"18 November 2016" Archive

Central Advisory Board under Minimum Wages Act and Rules

Notification No. S.O. 3495(E) (18/11/2016)

In exercise of powers conferred by Minimum Wages Act, 1948 and Minimum Wages (Central Advisory Board) Rules, 2011 and in supersession of the notification of Government of India in Ministry of Labour and Employment ...

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Withdrawal of relaxation of cash withdrawals by Farmers & for wedding

S.O. 3489(E) (18/11/2016)

It seems this notification have some mistakes as vide this government has withdrawn relaxation for cash withdrawal and for wedding celebration. ...

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Notification on cash withdrawal by Farmers & for Wedding Celebration

S.O. 3488(E) (18/11/2016)

(x) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India; (xi) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India...

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Illustrative Explanation for Cross Utilisation of CREDITS under GST

The Law allows utilization of credit of one component of tax against the other in different situations with the exception of utilization of CGST for SGST and vice versa, the Government has taken this bold step and so needs to do a lot of background accounting to keep the respective accounts of CGST/SGST/IGST straight...

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Issue of Imposition of Penalty u/s 270A of Income Tax Act,1961

Demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario, rumours are spreading on imposition of 200% penalty by the Income Tax Department on the cash deposited in banks by the assessee’s....

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Demonetization and its effect on the banking sector

Everyone is aware about the demonetization policy of the government by banning Rs. 500 & Rs. 1000 currency notes. One can understand that it would have a pretty bad impact on SMEs, small traders, real estate, transport sector, consumer durable goods industry. ...

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Clearance of import of metal scrap-Procedure-regarding

Circular No. 53/2016-Customs (18/11/2016)

It is clarified that the import of shredded metallic scrap shall continue to be cleared inter-alia upon furnishing of pre-shipment inspection certificate. Para 3(i) of the Circular No. 48/2016-Customs shall stand modified to that extent....

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India -UK Sign 3 more Bilateral Advance Pricing Agreements

India and UK Sign three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs signed [both- bilateral and unilateral] to 111...

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Posted Under: Corporate Law |

India signs revised DTAA with Cyprus

Revised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) Agreement signed today between India and Cyprus ...

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Posted Under: Corporate Law |

Prosecution for allowing use of Bank A/C by others for Black Money Conversion

Person(s) who allows His Or Her Bank Account to be misused for for conversion of Black Money into New Denomination Notes can be Prosecuted for Abetment under Income Tax Act,1961...

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Posted Under: Corporate Law | ,