(i) Persons resident outside India can invest in the capital of Asset Reconstruction Companies (ARCs) registered with Reserve Bank, up to 49% on the automatic route, and beyond 49% on the Government route. (ii) No sponsor may hold more than 50% of the shareholding in an ARC either by way of FDI or by routing it through an FII/FPI controlled by the single sponsor.
In exercise of the powers conferred by sub-rule (4) of Rule 1OVA of the Income Tax Rules, 1962.read with section 9A of the Income-tax Act ,1961 (43of 1961), the Central Board of Direct Taxes here by notifies the following Committee for the purposes of the said sub-rule
Hereby direct that the details of purchases where the total amount of an invoice does not exceed ₹ 1000/-(one thousand rupees) shall not be mandatorily required to be furnished in Form GE-II and further that the returns in Form GE-II for all the four quarters of the financial year 2015-2016, which have not been filed till date, are now required to be filed upto 16th May, 2016.
Administrative Relief under the Bombay Sales Tax Act, 1959 (BST Act) on account of the delay in obtaining the Certificate of Registration was being granted by the Joint Commissioner of the respective Administrative Division. This relief was being granted in view of the Government Resolution Finance Department No.STA1082/244/RES-8 dated the 1st June 1983.
The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Profession lax Act) is being implemented with effect from 1st April 1975. Under this Act, every self-employed person engaged in any profession, trade, callings and employment in the State of Maharashtra is required to obtain Enrolment Certificate and pay Profession Tax yearly as per provisions of the Act.
Every employer, who is registered under this Act is required to furnish an electronic return of Profession Tax (PT) in Form III-B on department’s web-site www.mahaahavat.gov.in before due date of such return {sec. 6 and rule 11]. Electronic returns (e-returns) have been made mandatory for the periods starting from 1st April 2006 onwards by the notification No. VAT/AMD. 1010/1B/ PT/Adni 6 dated 14th July 2011.
While there are impediments in obtaining information relating to undisclosed assets stashed away abroad, pursuant to various initiatives taken by the Government, the flow of information has improved leading to better enforcement action. The Government has taken several measures to effectively deal with the issue of black money.
In exercise of the powers conferred by sub-rule (4) of Rule 10VA of the Income-Tax Rules; 1962, read with section 9A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby notifies the following Committee for the purposes of the said sub-rule:‑
Finance Bill, 2016 has introduced clause (j) as one of the declared services. Accordingly ‘assignment by the Government of the right to use the radio-frequency spectrum and subsequent transfers thereof’ has been declared as a service w.e.f. enactment of Finance Act, 2016.
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