"17 June 2016" Archive

No TDS on payment to payment systems company authorised by RBI

Notification No. 47/2016-Income Tax 17/06/2016

Notification No. 47/2016 No TDS deduction shall be made on payments of nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to Reserve Bank of India Act, 1934, excluding a foreign bank, or to any payment systems company authorised by RBI U/s. 4(2) of Payment and Settlement Systems Act, 2...

No TDS on S. 10(23DA) payment received by securitisation trust

Notification No. 46/2016-Income Tax 17/06/2016

Notification No. 46/2016-Income Tax- No TDS on payments of nature specified in clause (23DA) of section 10 of Income Tax Act received by any securitisation trust as defined in clause (d) of Explanation to section 115TC ...

Indian Accounting Standard 10 Events after Reporting Period

Ideally, transactions relating to relevant Reporting Period are recorded in the relevant Financial Statements. However, there are several events which happen after Reporting date but are significant for respective Reporting Period to show true and fair view and for the purpose of stakeholder’s decision making. Thus, reporting of signifi...

Posted Under: Income Tax |

Notification No. 38/2016-Customs Dated:17.06.2016

Notification No. 38/2016-Customs 17/06/2016

G.S.R. 611(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance...

SEBI Papers on Portfolio Managers & Real Estate Investment Trusts Regulations

PR No. 116/2016 17/06/2016

A. Consultation Paper for Amendments to the SEBI (Portfolio Managers) Regulations, 1993 pursuant to introduction of Section 9A in the Income Tax Act, 1961 B. Consultation Paper for Amendments to the SEBI (Real Estate Investment Trusts) Regulations, 2014...

RBI to simplify & rationalise registration process of new NBFCs

Press Release : 2015-2016/2935 17/06/2016

In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration of new NBFCs and the checklist of documents to be submitted have been revised. The number of documents to be submitted by the NBFC applicants has been reduced from existing set of 45 documents to 7-8 in the revised pro...

CBI register case against Central Excise Inspector in DA Case

The Central Bureau of Investigation has registered a case against an Inspector working in Directorate General of Central Excise (Intelligence), Dehradun U/s 13(2) r/w 13(1)(e) of the Prevention of Corruption Act, 1988 for possession of alleged disproportionate assets to the tune of Rs. 54.55 lakh (approx)....

Posted Under: Income Tax |

CBI court imprisons ITO & 3 other Public Servants in Bribery case

The Special Judge, Anti Corruption, Court No.3, Lucknow (Uttar Pradesh) has convicted Sh. U. P. Yadav, then Income Tax Officer; Sandeep Mohan Dubey, then Office Superintendent and Gore Lal Mishra, then Tax Assistant in a bribery case and sentenced them to undergo four years Rigorous Imprisonment with fine of Rs. 50,000/- each....

Posted Under: Income Tax |

Tax Structure for Hotel & Restaurant with Examples

Tax Details 1st June 2016 Rooms Tariff Luxury Tax 15.00% Service Tax 8.40% Swachh Bharat Cess 0.3% Krishi Kalyan Cess 0.3% Conference Hall Vat 12.5% Service Tax 9.8% Swachh Bharat Cess .35% Krishi Kalyan Cess .35% Luxury Tax 3% Service Charge 10% Restaurant Bills Vat 12.5% Service Tax 5.6% Swachh Bharat Cess 0.20% Krishi Kalyan […]...

Posted Under: Income Tax |

TDS Provisions under Model GST Law

Tax Deduction at Source is not a new concept in Indirect Taxes. The TDS Provision were already prescribed in Existing VAT Laws. The Provision of TDS were held Valid by Allahabad High Court in case of V.K. Singhal Vs. State of U.P. ( 1995) 97 STC 355....

Posted Under: Income Tax | ,

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