"July, 2016" Archive

‘Pokémon Go’, like ‘Taxman Go’! Enjoy It

Krishna, nowadays two topics are capturing the attention of everyone in India. One is the mobile game ‘Pokémon Go’ and the other is the ‘Income Declaration Scheme 2016’ we may call it Taxman Go. One is for Finding Pokeman and other is for undisclosed income. Let’s enjoy it and learn joyful tax related matters. No one should tak...

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Posted Under: Income Tax |

Eligible business profits to be computed as per law & not as per treatment by assessee in its books

M/s. Kumarakom Lake Resort Pvt. Ltd. Vs ACIT (ITAT Cochin)

The ITAT Bench Cochin held that the assessee would be entitled to deduction u/s 80 IB(7) if its incomes are derived from eligible business irrespective of the manner in which the entries in the books of account are maintained....

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CCI (Competition Assessment of Economic Legislations & Policies) Guidelines, 2016

i. The Advocacy Division of the Commission will continuously scan and identify the upcoming / existing economic legislations and policies which may potentially have adverse effect on competition, for assessment; ii. Any Government Agency, including statutory authority, may refer any upcoming / existing economic legislation or policy to th...

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Posted Under: Income Tax |

The Regional Centre for Biotechnology Act, 2016

Notification No. 36 of 2016 (30/07/2016)

Whereas the objects of the institution known as the Regional Centre for Biotechnology are such as to make the institution one of national importance, it is hereby declared that the institution known as the Regional Centre for Biotechnology is an institution of national importance....

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The Child Labour (Prohibition and Regulation) Amendment Act, 2016

Notification No. 35 of 2016 (30/07/2016)

In the Child Labour (Prohibition and Regulation) Act, 1986 (61 of 1986) (hereinafter referred to as the principal Act), for the long title, the following shall be substituted, namely:—An Act to prohibit the engagement of children in all occupations and to prohibit the engagement of adolescents in hazardous occupations and processes and ...

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The Lokpal and Lokayuktas (Amendment) Act, 2016

Notification No. 37 of 2016 (30/07/2016)

'44. On and from the date of commencement of this Act, every public servant shall make a declaration of his assets and liabilities in such form and manner as may be prescribed.'....

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Impact of Companies Incorporation Third Amendment Rules, 2016 on company incorporation

In Rule 3(2) of Companies (Incorporation) Rules, 2014 following substitution has been made: Earlier Provision: No person shall be eligible to incorporate more than a One Person Company or become nominee in more than one such company. Amended Provision: A Natural person shall not be member of more than a One Person Company at any point of ...

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Posted Under: Income Tax |

10 Principles to an Intelligent Investment Strategy

Making a smart investment is not a rocket science. It requires you to learn and follow the appropriate principles, with discipline. An unfortunate thing about investment strategy is that most of what is taught is hazardous, as being only a half-truth. This abstract information could even prove to be expensive, many a times....

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Posted Under: Income Tax |

6 Reasons why financial plans fail & how to overcome them?

Does it sound crazy that financial planning is a process so simple? Believe me, it is. Planning your finances involves nothing else than just building wealth, and having enough for your retirement. You can achieve the first, if you spend less than you earn and wisely invest your savings...

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Posted Under: Income Tax |

Why IDS 2016 is not clicking?

Newspapers, periodicals, TV channels are full of advertisements of Income Declaration Scheme 2016. Hoardings, banners, posters and handbills highlight the details of the Scheme. PM, FM and top brass of the Income Tax Department are beckoning people to declare their undisclosed incomes and contribute to the nation's mite. ...

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Posted Under: Income Tax |
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