"29 November 2016" Archive

Deduction U/s 80IB, 80IC eligible on Transport, Power & Interest subsidies

Circulars No. 39/2016 (29/11/2016)

It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking/ eligible business, and are thus, admissible for applicable deduction under Chapter VI-...

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All about Remission of Central Excise duty

In this E-book, attempts have been made to explain about Remission of Central Excise Duty. It is expected that it will help departmental officers in their day to day...

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Posted Under: Income Tax |

Continuous disclosures and compliances by InvITs

Circular No. CIR/IMD/DF/127/2016 (29/11/2016)

SEBI (Infrastructure Investment Trusts) Regulations, 2014 prescribe disclosures to be made by an InvIT to the Stock Exchange(s) where its units are listed. The said disclosures, inter-alia, include disclosures for financial as well as non-financial information....

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Exposure Draft Secretarial Standard on Report of Board of Directors

Companies Act, 2013 requires Board of Directors of every company to present Financial Statements to shareholders along with their Report known as the Report of Board of Directors or Boards Report....

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Posted Under: Income Tax |

Registration as an Insolvency Professional with ICAI (IIIPI)

The Indian Institute of Insolvency professionals of ICAI (IIIPI), a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankruptcy Code 2016 and read with regulations....

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Posted Under: Income Tax |

3 Years Rigorous Imprisonment With Fine to Then JCIT

The Special Judge for CBI Cases, Bangalore has convicted Shri V.P.Shamsuddin, then Joint Commissioner of Income Tax (Appeals-II), Bangalore U/s 13(2) r/w 13(1)(d)(ii) of PC Act and sentenced him to undergo three years Rigorous Imprisonment with fine of Rs.3,00,000/-...

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Posted Under: Income Tax |

Insurance premium cannot be paid in old notes : IRDA

Ref: IRDA/ACTL/CIR/MISC/238/11/2016 (29/11/2016)

It has come to the Authority’s notice that there is a news item floating in the press that the Authority has instructed insurers to accept old Rs. 500 and Rs. 1000 notes for depositing insurance premium....

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Customs Rate of exchange of foreign currency WEF 30.11.2016

Notification No.143/2016-Customs (N.T.) (29/11/2016)

Notification No.143/2016-Customs (N.T.)- CBEC notifies Rate of exchange of conversion of foreign currency with effect from 30th November, 2016...

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Brief Analysis of Draft Integrated Goods & Services Law,2016

As per Section 3, Inter-State Supply of goods or services means any supply where the location of the supplier and the place of supply are in different States. Place of Supply is defined under section from 7 to 10....

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Posted Under: Income Tax |

FM tables Taxation Laws (Second Amendment) Bill, 2016 in Lok Sabha

If any taxpayer voluntarily makes a declaration of his unaccounted money, then,as per the provisions of section 199C, he shall be liable to pay tax on such unaccounted money at the rate of 30% along with 33% Surcharge (on such tax) known as Pradhan Mantri Garib Kalyan Cess under section 199D....

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Posted Under: Income Tax |