"29 September 2016" Archive

Govt Decides to Raise EPFO Investment in ETF from 5% to 10%

The Government has decided to raise the Employees Provident Fund ( EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent. Announcing this Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment said that the decision has been taken considering the good returns in ETF investment....

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Posted Under: Corporate Law |

CBEC retains customs duty on ghee, butter & butter oil at 40 beyond 30.09.2016

Notification No. 53/2016-Customs (29/09/2016)

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 53/2016-Customs New Delhi, the 29th September, 2016 G.S.R. 931 (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 i...

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Sanction of Death Relief Fund in Cases of Death While in Service- Reg

No.Welfare2(1)23rd Meeting/2013/17281 (29/09/2016)

In this regard, I am directed to inform that the President, Central Staff Welfare Committee/Central P. F. Commissioner has decided on 21.09.2016 that the Death Relief fund will be given in all cases of death while in service at the rate applicable to cases of unnatural death....

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CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax (29/09/2016)

In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)...

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CBDT notifies ICDS Applicable from Assessment Year 2017-18

Notification No. 87/2016-Income Tax (29/09/2016)

CBDT has vide notification No. 87/2016 notifies following income computation and disclosure standards applicable from A.Y. 2017-18- 1. Accounting policies 2. Valuation of inventories 3. construction contracts  4. Revenue Recognition 5. Tangible fixed assets  6. Effects of changes in foreign exchange rates  7. government grants  8. sec...

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CBDT rescinds ICDS notified in 2015

Notification No. 86/2016-Income Tax (29/09/2016)

Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Part-II, Section 3, Sub-section (ii), vide notification number S.O. 892(E) dated the 31st March, 2015, except as respects things done or omitted to be done before such resciss...

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Demystifying common myths relating to Financial Advice

Finances can be sometimes tough to take it all alone. Seeking financial advice from your planner can benefit you no matter you are young or old, single or married, have high or low income....

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Posted Under: Corporate Law |

Draft GST Rules – A Brief Understanding

As a step towards implementation of GST in India, the Central Board of Excise and Customs (CBEC) has released the Draft Goods and Services Tax Rules (GST Rules) on the public domain recently. Along with GST Rules, CBEC has also released draft formats of the various Forms mentioned in the said Rules....

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Posted Under: Corporate Law |

ITAT Mumbai held Gain on Sale of Penny Shares as bogus

Ratnakar M. Pujari Vs. ITO (ITAT Mumbai)

The Brief facts of the case are that assessee is engaged in the business of running a fast food and juice centre in Iraniwadi in Kandivali (W) under the name and style of Bhagvwati Juice Centre. Specific information was received from Addl. CIT (Inv.) , Unit-V, Mumbai that the assessee is indulging in non-genuine and […]...

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Reg. Scrutiny notices u/s 143(2) for PAN selected in CASS-2016

F.No.DIT(S)-2/CASS/2016-17/ (29/09/2016)

It is seen that till 28-09-2016, notices u/s. 143(2) for scrutiny have not been issued in 625 cases. These 625 cases include 62 cases which are lying with inactive codes. In view of the above, you are requested to make arrangements for issue of notice u/s 143(2) well before the time barring date i.e. 30.09 2016....

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