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SEBI Clarification on voluntary adaptation of Aadhaar based e-KYC process

January 22, 2016 1553 Views 0 comment Print

CIRCULAR No. CIR/MIRSD/29/2016 The Hon’ble Supreme Court, in Writ Petition (Civil) No. 494 of 2012 in the matter of Justice K.S.Puttaswamy (Retd.) & Another vs Union of India & Others, vide order dated August 11, 2015 and October 15, 2015 directed that the usage of the Aadhaar card as issued by the Unique Identification Authority of India (UIDAI) is voluntary.

Procedure to deal with pending applications for issuance of Duty Free Import Authorisation(s) and their transferability

January 22, 2016 481 Views 0 comment Print

Public Notice No. 56/2015-2020 Several references have been received in this Directorate from Trade and Industry and Regional Authorities of DGFT regarding the manner of processing pending applications where DFIAs are yet to be issued and the manner of processing applications for transferability where DFIAs have already been issued.

Undisclosed Investment Is Not Actually Undisclosed

January 22, 2016 2779 Views 1 comment Print

Below is a simple ten step process by which you can have access to most of the financial and secretarial information of any active corporate, which follows good corporate governance norms. The key is that the corporate should file the compliance documents within the stipulated time as per provisions of the Companies Act and hence the e form becomes a Public document which can be accessed.

Regarding grant of Presidential Award of Appreciation Certificate to officers of Customs & Central Excise on the eve of Republic Day, 2016

January 22, 2016 650 Views 0 comment Print

NOTIFICATION NO. 15/2016 (N.T) The President is pleased to award an Appreciation Certificate for Specially distinguished record of service” – to each of the under-mentioned officers of Customs & Central Excise Department on the occasion of Republic Day, 2016:-

Amendment to SEBI Circular CIR/MRD/DSA/33/2012 dated December 13, 2012 pursuant to amendment in Regulation 2(1)(b) of SECC Regulations, 2012

January 22, 2016 587 Views 0 comment Print

Pursuant to the approval of SEBI Board in its meeting held on November 30, 2015, SEBI has notified the amendments to the definition of associate as contained in Regulation 2(1)(b) of SECC Regulations.

Notification No. 03/2016-Central Excise Dated-22nd January, 2016

January 22, 2016 604 Views 0 comment Print

Notification No. 03/2016-Central Excise Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notifications of the Government of India in the Ministry of Finance (Department of Revenue) specified in column (2) of the Table below, in the manner and to the extent specified in the corresponding entry in column (3) of the said Table, namely:-

Interest subvention scheme for Women SHGs – Year 2015-16

January 21, 2016 970 Views 0 comment Print

All women SHGs will be eligible for interest subvention on credit upto Rs. 3 lakhs at 7% per annum. SHG availing capital subsidy under SGSY in their existing credit outstanding will not be eligible for benefit under this scheme. The Commercial Banks and Cooperative Banks will lend to all the women SHGs in Rural areas at the rate of 7% in the 150 districts is provided at Annexure I

Gifting of property will entitle assessee to claim exemption u/s 54 if left with only one

January 21, 2016 2548 Views 0 comment Print

ITAT Delhi held in case of ITO v Shri Sameer Jasuja the property has been gifted by the person to his wife, then Assessee will entitled to the exemption u/s 54F if he is left with one property. It further held that section 64(1)(iv) will not operate to nullify gift and would operate only to club income in the hands of donor assessee.

Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

January 21, 2016 1729 Views 0 comment Print

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission.

Rates as per DTAA includes all surcharges, addition on account of education cess not sustainable

January 21, 2016 20348 Views 0 comment Print

ITAT Delhi held In the case of OSRAM India Pvt. Ltd. vs. DCIT that Article 2(1) of the India Singapore tax treaty provides that the taxes covered shall include tax and surcharge thereon. Once it is concluded that education cess is nothing but an additional surcharge

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