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Exposure Draft on Information and Cyber Security Framework for Insurance Sector

March 2, 2017 1590 Views 0 comment Print

Cyber security in financial sector has gained importance, more so with the advent of technological innovations. In this connection, IRDAI has planned to come out with a comprehensive Information and cyber security framework for Insurance sector covering various aspects for designing a suitable information & cyber security policy by the regulated entities, establishment of appropriate Governance structure for implementation of Information & Cyber Security policy and audit mechanism to mitigate cyber risks.

Levy not specified in SCN cannot be levied by Settlement Commission

March 2, 2017 801 Views 0 comment Print

This is an appeal preferred against the judgement of the learned Single Judge, dated 12.09.2016. 2. By virtue of the said judgement, the learned Single Judge disposed of a batch of writ petitions, which included, the writ petition filed by the appellant, before us.

Deficit incurred in earlier years by a Trust can be treated as application of Income in Subsequent year

March 2, 2017 5400 Views 0 comment Print

Deficit incurred by a trust could not be treated in the same way as that of a loss sustained by an assessee under the head ‘profits and gains of business or profession‘ for such deficit to be furnished in a return and verified. The same was to be allowed to be set off against surplus […]

No disallowance for Non deduction of TDS on amount paid to Tata Group Companies

March 2, 2017 5703 Views 0 comment Print

In the present appeal, the assessee is aggrieved by the action of the Commissioner of Income Tax (Appeals)-Jamnagar [CIT(A)- in short] in confirming the addition of Rs.3,25,528/- made by the Assessing Officer (AO) under s.40(a)(ia) of the Income Tax Act, 1961 (hereinafter referred to as the Act).

Migration of Service Tax Assessees to GST: – Reg.

March 2, 2017 3528 Views 0 comment Print

As you are aware that, the process of migration of the existing Service Tax assesses to GSTN is on. All the existing Service Tax assesses have been assigned provisional user ID and password for migration which can be viewed at www.aces.gov.in.after login with your current TIN and Password.

ITAT confirms addition in respect of accommodation entries by Paper/ Shell Companies

March 2, 2017 7713 Views 0 comment Print

Revenue is believed to prove that the activities undertaken by the alleged company are not meeting commercial prudence and the working of this company is merely to provide accommodation entries.

Procedure for Scanning of DPD containers at Custom Port

March 2, 2017 3033 Views 0 comment Print

I. All selected DPD containers will generally be scanned at Mobile Scanner except for specific containers selected for fixed scanner. Containers found Clean will continue with out of charge process.

Infrastructure Financing- Definition of ‘Infrastructure Lending’

March 2, 2017 1740 Views 0 comment Print

Updated Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 are enclosed.

SC slams HC for mere 30 Days Imprisonment In Acid Attack Case; Justice sent to “Vanaprastha”

March 2, 2017 2088 Views 0 comment Print

When a substantive sentence of thirty days is imposed, in the crime of present nature, that is, acid attack on a young girl, the sense of justice, if we allow ourselves to say so, is not only ostracized, but also is unceremoniously sent to Vanaprastha. It is wholly impermissible.

Financial Literacy by FLCs and rural branches – Policy Review

March 2, 2017 939 Views 0 comment Print

Financial Literacy Centres (FLCs): FLCs are advised to conduct special camps for a period of one year beginning April 1, 2017 on “Going digital” through UPI and *99# (USSD)”. Two posters, one on UPI and one on *99# have been prepared for the benefit of the trainers and the audience. The English, Hindi and local language versions of the two posters are available at the financial education webpage of the Bank for download and printing purposes. While the A2 and A3 sizes can be used by trainers, A4 and A5 sizes can be distributed to the general public during the camps.

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