"16 June 2016" Archive

Date for Enrolment as Facilitators for Startups in Patents & Trade Marks

Notification No. CG/F/Start-up/Facilitators/2016/175 16/06/2016

Accordingly, it is notified that all individuals and institutions who wish to apply as Facilitators for Startups in Patents & Designs and Trademarks may refer to the SIPP scheme details and Guidelines for facilitators and follow the procedure for registration, Form, terms and conditions etc. already available in the official website (www....

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Notification No. 37/2016-Customs Dated: 16.06.2016

Notification No. 37/2016-Customs 16/06/2016

Seeks to further amend notification No. 27/2011-Customs, dated 01.03.2011 so as to impose export duty of 20 on raw sugar, white or refined sugar GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 37/2016-Customs New Delhi, the 16th June, 2016 G.S. R. 607 (E).-In exercise of the powers conferred by sub-section...

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Content Regulation in Government Advertising – regarding

Notification No. F. No. I-34011/1/2016-Coord/(pt. 2) 16/06/2016

Hon'ble Supreme Court has also directed that in lieu of the photographs of the Prime Minister and the Chief Ministers, the photograph of the Departmental (Cabinet) Minister/Minister In-charge may be published, if so desired....

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People should not fear tax administrators: PM

PM encouraged the officers for a free and frank exchange of ideas during the Rajasva Gyan Sangam. He stressed that while there should be respect for the rule of law among all citizens, and even fear of the long arm of the law for those who evade taxes, people should not fear tax administrators. ...

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Posted Under: Corporate Law |

Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs ITO (ITAT Jaipur)

The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit...

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Employees’ Pension (Fourth Amendment) Scheme, 2016

Notification No. G.S.R. 603(E) 16/06/2016

In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme further to amend the Employees’ Pension Scheme, 1995, namely :- ...

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Relief from Indirect taxes to Food Processing Industries

Basic necessity for a prosperous living for any human being is food, clothing & shelter. Out of these three, food contributes as a major necessity. Changing lifestyles and appropriate fiscal policies has given a considerable push to the food processing industries. I...

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Posted Under: Corporate Law |

Rate of exchange of conversion of foreign currency wef 17.06.2016

Notification No. 87/2016-Customs (N.T.) 16/06/2016

CBEC hereby determines the rate of exchange of conversion of each of foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 17th June, 2016, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpos...

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Reference to TPO– Is it mandatory to record reason & pass a speaking order?

In the recent past, Central Board of Direct Taxes (CBDT) has issued an instruction No. 3/2016 (Instruction) in perspective of the international transaction or specified domestic transactionto be referred by the Assessing Officer (AO) to Transfer Pricing Officer (TPO). The instruction ushered new guidelines for implementation of Transfer P...

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Posted Under: Corporate Law |

Are Builders liable to Service Tax on Construction of Complex?

When builders render services in relation to construction of complex, it is a case of composite contract with buyers of flats. No doubt service element is involved in the construction of complex and the levy is justified by the Hon’ble Delhi High Court, but still no service tax can be charged by the builders from the buyers. The situati...

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Posted Under: Corporate Law |

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