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10 lakh citizens get rewarded for embracing Digital Payments

February 21, 2017 1650 Views 1 comment Print

It has been 58 days since the launch of NITI Aayog’s two incentive schemes – Lucky Grahak Yojana and Digi Dhan Vyapar Yojana to promote digital payments and the public response has been quite encouraging.

Mere client code modification by broker does not mean that any income has escaped assessment

February 21, 2017 5769 Views 0 comment Print

This petition challenges notice dated 31st March, 2016 issued under Section 148 of the Income Tax Act, 1961. The impugned notice seeks to reopen the assessment for Assessment Year 2009-­10. The regular assessment proceedings were completed on 28th December, 2011 under Section 143(3) of the Act.

AO to issue show cause notice before making reference to TPO

February 21, 2017 3600 Views 0 comment Print

Rule. Mrs. Mauna N. Bhatt, learned advocate waives service of notice of rule on behalf of the respondents. In the facts and circumstances of the case and with the consent of the learned advocates appearing for the respective parties, the present petition is taken up for final hearing today.

Reopening on mere audit party info without application of mind is invalid

February 21, 2017 1887 Views 0 comment Print

The petitioner has challenged a notice dated 29.3.20 14 by which the respondent no.1 Assessing Officer sought to reopen the assessment of the petitioner for the assessment year 2009-­2010.

New rules for Maintenance of registers under various labour laws

February 21, 2017 21459 Views 0 comment Print

These rules may be called the Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.

Tax Treatment of Gold Investments in India

February 21, 2017 11493 Views 1 comment Print

We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment.

GST Outreach programme

February 21, 2017 5298 Views 0 comment Print

As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness programmes conducted at Tirupati

EPFO introduces Composite Claim Forms (Aadhar and Non-Aadhar)

February 20, 2017 44130 Views 0 comment Print

In the matter of Introduction of Composite Claim Forms (Aadhar and Non-Aadhar) to replace existing Claim Forms No. 19, 10C & 31 and Forms No. 19 (UAN), 10C(UAN) & 31 (UAN)

Slump sale in case of exclusion of some asset out of sale transaction for buyers convinience

February 20, 2017 5382 Views 0 comment Print

The fact that certain assets of undertaking are left out of sale transaction because it would cause inconvenience for purchaser does not mean that transaction is not a slump sale

Participation in derivatives market by Mutual Funds

February 20, 2017 1194 Views 0 comment Print

EBI has received representations that for existing schemes’ whose SIDs do not currently envisage investments in derivatives, obtaining positive consent from majority of unit holders as mandated above is challenging on account of vast geographical spread of unit holders and hence the request for doing away with such requirements

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