Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the Table below, which shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely :-
Central Government hereby appoints the 01st day of June, 2016, on which all matters or proceedings or cases pending before the Board of Company Law Administration (Company Law Board) shall stand transferred to the National Company Law Tribunal
In exercise of the powers conferred by sub-section (1) of section 419 of the Companies Act, 2013 (18 of 2013), the Central Government hereby constitutes the following Benches of the National Company Law Tribunal mentioned in column (2) of the table below, located at the place mentioned in column (3) and to exercise the jurisdiction over the area mentioned in column (4), namely:-
In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 20l3 (18 of 20l3), the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act shall come into force, namely :—
Govt constitutes National Company Law Appellate Tribunal (NCLAT) for hearing appeals against orders of National Company Law Tribunal (NCLT).
Central Government hereby constitutes the National Company Law Tribunal to exercise and discharge the powers and functions as are, or may be, conferred on it by or under the said Act with effect from the 1st day of June, 2016.
The Income Tax Act, 1961can be designated as perhaps one of the most debated, mannered, contested, and deliberated legislative code on tax measures,whose many provisions saw the ray of light and shade ever since thrown open to the judicial scrutiny. Since the taxing straw is dealt with the warmth of ex-cathedra vigour by the authorities concerned blended with the soul of judicial character accompanied by ensuring a chilling effect on the interpretation of provisions at large from assessee’s point of view
As we all know that the Finance Minister of India, Mr. Arun Jaitley had proposed a new cess i.e. Krishi Kalyan Cess @ 0.50% in budget 2016 on all taxable services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto.
As the effective rate of tax on services is to be increased from 14.5% (14% Service Tax + 0.5% SBC + 0.5% KKC) to 15% (14% Service Tax + 0.5% SBC + 0.5% KKC) w.e.f June 1, 2016 the applicable rates in different scenarios in case of existing taxable services are as under:
In the latest move, the GOI has come up with a scheme called Income Declaration Scheme 2016. The scheme is a move by the GOI to collect the revenue and at the same time provide an opportunity to the people who have failed to disclose their income or assets to declare their income and get the relief.
