"18 May 2016" Archive

Money Management Tips for Good Credit

Whoever said money can’t buy happiness didn’t know how to manage their funds and go for shopping. We all need money, good credit indeed, to fulfil our desires. All the things that bring quantitative satisfaction can be practically owned with money. Managing your funds is an art and those who master this art enjoy good credit throughou...

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Posted Under: Income Tax |

Documents to be filed by Patent Agent after electronic submission

No. CG/F/Public Notice/2016 (18/05/2016)

The documents that are required to be submitted by the Patent Agent in original after filing them electronically as per the provisions of rule 6(1A) of the Patents (Amendments) Rules, 2016, are as under.: (a) The Authorization of Patent Agent or Power of attorney (under rule 135) (b) Proof of the right to make an application (under rule 1...

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Form 61- Due Date Extension for quarter ending March, 2016

Circular No. 14/2016-Income Tax (18/05/2016)

It is decided that filling of all the fields in Form No.60 shall be considered to be mandatory in respect of transactions entered on or after 1.04.2016. It is also decided that online reporting of declarations in Form No. 61 for quarter ending March, 2016 may be done along with report for quarter ending September, 2016....

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Govt designates Special courts U/s. 435 of Companies Act, 2013

Notification No. S.O. 1796 (E) (18/05/2016)

Central Government hereby, after obtaining the concurrence of the respective Chief Justices of the High Courts, designates the following Courts mentioned in the Table below as Special Courts for the purposes of trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more in terms of section 435 of the ...

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Liability to pay tax on services by arbitral tribunal & its members

Circular No.193/03/2016-Service Tax (18/05/2016)

Service Tax liability for services provided by an arbitral tribunal (including the individual arbitrators of the tribunal) shall be on the service recipient if it is a business entity located in the taxable territory with a turnover exceeding rupees ten lakh in the preceding financial year....

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Right to die, finally on the way to be allowed ?

a) The Union government has, in first week of May 2016, come up with a draft bill on passive euthanasia that gives patients the right to withhold or withdraw medical treatment to herself or himself and allow nature to take its own course....

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Posted Under: Income Tax |

Exemption to Services Provided By IIMS

Vide Notification No, 9/2016-ST dated 1.3.2016, w.e.f. 1.3.2016, following services provided by Indian Institutes of Management (IIMs) shall be exempt –Services provided by the Indian Institutes of Management, as per the guidelines of the Central Government, to their students, by way of the following educational programmes, except Execu...

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Posted Under: Income Tax |

Export made through third parties eligible for deduction u/s 10B

M/s Earth Stone Group Vs Additional CIT (ITAT Delhi)

The ITAT New Delhi in the above cited case held even export made by assessee through third parties are also to be considered while working out deductions allowable u/s 10B as such exports are deemed exports and recognized by Foreign trade policy for extending export benefits....

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All about Masala Bonds and its Taxation

Who gave the name Masala Bonds and the reason behind it: International Finance Corporation (IFC) named the rupee denominated borrowings by Indian entities in overseas market as Masala Bonds. IFC named them Masala Bonds to give a local flavour....

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Posted Under: Income Tax |

Commencement of section 2(29), 435 to 438 & 440 of CA, 2013

Notification No. S.O.1795 (E) (18/05/2016)

S.O.1795 (E) Central Government hereby appoints the 18th day of May, 2016 as the date on which provisions of clause (iv) of sub-section (29) of section 2, sections 435 to 438 (both sections inclusive) and section 440 of the said Act shall come into force....

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