"28 April 2017" Archive

Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades

President of the Republic of Cyprus urged Indian industry to invest in the country`s key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India –Cyprus Business ...

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Posted Under: Income Tax |

Need to create awareness on pension at grassroots level

Need to create awareness on pension at grassroots level...

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Posted Under: Income Tax |

Notification No. 35/2017-Income Tax, Dated: 28.04.2017

Notification No. 35/2017-Income Tax (28/04/2017)

S.O. 1359(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a commission constituted by the State Government of Odisha, in respect of the following specifi...

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Patent application examination time may reduce to 18 months

Government is taking steps to reduce the patent application examination time to 18 months. IPR enforcement tool kit enables police to beef up govt. machinery to handle infringement issues ...

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Posted Under: Income Tax |

GST: Five States passed SGST Acts till date

DO.No.06/CH(EC)/2017 (28/04/2017)

On the GST front, five States - Telangana, Bihar, Rajasthan, Jharkhand and Chhattisgarh have passed the SGST Acts as on date. The other States are also in the process of calling sessions of the respective legislative assemblies/council for passage of the law. ...

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Misappropriation of fund cannot be ground for cancellation of Trust registration

Vignana Jyothi Vs Director of Income Tax (ITAT Hyderabad)

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) held that Collection of donation by Educational Institution/ Society is not ‘Capitation Fee. ...

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RBI Guidelines on Merchant Acquisition for Card Transactions

Circular No. DCBR.RAD (PCB/RCB)4/7.12.001/2016-17 RBI/2016-17/296 (28/04/2017)

All co-operative banks not intending to act as Point of Sale (POS) acquiring bank are permitted to deploy third party POS terminals without prior approval of Reserve Bank of India (RBI) subject to the bank fulfilling the following criteria:...

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SEBI Circular on disclosure of executive remuneration by Mutual Funds

Circular No.: SEBI/HO/IMD/DF2/CIR/P/2017/35 (28/04/2017)

This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with the provision of regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities mar...

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Notification No. 34/2017-Income Tax, Dated: 28.04.2017

Notification No. 34/2017-Income Tax [S.O. 1360(E)] (28/04/2017)

CBDT notifies Shri Ram and Ramdas Swami Samadhi Temple (Mandir) & Ramdas Swami Math at Sajjangad Distt. Satara, Maharashtra, to be place of historic importance and a place of public worship of renown throughout the state of Maharashtra ...

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CBDT notifies National Skill Development Agency U/s. 10(46)

Notification No. 33/2017-Income Tax [S.O. 1361(E)] (28/04/2017)

Section 10(46) of Income Tax Act, 1961-CBDT notifies National Skill Development Agency, a body constituted by the Central Government in respect of the following specified income arising to that body,...

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Import of Calcium Carbide at Nhava Sheva not allowed

Public Notice No. 59/2017-JNCH (28/04/2017)

Since, import of Calcium Carbide at Nhava Sheva is not allowed till amendment in Calcium Carbide Rules, 1987 and inclusion of Nhava Sheva in the specified list under Rule 10 of Calcium Carbide Rules, 1987 is likely to take time, it has been decided that no import of Calcium Carbide will be allowed through JNCH until the rules in this rega...

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Requirement of Net Owned Fund for Asset Reconstruction Companies

RBI/2016-17/295 DNBR. PD (ARC) CC. No. 03/26.03.001/2016-17 (28/04/2017)

No Asset Reconstruction Company shall commence or carry on the business of securitisation or asset reconstruction without having Net Owned Fund (hereinafter referred to as NOF) of not less than Rupees two crore or such other higher amount as the Reserve Bank may, by notification, specify....

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Committee Report on 7th CPC recommendations on Allowances

The Committee on Allowances, constituted by the Ministry of Finance to examine the 7th CPC recommendations on Allowances, submitted its Report to Shri Arun Jaitley, Finance Minister on 27.04.2017 ...

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Posted Under: Income Tax |

Notification No. 42/2017-Customs (N.T.), Dated: 28.04.2017

Notification No. 42/2017-Customs (N.T.) [S.O. 1357 (E)] (28/04/2017)

Notification No. 42/2017-CUSTOMS (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the M...

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File Formats for Transfer of Shares to demat account of IEPF Authority

Circular No. NSDL/CIR/II/4/2017 (28/04/2017)

Attention of Issuers/ R&T Agents is invited to Notification dated February 28, 2017 issued by Ministry of Corporate Affairs (MCA) notifying the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 (Copy enclosed as Annexure 1)...

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CIC Disposes 1,282 RTI Appeals by a single Order

Wg. Cdr. Sanjeev Sharma Vs. CPIOs, Indian Air Force (Central Information Commission)

The present set of Appeals (1282 in number) arise out of RTI Applications filed by the Appellant against different Commands of Indian Air Force and it has been decided to adjudicate upon the Appeals by putting same subject matters under one head (which may or may not have the same date of RTI Application) and have been listed for hearings...

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Right to receive a property is a valuable and transferable right

Satnam Overseas Exports Vs DCIT (ITAT Delhi)

ITAT has held that right to receive a property is a valuable and a transferable right and falls within the ambit of "capital asset" and hence profit earned on sale of allotment right (without physical possession of the property) is taxable as Capital Gains and not as Income from other sources....

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DVAT return filing due date for 4th quarter extended to May 15, 2017

Circular No. 2 of 2016-17 (28/04/2017)

Hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-T6 ,DVAT-17 and DVAT-48 along with required annexure/enclosures up to 15/05/2017....

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Determination of Nature of Supply (Intra-State or Inter-State)

One of the many disputes that have continued to exist in the present regime of taxation of sale of goods to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Now, with the advent of GST which aims to simplify indirect taxation in India it would be interesting to inves...

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Posted Under: Income Tax |

E-Way Bill under GST Regime (Only for goods of special purposes??)

Goods and Service Tax (GST), the national agenda for reforms under Indirect tax system is in news on daily basis. But this time it is for the wrong reasons. ...

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Posted Under: Income Tax |

Taxation of E-Commerce under Goods & Services Tax (GST)

E Commerce in India is one of the most growing market in India in Recent Years . India is adding three new Internet users every Second. E commerce companies have the potential creating 12 million Jobs in Next 10 Years. ...

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Posted Under: Income Tax |

Company Law Case Studies for CA/CS/CMA Examination

Q1 ABC ltd intend to issue of 10,000 bonus shares to preference shareholder as on 1 July 2016 as per the requirement of SEBI guidelines, BOD announced the issue of bonus shares as on 1 July 2016, IN MEANWHILE, ROC issued a notice to the company it is not tenable in law & against the […]...

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Posted Under: Income Tax |

NOF for ARCs shall be minimum Rupees One Hundred Crore

Notification DNBR (PD-ARC) No. 05 /ED(SS)-2017. (28/04/2017)

Reserve Bank of India hereby specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees One Hundred Crore on an ongoing basis with effect from the date of this Notification....

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