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Archive: September, 2016

Posts in September, 2016

Taxation Laws (Amendment) Act, 2016

September 8, 2016 10580 Views 0 comment Print

For the purposes of this clause, the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger, if such reconstruction or splitting up has been made to give effect to any condition attached to the said transfer of shares and also fulfils such other conditions as may be notified by the Central Government in the Official Gazette

Acche Din for those earning upto Rs. 21000 per month

September 8, 2016 36478 Views 5 comments Print

The Employees’ State Insurance Corporation (ESIC) has taken one more step toward acche din for those who are earning Rs. 21000 per month alongwith improved medical facilities including telemedicine services. In a recent meeting held, the ESIC board has decided to raise the monthly wages threshold to Rs 21,000, from the current Rs 15,000, for coverage […]

Interpretation and Meaning of Word ‘foodstuff’

September 8, 2016 6464 Views 0 comment Print

The service tax official dispute the exemption provided for transportation of foodstuff. This article will help to understand the meaning and interpretation of the word Foodstuff and the relevant provisions for exemption for transportation of foodstuff.

GST compliance rating score and returns

September 8, 2016 11077 Views 1 comment Print

A new system of GST Compliance Rating Score has been proposed to be introduced under section 116 of model GST law. In this system, a rating score would be given to the every taxable person based on record of compliance made by them. This score shall be determined on the basis of parameters to be prescribed under GST law.

Amendment in import policy of Urea

September 8, 2016 1078 Views 0 comment Print

Central Government hereby amends the Import Policy of Urea under ITC (HS) code 3102 1000 of Chapter 31 of ITC (HS), 2012 – Schedule 1 (Import Policy). State Trading Enterprise. However, import of Industrial Urea / Technical Grade Urea (TGU) shall be free.

IDS, 2016 –RBI direct banks to accept Cash Over the Counter

September 8, 2016 8437 Views 0 comment Print

As you are aware, the Income Declaration Scheme, 2016 (the Scheme) has come into effect from June 1, 2016 and some declarants may like to pay their tax dues in cash. In this connection, it has been brought to our notice by the Government that banks are hesitant in allowing deposit of large amounts of cash by the declarants under the Scheme, with them, for credit to Government account.

Download Constitution One Hundred & First Amendment Act, 2016

September 8, 2016 30775 Views 0 comment Print

The Constitution (One Hundred and First Amendment) Act, 2016 of Parliament received the assent of the President on the 8th September, 2016. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the commencement of that provision.

Decree passed against a minor or a person of unsound mind without appointing his guardian is void

September 8, 2016 7641 Views 0 comment Print

This appeal is directed against the decree of judicial separation passed by the Family Court, Durg on 21.01.2014. 2. The appellant preferred an application under Section 13 of the Hindu Marriage Act, 1955 (henceforth ‘the Act, 1955’) on the pleadings that her marriage was solemnised with the respondent on 09.06.2003. After one and half years of marriage, the respondent lost his speech and thereafter other organs including the sexual organ became ineffective.

Reg. Incorrectly issued simultaneous benefits of Zero Duty EPCG and SHIS

September 8, 2016 2101 Views 0 comment Print

Notification of procedure to be followed in cases of incorrectly issued simultaneous benefits of Zero Duty EPCG and SHIS in FTP 2009-14 by the Director General of Foreign Trade in exercise of powers conferred under Para 2.04 of the Foreign Trade Policy 2015-2020

Reg. Export of Gems / Jewelry products manufactured from gold

September 8, 2016 964 Views 0 comment Print

The RBI Circulars from 22.07.2013 to 14.02.2013 had not provided provisions to claim replenishment of gold in respect of export of Gems and jewellery products manufactured from gold, by participation in the exhibitions abroad or claiming gold in cases where gold was booked by payment of minimum 20% with Nominated Agency, subject to adjustment at time of actual sale.

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