"23 June 2016" Archive

Publicity for Income Declaration Scheme-2016

FTS-300298634/2016 (23/06/2016)

As you all are kindly aware. the Income Declaration Scheme-2016 has been launched w.e.f. June, 2016. This scheme provides offers a unique opportunity to persons who are willing to declare any undisclosed income under the scheme with its attended benefits. The Department has embarked upon a comprehensive publicity plan for creating awarene...

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Reporting Requirements under Basel III Capital Regulations- Review

RBI/2015-16/428 DBR.BP.BC.No.105/21.06.001/2015-16 (23/06/2016)

Banks shall however, continue to obtain and keep on their records a certificate from statutory auditors and an external legal opinion in terms of paragraphs 2.5 and 3.1(v) of Annex 16 of the Master Circular on Basel III Capital Regulations dated July 1, 2015....

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Corrigendum to Income Tax Notification Number 46/2016

Notification No. 52/2016-Income Tax (23/06/2016)

S.O. 2185(E).-In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 46/2016, dated the 17th June, 2016, published vide number S.O. 2142 (E), dated the 17th June, 2016,at page 2, in line 5, for to section 115TC read below section 115TCA...

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S. 10(23EE) CBDT notifies Core Settlement Guarantee Fund of NSCCL

Notification No. 51/2016-Income Tax (23/06/2016)

In exercise of the powers conferred by clause (23EE) of section 10 of Income-tax Act, 1961, Central Government hereby notifies Core Settlement Guarantee Fund set up by National Securities Clearing Corporation Limited (NSCCL), Mumbai, a recognised clearing corporation, for the purposes of the said clause for the assessment year 2016-17 an...

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S. 10(23EE) CBDT notifies Core Settlement Guarantee Fund of ICCL

Notification No. 50/2016-Income Tax (23/06/2016)

CBDT notifies Core Settlement Guarantee Fund, set up by Indian Clearing Corporation Limited (ICCL), Mumbai for the purpose of clause (23EE) of section 10 of the Income-tax Act, 1961 ...

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Exchange Rate Notification with effect from 24th June, 2016

Notification No. 88/2016-Customs (N.T.) (23/06/2016)

CBEC hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No. 87/2016-CUSTOMS (N.T.), dated 16th June, 2016, with effect from 24th June, 2016, namely:-...

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Analysis of Model GST Law

Model GST Laws: The Government of India has released a Model GST Law in Public Domain. We are sharing an important and path breaking analysis of Model GST Law. We have tried to analyze the GST law in brief and hope the same will be helpful to readers. We have tried to do the same […]...

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Posted Under: Income Tax |

Key Concepts of Foreign Currency Translation

In this article, author attempts to highlight the basic concept of foreign currency translation and its impact on financial statement as per FASB 52. Please note this article is for giving the overview of its basic concept and it is not the exhaustive view for taking any opinion....

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Posted Under: Income Tax |

Service Tax on transportation of goods by a vessel from outside India before 01.06.2015

Notification No. 36/2016-Service Tax (23/06/2016)

Seeks to exempt service tax on taxable services by way of transportation of goods by a vessel from outside India upto customs station in India with respect to which the invoice for the service has been issued on or before 31st May, 2016 subject to the condition of production of customs certified copy of the import manifest or import repor...

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Krishi Kalyan Cess on Services Provided on or before 31.05.2015

Notification No. 35/2016-Service Tax (23/06/2016)

Central Government, hereby exempts taxable services with respect to which the invoice for the service has been issued on or before the 31st May, 2016, from the whole of Krishi Kalyan Cess leviable thereon, subject to condition that the provision of service has been completed on or before the 31st May, 2016....

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