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Archive: 16 December 2016

Posts in 16 December 2016

Deduction u/s 80IC cannot be claimed for more than 5 years for units Set Up in specified areas in Himachal Pradesh

December 16, 2016 2550 Views 0 comment Print

M/s Shree Dhanwantri Herbals Vs. DCIT (ITAT Chandigarh) Benefit of deduction u/s 80IC of the Act @ 100% was available to new units, only on the setting up of the unit and not on account of substantial expansion undertaken by it. It was further held that there can be only one initial assessment year for […]

CBDT notifies Revised DTAA between India and Cyprus

December 16, 2016 2863 Views 0 comment Print

Notification of Completion of Internal Procedures for Revised Double Taxation Avoidance Agreement between India and Cyprus. Notification No. 114/2016

AO can look-into ESOP sale Income based on Form 16 during I-T Return Processing

December 16, 2016 798 Views 1 comment Print

Dr. S. Muthian Vs ACIT (ITAT Chennai) Sec.143(3) of the Act contemplates two methods of assessment being made vis-a -vis a return filed by an assessee. Wherever, the AO wants to scrutinise the return of income, he has to issue notice u/s.143(2) of the Act so as to complete the assessment u/s.143(3) of the Act. […]

Corrigendum to Income Tax Notification No. 114/2016

December 16, 2016 4069 Views 0 comment Print

In the notification No. 114/2016 dated 14.12.2016 vide S.O. No. 4033(E) and published in the Gazette of India in the last line, for this, read the.

CBDT notifies authority for section 138(1)(a)(ii) of Income Tax Act, 1961

December 16, 2016 6847 Views 1 comment Print

CBDT specifies Joint Secretary (Marketing), Ministry of Petroleum and Natural Gas, Government of India, for the purposes of section 138(1)(a)(ii)

IBBI – Limited Insolvency Examination- FAQs

December 16, 2016 2683 Views 1 comment Print

How can I take the IBBI – Limited Insolvency Examination? You need to go through three stages for taking the examination and follow instructions given on the screen at every stage:

Actions taken by govt against NSEL and its promoters

December 16, 2016 1018 Views 0 comment Print

Ministry of Corporate Affairs has taken following actions against NSEL and its promoters and the defaulting companies under various provisions of Companies Act, 1956:

Steps Taken by Govt to Save Capital of Buyer From Builders

December 16, 2016 802 Views 0 comment Print

‘Land’ and ‘Colonisation’ are State subjects, therefore it is the responsibility of States to address such issues. However, in order to provide a uniform regulatory environment to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector, Government of India enacted the Real Estate (Regulation & Development) Act, 2016.

Penalty For Delays In Payment of wages under MGNREGS

December 16, 2016 1720 Views 0 comment Print

All cases of delayed payment attract compensation @ 0.05% per day of delay. The delayed compensation is paid by the State Governments.

Center cannot notify Compulsory Water Harvesting Law

December 16, 2016 436 Views 0 comment Print

Water being State subject, it is up to the State Governments to make rain water harvesting mandatory by enacting laws etc. These include municipalities urban areas also.

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