India is expected to remain the fastest growing large economy of the world. It is likely to register a GDP growth of around 8% in 2016-17, thanks to the expected normal monsoons, positive global investor sentiments, high FDI inflows, and low interest rates
Right usage of water is becoming increasingly important given the fact that India currently supports nearly 17.84% of the world population, with 2.4% land and 4% of water resources. At the same time, monsoons are also becoming erratic.
Govt had initiated a review in the matter of continuation of anti dumping duty on imports of Digital Versatile Discs-Recordable (DVD-R) originating in, or exported from, Vietnam and Thailand imposed vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 98/2010- Customs, dated the 28th September, 2010
Budget session concludes ; Session productive, says Minister Shri M.A.Naqvi. Government’s outreach to opposition resulting in better functioning of Parliament, says Minister. Sittings of Parliament and Bills passed by Lok Sabha over last 2 years increased. Over a dozen reform Bills passed in 2 years and Parliament needs to do more to push reforms; GST. Bill likely next session-Minister. 1,175 outdated laws repealed during last two years
On 10th May 2016, the Government of India has issued a press release announcing the Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius (DTAA).
It has been a constant tug of war between assessee and tax authorities on the classification of gains arising on the transfer of shares/securities as ‘capital gains’ or ‘business income’. Due to the lower tax incidence on ‘capital gains’, taxpayers prefer a ‘capital gains’ classification, while tax authorities usually attempt to tax these gains as ‘business income’.
WHEREAS it is considered expedient that the unlawful acts of seizure or exercise of control of aircraft which jeopardize safety of persons and property is a matter of great concern to be addressed effectively by making suitable provisions for giving effect to the Convention and the Protocol and for matters connected therewith.
If you are the breadwinner of your family and willing to buy health insurance plans for your children, spouse, and parents, you can avail tax benefits under section 80D of income tax act, 1961. You can avail these benefits as an individual as well as when you buy it for your parents no matter whether they are dependent on you or not.
In the instant case, the assessee has purchased the new residential house at Pune in July 2008 in dilapidated condition and immediately there-after undertaken extensive civil, plumbing, electrical & painting works to make it habitable
Many persons are interested at preserving old currency, new released currency, foreign currency received by them. Few of them possess the foreign currency for some specified purpose. Many times they counter questions regarding eligibility for possession of foreign currency and the permitted limit to which they can possess the foreign currency.
