"21 December 2016" Archive

19 FAQs on Indirect Transfer provisions under Income Tax Act 1961

Circular No. 41 of 2016

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....

Read More

System-driven disclosures by Depositories of trade data of promoters

Circular No. CFD/DCR/CIR/2016/139 (21/12/2016)

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....

Read More

Distribution of Banknotes during Nov 10 to Dec 19, 2016

Press Release : 2016-2017/1602 (21/12/2016)

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....

Read More

No proposal to mandate payment of wages via Banking Channels only

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....

Read More
Posted Under: Income Tax |

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

Notification No. 120/2016-Income Tax (21/12/2016)

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....

Read More

Scrutiny of Law of Removal of Directors

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....

Read More
Posted Under: Income Tax |

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

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

Read More
Posted Under: Income Tax |

Live The Pareto Life

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....

Read More
Posted Under: Income Tax |

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

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...

Read More
Posted Under: Income Tax |

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

Kamlesh K Singhal General Manger (MM) Vs CIT (Gujarat High Court)

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....

Read More