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Archive: 21 December 2016

Posts in 21 December 2016

19 FAQs on Indirect Transfer provisions under Income Tax Act 1961

December 21, 2016 7399 Views 0 comment Print

Queries have been received by the Board about the scope of the indirect transfer provisions. In this regard, the Board constituted a Working Group on 15th June, 2016 to examine the issues raised by stakeholders.

System-driven disclosures by Depositories of trade data of promoters

December 21, 2016 1099 Views 0 comment Print

It has been decided to depositories shall provide transaction data of promoters/promoter group on a daily basis directly to stock exchanges for dissemination of necessary disclosures.

Distribution of Banknotes during Nov 10 to Dec 19, 2016

December 21, 2016 1348 Views 1 comment Print

Over the period from November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth ₹ 5,92,613 crore have been issued to public either over counter or through ATMs.

No proposal to mandate payment of wages via Banking Channels only

December 21, 2016 1579 Views 0 comment Print

It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers. This is not the correct position.

Amendment in Rule 114F Related to Reporting under Income Tax Law

December 21, 2016 2515 Views 0 comment Print

Central Government hereby makes following rules further to amend Income-tax Rules, 1962, namely:— 1. (1) These rules may be called the Income-tax ( 35th Amendment) Rules, 2016.

Scrutiny of Law of Removal of Directors

December 21, 2016 18901 Views 0 comment Print

There are well established judicial precedents that the directors have fiduciary obligations and duties to act reasonably and in the best interests of the companies where they hold such positions. Their duties emanate due to holding positions which may be synonymous to agents as well as trustees of their companies.

Section 12 -Time of Supply of Goods Under Revised GST Law

December 21, 2016 7735 Views 0 comment Print

The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows

Live The Pareto Life

December 21, 2016 2560 Views 5 comments Print

Pareto principal is a principle named after Italian economist Vilfredo Pareto which emphasizes on relation between efforts and results. While pursuing his studies and conducting research he observed that 80% of the land in Italy was owned by 20% of the population and the rest 80% people owned the remaining 20% of the land.

No service tax on Arrangement b/w parties for sharing common storage facilities

December 21, 2016 6445 Views 0 comment Print

Whether handling portion and maintenance including incineration facilities by one party on behalf of another is in the nature of providing ‘Storage and Warehousing Services’ falling under Section 65(105)(zza) of Finance Act, 1994

No TDS U/S 192 in Case Where Tax Already Been Paid by Employer

December 21, 2016 2494 Views 0 comment Print

The employer i.e. ONGC has paid fringe benefit u/s 115WA of the Act to the employee and thus, the employee was not bound to pay tax on the aforementioned expenses, as a part of his salary.

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