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For limitation U/s. 158BE, period is to be counted from the date on which the direction U/s. 142(2A) is served on the assessee

December 6, 2016 606 Views 0 comment Print

1. Whether the findings of the Tribunal are perverse in holding that for the purpose of limitation under section 158BE, the period is to be counted from the date on which the direction under section 142(2A) is served on the assessee and not from the date of issue of direction by the assessing officer under section 142(2A) ?

RBI relaxes Additional Authentication for card payments upto ₹ 2000

December 6, 2016 1393 Views 0 comment Print

Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto ₹ 2000/- for card network provided authentication solutions

SC judgment on Annual Value of let out portion of palace of Ex-Ruler

December 6, 2016 4723 Views 1 comment Print

IT: Where Ruler continues to occupy palace, whether by actually utilizing it or by keeping it vacant, it shall be, for purpose of section 10(19A), deemed to be in his occupation, and he will also be entitled to exemption under section 10(19A) in respect of annual value of Part of palace, possession of which he has parted with in favour of tenants.

Post Incorporation Compliance of Company

December 6, 2016 8944 Views 2 comments Print

*The company shall held its first board meeting within 30 days of its incorporation*Verification of registered to be done by Filing INC-22 within 30 days of its incorporation if Company is incorporated other than SPice route.

14 Salient Features of Draft Inland Vessels Bill, 2016

December 6, 2016 934 Views 0 comment Print

The following are the salient features of the draft Inland Vessels Bill, 2016 The Draft Inland Vessels Bill, 2016 covers the Preamble and has 16 parts i.e. Part I to Part XVI. The salient features are:

Gold imports more than doubled in October 2016

December 6, 2016 820 Views 0 comment Print

Gold imports have more than doubled in October 2016 this year in comparison to gold Import in October 2015. Import for October 2015 was 48.73 Ton and 99.62 for October 2016.

CIBIL Report one of the factors to be considered before granting any loan

December 5, 2016 1789 Views 0 comment Print

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved policies.

CVC Investigation against Bank Fraud

December 5, 2016 1048 Views 0 comment Print

Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above

Govt investigating Gold sale at Premium after Demonetisation

December 5, 2016 3952 Views 0 comment Print

Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged.

GST on Insurance Premium- GST Council to Decide

December 5, 2016 1981 Views 0 comment Print

(a) whether the Government proposes to collect Goods and Services Tax (GST) on insurance premium, if so, the details thereof; (b) whether the Government has received any representations from insurance companies to exclude insurance premium from the ambit of GST, if so, the details thereof;

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