"05 August 2016" Archive

Govt. announces Inflation Target of Four Percent

Central Government, in consultation with RBI, has fixed the inflation target for the period beginning from the date of publication of the Gazette Notification (August 5, 2016) and ending on the March 31, 2021, as under: Inflation Target: Four per cent....

Posted Under: Finance |

Increase in Tax Deduction limit may improve household savings

Initiatives like: increase in the limit of deduction under the Income Tax Act for health insurance premium, contribution to specific pension funds and contribution by the employees to National Pension Scheme; and, increasing the access to formal financial system by utilizing the postal network; also have the potential to boost household s...

Posted Under: Finance |

FAQs on Delisting of Equity Sharess

1. What is meant by delisting of securities? The term delisting of securities means removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange....

Posted Under: Finance |

Notification No. 2/2016-Customs (SG) Dated 05.08.2016

Notification No. 2/2016-Customs (SG) 05/08/2016

Seeks to amend notification No. 1/2016-Customs(SG) dated 29.03.2016 to prescribe import prices on CIF basis at or above which safeguard duty on subject goods will not be applicable Government of India Ministry of Finance (Department of Revenue) Notification No. 2/2016-Customs (SG) New Delhi, the 5th August, 2016 G.S.R. (E). – In exe...

How to report Incomes from India while filing tax return in USA?

The Tax filing season in the US usually starts on the 31st of January each year and ends on 15th April. In the following sections we shall discuss how income generated in India is taxed for the NRIs’ in U.S. This rule holds for all who are foreign nationals, meaning those who are a citizen of a country other than the U.S. but relocates ...

Posted Under: Finance |

Service Tax on alcoholic liquor manufacture on job work basis for human consumption valid: HC

Carlsberg India Private Limited Vs. Union Of India & Ors. (Delhi High Court)

Service Tax on manufacture of alcoholic liquor for human consumption on job work basis with effect from 1st June 2015 is Constitutionally Valid: Delhi High Court. Issue Under Consideration These are three petitions filed under Article 226 of the Constitution of India challenging the constitutional validity of Section 66B of the Finance Ac...

S. 115JB Computation of book profit by Ind AS compliant companies Reg.

NA 01/01/1970

A Committee had been constituted, with the approval of the Finance Minister, to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. The Committee submitted it...

Posted Under: Finance |

TDS U/s. 194A not applicable on amount credited/Paid to MUDRA

Notification No. 65/2016-Income Tax 05/08/2016

In exercise of the powers conferred by sub-clause (f) of clause (iii) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the Micro Units Development & Refinance Agency Limited (MUDRA) for the purposes of sub-section (3) of said section....

CBDT notifies Draft Recruitment Rules for Various Posts

F.No. HRD/CMD/121/3/2015-16/2870/ 2871 and F.No. A35015/43/2014-Ad VI/2868 / 2869 05/08/2016

Uploading of draft Recruitment Rules for the post of Inspector of Income Tax – reg.- F.No. HRD/CMD/121/3/2015-16/2871 dated 05.08.2016 Uploading of draft Recruitment Rules for the post of Executive Assistant- reg.- F.No. HRD/CMD/121/3/2015-16/2870 dated 05.08.2016 Uploading of draft Recruitment Rules for the post of Senior Private S...

Sec. 188 to 194 of Bankruptcy Code 2016 notified wef 05.08.2016

S.O.2618(E) 05/08/2016

Central Government hereby appoints the 5th of August, 2016 as the date on which the provisions of sections 188 to 194 (both inclusive) of the said Code shall come into force....

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