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Insolvency and Bankruptcy Code builds third pillar of economic freedom

February 10, 2017 849 Views 0 comment Print

It is well established that economic freedom and economic performance have very high positive correlation. Countries having high level of economic freedom generally out-perform the countries with not-so-high level of economic freedom.

Government Open Data License, India- National Data Sharing and Accessibility Policy

February 10, 2017 747 Views 0 comment Print

pon determination by the data provider(s) that a specific data set has been published that includes one or multiple kinds of data listed in section 6 of this document, the data provider(s) may terminate the applicability of the license for that data, and this termination will have the effect of revocation of all rights provided under Section 3 of this license, including but not limited to immediate retraction of the data set concerned from public

No decision taken on bank transaction tax: Shaktikanta Das

February 9, 2017 984 Views 0 comment Print

The government has not taken any decision with regard to the tax on bank transactions, though it has received a set of recommendations from the Committee of Chief Ministers, Economic Affairs secretary, Mr Shaktikanta Das said at ASSOCHAM’s 96th Annual Function.

Govt to open 56 new Post Office Passport Seva Kendras

February 9, 2017 1368 Views 0 comment Print

The Ministry of External Affairs (MEA) and the Department of Posts (DOP) announced on 24 January, 2017 their decision to utilize the Head Post Offices (HPO) in the various States as Post Office Passport Seva Kendra (POPSK) for delivering passport related services to the citizens of our country.

Section 147/148 Reassessment is for the benefit of Revenue benefit and not for the benefit of assessee

February 9, 2017 4419 Views 0 comment Print

Provisions of section 147/148 even otherwise are for the benefit of the Revenue and not for the benefit of the assessee. If there was any mistake on the part of the assessee in filing his return of income, which was duly accepted by the Assessing Officer under section 143(1), the filing of appeal before the ld. CIT(Appeals) was not the proper remedy to correct the same.

IT Proceeding against Company cease to be in existence is Illegal

February 9, 2017 1365 Views 0 comment Print

Notice issued under section 147 of the Act in respect of an entity which ceases to exist by virtue of amalgamation order under section 394 of Companies Act, would be illegal and unsustainable.

ICAI Increases Entrance, Annual Membership, COP & Restoration Fee

February 9, 2017 16062 Views 0 comment Print

Council of the Institute of Chartered Accountants of India, with the prior approval of the Central Government, wherever required, hereby notifies the following rates of fee for entry of name in the Register of Members, annual membership fee, annual certificate of practice fee and fee for restoration of name in the Register of Members:-

Allotment of PAN through a common application form

February 9, 2017 6507 Views 0 comment Print

An applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and formats along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of permanent account number.”;

Two key labour reform bills to come up in Parliament: Labour Minister

February 9, 2017 948 Views 0 comment Print

As a part of Labour reforms, The Government would introduce two important bills relating to wages and industrial relations in Parliament in March for simplification and rationalisation of the Labour Laws, Labour Minister Mr.Bandaru Dattatreya said at an ASSOCHAM Annual Event today.

Aadhaar mandatory for benefit under Janani Suraksha Yojana

February 9, 2017 4719 Views 0 comment Print

An individual eligible to receive the cash assistance under the Janani Suraksha Yojana is, hereby, required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication.

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