"13 May 2016" Archive

India’s GDP Growth Will be 8% in 2016-17

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...

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Posted Under: Income Tax |

Plasticulture can play an important role in judicious usage of water

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. ...

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Posted Under: Income Tax |

Anti-dumping duty on Digital Versatile Discs-Recordable (DVD-R)

Notification No. 17/2016-Customs (ADD) (13/05/2016)

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 Septemb...

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Budget session concludes; GST Bill likely next session; 1,175 outdated laws repealed

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 pu...

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Posted Under: Income Tax |

Article wise analysis of Amendment to India-Mauritius DTAA

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)....

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Posted Under: Income Tax |

Registration process for online TDS/TCS return filing & upload

Step by step process of registration for online TDS/TCS return filing and upload 1. First of all, allow the pop-ups in your browser (following is the screenshot of chrome browser). Afterwards, don’t forget to block it again. 2. Now open http://tdscpc.gov.in/ and make login as usual. You will find a link with words “Register at [&helli...

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Posted Under: Income Tax | ,

Transfer of Securities whether to be considered as Capital Gain or Business Income

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 atte...

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Posted Under: Income Tax |

Govt notifies Anti-Hijacking Act, 2016

Notification No. 30 of 2016 (13/05/2016)

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....

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Easy-to-miss Tax Benefits of Health Insurance Policies in India

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....

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Posted Under: Income Tax |

Expense to make House habitable, eligible for exemption U/s. 54

Rustom Homi Vakil Vs Asstt. CIT (ITAT Mumbai)

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...

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