"20 June 2016" Archive

Importance of passing Board Resolutions by Circulation

After the enforcement of Secretarial Standard on meeting of the Board of Directors of a Company [SS-1] w.e.f. 1st July, 2015, importance of passing of Board Resolutions by Circulation, pursuant to provisions of Section 175 of the Companies Act, 2013, has increased manifold, unless it is required by Statute or Articles of Association of th...

Read More
Posted Under: Company Law |

Valuation as per GST Valuation Rules 2016

As per Section 15 of the Model GST Law the supply of goods and services shall be taxable to GST at the transaction value subject to Rule 7 of GST Valuation Rules 2016. Section 15(4) provides for various situations where the valuation rules shall be applied: (i) the consideration, whether paid or payable, is not money, wholly or partly; ...

Read More
Posted Under: Company Law |

Gist of New Service Tax Notifications effective from 1st June, 2016

(i) Where a taxable service is exempt under any notification / special order or Service Tax is otherwise not payable, such service shall be exempt from levy of whole of KKC. (ii) KKC shall be leviable only on that portion / percentage of taxable service which is subject to Service Tax after availing abatement under Notification No. 26/201...

Read More
Posted Under: Company Law |

Radical changes in FDI policy; Most sectors on automatic route

Government has decided to introduce a number of amendments in the FDI Policy. Changes introduced in the policy include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. ...

Read More
Posted Under: Company Law |

No Fee for MSME Registration

Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has been clarified in view of some complaints received by the ministry, regarding fee charged by certain agencies for facilitating the registration....

Read More
Posted Under: Company Law |

Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: ...

Read More
Posted Under: Company Law |

S. 80IA Initial assessment year means 1st year opted by assessee for deduction

The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh)

The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in favour of Assessee....

Read More

Interest U/s. 244A on Excess self Assessment Tax Payment cannot be denied

CIT Vs Birla Corporation Limited (Calcutta High Court)

scope of section 154 does not extend to a debatable issue and hence the assessing officer in exercise of power u/s 154 could not have withdrawn the interest u/s 244A(1)(b) on the refund of excess self assessment tax....

Read More

Offshore supply of equipments not taxable in India

M/S Nortel Networks India International Inc. Vs DIT (High Court Delhi)

An enterprise of a Contracting State shall not be deemed to have a permanent establishment in the other Contracting State merely because it carries on business in that other State through a broker, general commission agent, or any other agent of an independent status, provided that such persons are acting in the ordinary course of their b...

Read More

Interest rates on Small Savings Schemes for 01.07.16 to 30.09.16

F.No. 1/04/2016-NS .II (20/06/2016)

On the basis of the decisions of the Government, interest rates for small savings schemes are to be notified on quarterly Accordingly , the rates of interest on various small savings schemes for the second quarter of financial year 2016-17 , on the basis of the interest compounding/payment built-in in the schemes, shall be as under :...

Read More

Factors Affecting Your Personal Loan Interest Rate

Quick approval, low-risk, and collateral-free are some of the reasons why personal loan is one of the most feasible options to generate fund. However, as it is an unsecured loan, the interest rates can tilt towards the higher side. As of now, the average rate of interest for personal loans is between 11.49% – 20%. ...

Read More
Posted Under: Company Law |

Order regarding Lokpal Act for FCRA registered associations

S.O.2156(E) (20/06/2016)

Central Government hereby notifies that competent authority in relation to public servants referred in clause (h) of sub- section (1) of section 14 of the said Act, shall be the Minister-in-charge of the Ministry of Home Affairs....

Read More

MPC A Revolutionary Step in Fight against Inflation: RBI

Press Release : 2015-2016/2953 (20/06/2016)

The Government has taken the momentous step of both setting a Consumer Price Index (CPI) based inflation objective for the Reserve Bank of India as well as setting up an independent monetary policy committee (MPC). We intend to ensure these frameworks and institutions work as they should in producing a low inflation future for India....

Read More

FATCA Rules for registration, due diligence & information maintenance

Notification No. 48/2016-Income Tax (20/06/2016)

Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-...

Read More

Understanding the Draft Model GST Law

This article covers the major highlights of the draft modern GST law including the intention of legislation along with the probable impact on industry & operation:...

Read More

S. 153A Additions not based on incriminating material are invalid

DMA Investment P. Ltd. Vs DCIT (ITAT Delhi) (Delhi High Court)

The ITAT Delhi bench in the above cited case held that in case of completed assessment if notice u/s 153A is issued then addition can be made only on the basis of incriminating material found during the course of search....

Read More

Vacancy for the post of Members of CBDT

Office Memorandum No. F.No.A.12026/22/2015-AD.I (20/06/2016)

The undersigned is directed to state that some posts of Members in the Central Board of Direct Taxes in the Department of Revenue in the pay scale of Rs. 80,000/- (Fixed) are likely to fall vacant till. 31.3.2017. The following categories of officers are eligible for appointment to these posts:...

Read More

Reg. Exemption from DGFT licence to operate air transport services

Notification No. 10/2015-2020-DGFT (20/06/2016)

Policy condition 1 (e) of Chapter 88 of ITC (HS), 2012 is being revised to indicate exemption from DGFT licence for persons who have been granted permission to operate air transport services by Ministry of Civil Aviation and thereon DGCA has granted permission to import aircraft on that basis....

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30