Entities usually invest strategically into various properties to earn some kind of rentals or value appreciations in future (in substance) and made them available for sale as per the requirements or plans made by the Management. ...
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Income Tax Department- User Guide for Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 Please contact 1800 4250 0025 for queries regarding e-filing issues. Please send mail at cash2016@incometaxindia.gov.in for queries regarding verification. 1. Background Income Tax Department (ITD) intends to leverage technology and ...
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Income Tax Department launches Operation Clean Money to seek Clarification from PAN holders on cash deposited during Demonetisation period...
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From above discussion we can conclude that Digital economy will be able to prevent and detect the fraud at the early stage but its ultimate prevention is in the hands of the key managerial personnel because the implementation of all the Systems for prevention of frauds is in their hands. Along with the effective information system there m...
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Finalize the draft letter of offer for issuing equity shares through right issue. No specific format of Letter of offer is prescribed. However letter of offer shall contain offer price, face value of shares, Mode & terms of payment and right to renounce....
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Income Tax Department has identified bank accounts which have large value cash transactions. The details of bank account are visible under Compliance section of the e-filing portal of the related persons. PAN holders can submit the on-line response as under:...
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NA -
(31/01/2017) -
Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. ...
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There has been a significant surge in CASA deposits of most banks post demonetisation, which has given a strong boost to liquidity and lowered their cost of funds. It has also encouraged banks to lower their MCLR across all tenures. ...
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The latest round of FICCI’s Economic Outlook Survey puts forth an annual median GDP growth forecast of 6.8% for 2016-17. This is 0.5 percentage points lower than the estimate of 7.3% put across in the last round. The Central Statistical Organization had projected a GDP growth of 7.1% for 2016-17 earlier this year....
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With respect to TAXATION, government should • Lower Corporate Tax Rate • Reduce Income Tax Rates • Roll out GST implementation framework • Removing the remaining inverted duty structure that does not favour local manufacturing...
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In order to reap the long term benefits of demonetisation there is a need to have follow up actions such as providing a boost to demand, lowering of tax rates, widening of the tax base and reforming the tax administration....
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One must compliment the Chief Economic Adviser for coming out with an honest assessment and suggesting that the credibility of the system would be strengthened if tax arbitrariness and harassment are ended...
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Labour migration in India increasing at an accelerating rate, reveals new study: Economic Survey 2016-17 New estimates of labour migration in India have revealed that inter-state labor mobility is significantly higher than previous estimates. This was stated in the Economic Survey 2016-17 presented by the Finance Minister Shri Arun Jaitle...
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India needs an evolution in the underlying economic vision across the political spectrum and further reforms are not just a matter of overcoming vested interests that obstruct them. ...
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India’s economic experience shows that the fiscal activism embraced by advanced economies- giving a greater role to counter-cyclical policies and attaching less weight to curbing debt- is not relevant for India....
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The Economic Survey mentions that, when convergence in real per capita GDP is studied for the latest decade (2004-2014), it is found that while incomes converge for provinces in China and for countries in the world, in India, they diverge. ...
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Economic Survey suggest that on question of creating one economic India, technology, economics and politics have been surging ahead. Perhaps, it is time for laws to catch up to further facilitate this surging internal integration....
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Urban Local Bodies (ULBs), having primary responsibility for the development and service provisioning of cities, face major and inextricably linked problems: large infrastructure deficits, inadequate finances, and poor governance capacities. ...
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Apparel and Leather industry key to generation of formal and productive jobs: Economic Survey 2016-17. Economic Survey recommends reforms in labour and tax policies to make the Apparel and Leather sector globally competitive...
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> Acknowledgements > Preface > Clothes and Shoes Can India Reclaim Low Skill Manufacturing > Demonetization To Deify or Demonize > Economic Outlook and Policy Challenges > Eight Interseting Fatcs about India > Fiscal Framework The World is Changing, Should India Change Too > Fiscal Rules Lessons from the States >...
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Union Finance Minister Shri Arun Jaitley has advocated the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. The survey juxtaposes the benefits and costs of the UBI scheme in the context of the philosophy of the Father of the Nation, Mahatma Gandhi....
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Economic Survey shows that our country has been trying to solve its ‘Twin Balance Sheet’(TBS) problem – overleveraged companies and bad-loan-encumbered banks, a legacy of the boom years around the Global Financial Crisis....
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The Economic Survey 2016-17 presented in the Parliament today has highlighted the need for fiscal prudence both by the Centre as well as the States in order to maintain overall fiscal health of the economy. The Economic Survey states that the Centre’s Fiscal Responsibility and Budget Management (FRBM) Act, was mirrored by Fiscal Respons...
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Economic Survey: The Constitutional Amendment on GST will create a common Indian market, improve tax compliance and governance and boost investment and growth....
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Finance Minister Shri Arun Jaitley Presented Economic Survey 2016-17 in the Parliament today Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken. The CPI based core inflation remained stable in the current fiscal ye...
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Budget is being presented one month ahead and the rail Budget has now become a part of the Union Budget. There will be extensive debate in the Parliament on this issue and it will also reflect the ensuing benefits from the decision in the days to come....
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Taking forward the concept of cooperative federalism through One nation-One tax and One nation-One market, both Houses of Parliament passed the Goods and Services Tax Act. 17 states governed by political parties across the political spectrum ratified this in a record 23 days. My Government is thankful to the GST Council for working to res...
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Notification No. 08/2017-Customs (N.T.) -
(31/01/2017) -
Tariff value Notification No. 08/2017-CUSTOMS (N.T.) in respect of Fixation of tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver...
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Notification No. 08/2017-Income Tax -
(31/01/2017) -
It is hereby notified for general information that the organization M/s Christian Medical College Vellore Association, Vellore (PAN:- AAATC/ 278N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax R...
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Notification No. 07/2017-Income Tax -
(31/01/2017) -
It is hereby notified for general information that the organization M/s Center of Innovative & Applied Bio-processing(`CIAB') (PAN:- AABAB8297N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Ru...
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Notification No. 5/2017-Customs (N.T./CAA/DRI) -
(31/01/2017) -
The Director General, Revenue Intelligence, hereby appoints officers mentioned in column (5) of the Table below to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on officers mentioned in column (4) of the said Table in respect of notices mentioned in column (2) of the said [&hel...
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There can be no two views that the notification of the constitution of the NCLT is a landmark event in the corporate law history of the country and it is a very important step towards providing ease of business. It should be remembered that the functioning of NCLT will be really tested in time to come. All the stakeholders including the p...
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On an application made within thirty days from the date of receipt of order passed under sub-section (1) by the taxable person or on his own motion, if the Additional/Joint commissioner considers that such order is erroneous, he may withdraw such order and follow the procedure laid down in section 66 or 67. ...
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The elections provided an opportunity for the officers and staff of the Income tax Department to contribute to the democratic process, both as citizens participating in elections, and as empowered Government officers carrying out their duties with professional competence and dedication...
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CIT vs. Subhash Vinayak Supnekar (Bombay High Court) -
Where An Assessee Makes Investment In The Specified Bonds On Receipt Of Advance As Per An Agreement To Sale, Whether He Is Entitled To Claim The Benefit Under Section 54EC Of The Income Tax Act, 1961? Yes...
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Certain unauthorised sites/organisations/NGOs/individuals are distributing forms in the name of cash incentive under Beti Bachao Beti Padhao Scheme. The scheme has no provision for individual CASH TRANSFER COMPONENT by Government of India....
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For the upcoming Union Budget, banks expect the government to boost consumption demand and investment, by way of reduction in corporate as well as personal income tax, and by providing additional deductions under sec 80C and interest on home loans. ...
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NA -
(31/01/2017) -
In order to ensure that the project Operation Clean Money is given sufficient publicity and wide newspaper & audio-visual media coverage in the regional languages, it is desirable that the Principal Chief Commissioners of Income Tax co-ordinate the coverage in their respective regional languages with the PIB offices at local level....
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Pension-I/17(10)2016-2017/Jeevan Pramaan/28246 -
(31/01/2017) -
As per the said notification members or pensioners of the Employees Pension Scheme 1995 desirous of continuing the benefit of the said scheme are required to furnish proof of the possession Aadhaar Number or required to make an application for Aadhaar Number enrollment by 31' January 2.13l 7...
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The SPICE form was introduced with a function to prepare e-Moa & e-Aoa (Electronic MOA/ AOA). This facility is first time providing by the Ministry in the history of India for Incorporation of Company via this attribute there is no opportunity to prepare the manual MOA & AOA and no option to physically sign the MOA & AOA by subscribers an...
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Apex industry body ASSOCHAM has suggested the Union Government to link the India business process outsourcing promotion scheme (IBPS) with direct tax benefit....
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Bar Council Of Gujarat & Another V/S Jalpa Pradeepbhai Desai & Another (Gujarat High Court) -
An advocate who is in full time employment or full time salaried employee of any firm, corporation or concern could not be entitled to get certificate of practice as long as he/she continues to employment. A professional has to follow the rules and regulations in order to maintain the dignity and standards of legal profession....
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India is committed to implement Goods and Service Tax (GST). GST is expected to be implemented from April 2017 or a little later. The tax system is currently in the drafting stages with a few undecided issues holding up the agreement between the states and the Centre. ...
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Dun & Bradstreet Composite Optimism Index for Q1 2017 declined most in six quarters on a q-o-q basis. The Composite CFO Optimism Index declined by around 8.0% on a q-o-q basis...
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RBI/2016-17/217 DCM (Plg) No. 2905/10.27.00/2016-17 -
(30/01/2017) -
Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect....
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Amidst expectation of this Budget to be the last Budget for present Indirect tax regime and July 1, 2017 marking GST advent, gist of the key anticipations which could be addressed are as follows: ...
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It has been observed that banks are little apprehensive on approving loan for under construction property in comparison to resale or launched properties. The bank requires thorough documentation of the under construction property stating property validity, completion dates, no objection certificate from the concerned departments, and the ...
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You may be aware that the present fee of Rs.5500/- for General Management and Communication Skills Course was fixed way back in 2013 and has not undergone any revision during the last four years....
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In this very case, the date on which the developer obtained a commencement certificate is not within the accounting year ending 31st March, 1996. At the same time, if one reads the contract as a whole, it is clear that a dichotomy is contemplated between limited Power of Attorney authorising the developer to deal with the property vide pa...
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Article Explains the impact of demonetisation on India's life insurance market can be valued by its short-term and long-term implications. According to the Economic Survey, India's insurance penetration in 2015 (2.7%) continued to be lower than the global average of 3.5%. As if the challenges were not enough, the financial sector now face...
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CA Sharad Jain Introduction: The section 40(a)(ia) of the Income Tax Act (“Act”) was brought on the statute by the Finance (No. 2) Act, 2004, with effect from 1-4-2005 i.e., from Assessment Year 2005-06 with the aim to ensure better compliances of TDS provisions. Since inception, these provisions are being felt by the tax assesses [&h...
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S.O. 298(E). -
(30/01/2017) -
Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), the Central Government hereby establishes one more Debts Recovery Tribunal at Bengaluru in the State of Karnataka with effect from the 1st day of February, 2017 ...
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Public Notice No. 55/2015-2020-DGFT -
(30/01/2017) -
The product description in the MEIS Schedules has been corrected in line with ITC (HS) of Senna leaves and pads, Krft Papr/Paprbord Weing/225G/M2 Unblchd and Lthr Sandals With Other Sole...
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Notification No. 4/2017-Customs (N.T./CAA/DRI) [S.O. 272 (E)] -
(30/01/2017) -
In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, subsection (i), and as amended by notification No. 133/2015-Customs (N.T.), published vide number G.S.R. 916(E) dated 30th November 2015...
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Works contract, as well as the sale of under construction apartment, shall be subjected to GST. Stamp duty has not been subsumed in GST, therefore over and above GST; buyer has to pay a stamp duty 5-8% in as applicable in different states. ...
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An Investment is being recognized as an Associate if the investor has significant influence over such entity. Under the current practice an entity shows this type of investment at cost in its separate financial statements and it is being accounted based on Equity Method in Consolidated Financial Statements....
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Press Release No. 8/2017 -
(30/01/2017) -
SEBI has taken action against 256 (as on January 10, 2017) such entities for issuance of securities in the form of non-convertible and convertible preference shares/ non-convertible and convertible debentures/ equity shares to public, without complying with the prescribed provisions of law as referred in Para 1, 2, 3 & 4 above....
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IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas....
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Notification No. IBBI/2016-17/GN/REG006 -
(30/01/2017) -
(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) Regulations, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....
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Notification No. 06/2017-Service Tax [G.S.R. 73 (E)] -
(30/01/2017) -
In case of online information and database access or retrieval services provided or agreed to be provided by any person located in a non-taxable territory and received by non-assessee online recipient, the service tax payable for the month of December, 2016 and January, 2017, shall be paid to the credit of the Central Government by the 6t...
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Notification no. IBBI/2016-17/GN/REG007 -
(30/01/2017) -
(1) These regulations may be called Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....
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Notification No. 05/2017-Service Tax [G.S.R. 72 (E)] -
(30/01/2017) -
In the Notification No. 25/2012 - Service Tax, dated the 20th June, 2012, in the opening paragraph, in entry 34, in the proviso, for the word, brackets, and letter clause (a), the words, brackets and letters clause (a) or clause (b) shall be substituted....
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Notification No. IBBI/2016-17/GN/REG008 -
(30/01/2017) -
These regulations may be called Insolvency and Bankruptcy Board of India (Advisory Committee) Regulations, 2017.
(2) These regulations shall come into force on the date of their publication in the Official Gazette....
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Exams in themselves, should be a joyous occasion. After a year of hard work, one has the opportunity to display one’s capabilities, so this should be a festival of joy and enthusiasm....
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Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 Can help you come clean while contributing to nation building endeavours...
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Finance Minister Mr. Arun Jetley will be declaring the Finance Budget of 2017-18 on 1st February in the Loksabha. Every citizen of this country is curiously waiting for the Budget. The Budget has to face the problems like Elections, Demonetarization of currency etc. while it is presented....
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Smart parents should assume a vital role to render useful lessons of financial management to their children. Smart parents would not only render useful finance lessons, but would also be a prominent example and take effective feedback by making their children a partner in their financial decisions....
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First Stage Dealer means a dealer, who purchases goods directly from,- (i) manufacturer under cover of an invoice issued in terms of provisions of Central Excise Rules, 2002 or from depot of said manufacturer, or from premises of consignment agent of said manufacturer or from where goods are sold by or on behalf of said manufacturer, unde...
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Features of Stand-Up India Scheme for financing SC/ST and/or Women Entrepreneurs Objective The objective of the Stand-Up India scheme is to facilitate bank loans between 10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a […]...
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IFSC stands for INTERNATIONAL FINANCIAL SERVICES CENTRES. An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. ...
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It was on 30 January 1948 Mahatma succumbed to the bullets while he was on his way to the daily prayers. Though he left us physically, his teachings, numerous experiments in his personal life, politics and philosophy is fresh among the minds of people in India and other countries of the world....
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ITC in GST is like the oxygen to human body. Everything revolves around how the credit would get distributed and who would be the person actual bearing the liability to in which treasure box this collection will ultimately fall into Central/State government. To availing the credit only by those who are registered under the GST system bein...
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Government urged to to reduce customs duty on chilled and frozen seafood from present level of 30% to 10% to bring down food inflation and satiate high demand for seafood in India. ...
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The healthcare sector catering to the unmet health needs of the society should be kept out of the purview of the Goods and Services Tax (GST) or else medical care would become expensive and unaffordable for the common persons...
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CIT vs. M/s D. Chetan & Co. (Bombay High Court) -
HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....
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ACIT Vs. Shri Sachin R. Tendulkar (ITAT Mumbai) -
In this ground, the Revenue is aggrieved with the action of Ld. CIT(A) in reversing the action of AO in treating the gain arising on sale of shares as 'business income' which was shown by the assessee as assessable under the head income from 'capital gains...
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Another point of probable litigation is that the definition states that consideration can be voluntary or non voluntary. Although the main phrase uses the term ‘any act or forbearance’, but it does not limits the scope of the involuntary considerations. ...
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We have a situation where standard says that an entity will have power over other entity when it has current ability(refer Para 10 above) to direct the “relevant activities” (as defined in Ind-As 103- “Business Combinations”) of an investee which essentially means that existing rights which can in substance direct these relevant ...
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Result of Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, 31st January 2017....
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Aadhaar generation has crossed the 111+ crore mark. It’s a great achievement towards inclusion of everyone into national development fabric. As on date, Aadhaar’s total saturation percentage is 91.7% (as per Census 2011) while over 99% adult population above the age of 18 have been assigned Aadhaar numbers. Twenty two States/UTs have ...
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Circular No. 07/2017-Income Tax -
(27/01/2017) -
Question no. 1: Will GAAR be invoked if SAAR applies? Answer: It is internationally accepted that specific anti avoidance provisions may not address all situations of abuse and there is need for general anti-abuse provisions in the domestic legislation. The provisions of GAAR and SAAR can coexist and are applicable. as may be necessary, i...
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ICAI decided to discontinue OMR examination application forms with effect from May, 2017 Examination onwards for the students’ examinations. In other words candidates would not be able to submit OMR exam forms along with demand draft for the applicable fee, henceforth....
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Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by CBDT to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions on 27th January, 2017....
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ELSS is a type of diversified equity mutual fund (MF), which is qualified for tax exemption under section 80C of the Income Tax Act. Since it is an equity fund, returns from an ELSS fund reflect returns from the equity markets....
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Circular No. 21 of 2016-17 -
(27/01/2017) -
Last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures extended to 13/02/2017....
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Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/9 -
(27/01/2017) -
In order to address any conflict arising out of aforesaid provisions of listing of a stock exchange on any recognised stock exchange, other than itself, and also to ensure effective compliance with the applicable laws, it has been decided that:...
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Notification No. 02/2017-Customs -
(27/01/2017) -
The principal notification no. 96/2008-Customs, dated the 13th August, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 590(E), dated the 13th August, 2008 and was last amended by notification No. 67/2016-Customs, dated the 31st December, 2016, published in the Gazette of In...
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Notification No. 37/2015-2020-DGFT -
(27/01/2017) -
Export Policy of sandalwood against Sl. No. 182 to 187, Chapter 44 of Schedule 2 of ITC(HS) Classification of Export & Import Item has been amended to bring clarity for export of specified categories....
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This government has shown its keen interest in building an entrepreneurial culture in the country. To encourage more entrepreneurs, the government has regularly taken necessary steps. Culture is an important part of the entrepreneurial environment. Standup India scheme is one of such step in this direction. The scheme was launched by Prim...
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A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop (or upgrade), operate and maintain the grantor's infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals. ...
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With the advent of the 68th Republic Day which marks the adoption of The Constitution of India on 26th January 1950 replacing the Government of India Act (1935) as the governing document of India, the whole country is in joy mood and remembering the strength of India in the world economy....
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F.No. IV/26/24/2016-Systems (S) -
(27/01/2017) -
There are several methods for identifying Non-filers and Stop-filers of ST-3 Returns. Directorate General of Systems has taken steps to send bulk mails to Non-filers and Stop-filers of ST-3 Returns, so that they actively participate in the filing. ...
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D.O.No. IV (33) 16/2016 - Systems -
(27/01/2017) -
It is the responsibility of CBEC to adequately support all such Central Excise / Service Tax assessees in their migration to GST. For this purpose, I would urge all Chief Commissioners to personally arrange to have special GST MIGRATION SEVA KENDRAS in their Zonal Headquarters/Commissionerates /Divisions....
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Narendra Damodardas Modi: (MERE PYAARE DESH WAASIYON): This is the tagline he is now a days referred to after the recent speech on Nov 8 evening for demonetization of 86% of currency in circulation. ...
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Padma Awards - one of highest civilian Awards of the country, are conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri....
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The Persons with Intellectual Disabilities will have behavioural problem like flapping of the hands, creaming, shouting, abnormal body movements, difficulty in performing practical task etc. The public is required to be sensitised so as to avoid any unwarranted incident against persons with intellectual disabilities and they are not being...
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The Authority has issued an Exposure Draft along with Proposed Regulations on IRDAI (Outsourcing of Activities by Indian Insures) Regulations, 2016 on 16/8/2016 seeking comments from various stakeholders...
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The GST Enrollment Application can be signed either by using Digital Signature (DSC) or by E-Signing. The use of DSC is mandatory for Company & LLP and optional for others. Any person other than Company & LLP can E-Sign the application....
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The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financia...
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