies (Registration Offices and Fees) Amendment Rules, 2016. 2. In the Companies (Registration Offices and Fees) Rules, 2014, (i) For Form No. GNL-1 and Form No. GNL-4, following forms shall respectively be substituted, namely:-

Technology use for Expeditious Disposal of Assessment & Refunds

May 6, 2016 1513 Views 0 comment Print

In FY 2015-16, 94% of income tax returns were filed online and 4.14 crore returns processed without any human intervention; More than 2.10 crore refunds amounting to Rs.1,22,425 crore were paid in FY 2015-16 as compared to Rs. 1,12,188 crore in the FY 2014-15 and Rs. 89,664 crore in the FY 2013-14;

RBI Norms for Protecting Customers

May 6, 2016 1801 Views 0 comment Print

Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment, (ii) Right to Transparency, Fair and Honest Dealing, (iii) Right to Suitability, (iv) Right to Privacy, and (v) Right to Grievance Redress and Compensation.

Tax on Income/Loss arising from Transfer of Unlisted Shares-reg.

May 6, 2016 3271 Views 0 comment Print

CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where the Assessing Officer would examine the issue and take appropriate view.

PNB first bank to offer e-verification of Income Tax Return

May 6, 2016 9079 Views 0 comment Print

Now Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-Filing website. Punjab National Bank is the first bank to launch this facility which will facilitate its customers, who may not have a net-banking account, to e-verify their return. Other banks are expected to launch this facility.

Revised TDS / TCS Compliance and Rates w.e.f. 01.06.2016

May 6, 2016 70000 Views 7 comments Print

Stay updated on the revised TDS/TCS compliance and rates effective from 01.06.2016. Understand the comprehensive analysis and comparative study for accurate tax deductions.

Disallowance U/s. 40(a)(ia) not justified for Freight charges paid but not claimed as expense

May 6, 2016 4002 Views 0 comment Print

Where assessee was earning booking charges for facilitating transport of goods and was merely a conduit in passing the freight to the truck owners, who were actually plying trucks, disallowance under section 40(a)(ia) was not justified because freight payment was not even claimed by assessee as an expense in its profit and loss account.

Excise Duty on Inputs cleared after Use or as Waste/Scrap?

May 6, 2016 7291 Views 1 comment Print

Whether Central Excise Duty Payable on Inputs Cleared After Use or as Waste/Scrap? After going through the above title first question comes into mind is how an input can be removed after use or as Waste/Scrap. As per my understanding it is possible in Central Excise Law. Vide Notification No. 13/2016 – CE (NT) dated […]

Applicability of TDS on Government Company on International Arbitration

May 6, 2016 10576 Views 6 comments Print

Any person paying to a non resident, not being a company or foreign company, shall deduct income tax. Payment made outside India is subject to TDS except in payment of Salary or Dividend. This explanation is derived from Section 195(1) of Income tax act which reads as.

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