Income Tax : Budget 2016: In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home...
Income Tax : In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of mone...
Income Tax : The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified r...
Income Tax : In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this ...
Income Tax : In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the...
Corporate Law : The IBBI has proposed a new regulation to cap the total number of assignments for Insolvency Professionals (IPs) at 10, including ...
Corporate Law : Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvenc...
Income Tax : The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016. Add...
Income Tax : For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by ...
Income Tax : This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, ...
Corporate Law : NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under sectio...
Company Law : The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application oug...
Corporate Law : NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10...
Service Tax : Honble Gujarat High Court has vide its order dated 30th March, 2016 in the case of Percy Cawas Kavina vs. UOI in Special Civil Ap...
Corporate Law : Jitender Kumar Jain's RTI appeal for details on a show cause notice was dismissed as personal information, with no larger public i...
Custom Duty, Excise Duty, Service Tax : As you are aware, in order to reduce litigation, Government has come out with an Indirect Tax Dispute Resolution Scheme, 2016 in t...
Income Tax : Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 s...
Excise Duty : Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, a...
Income Tax : Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consider...
The IBBI has proposed a new regulation to cap the total number of assignments for Insolvency Professionals (IPs) at 10, including IRP, RP, and Liquidator roles, to ensure equitable distribution and improve efficiency.
NCLT Delhi held that non-payment of outstanding lease rent falls under the ambit of ‘Operational Debt’ as defined under section 5(21) of the Insolvency and Bankruptcy Code, 2016. Accordingly, application u/s. 9 for initiating CIRP admitted.
The view that NCLT had no jurisdiction to entertain Section 95 Application filed by the Financial Creditor and the Application ought to have been filed before the DRT was not valid.
Jitender Kumar Jain’s RTI appeal for details on a show cause notice was dismissed as personal information, with no larger public interest demonstrated.
NCLAT Chennai held that suspension of initiation of CIRP (Corporate Insolvency Resolution Process) as per provisions of section 10A of the Insolvency and Bankruptcy Code, 2016 applies to date of default i.e. 31.03.2020.
Budget 2016: In furtherance of the goal of the Government of providing ‘housing for all’, it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000.
Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020
In this Budget, from 1 June 2016, The transactions are sale of a motor vehicle of value exceeding Rs.10 lakh, and receipt of money for sale of goods or provision of services exceeding Rs.2 lakh. In such cases, besides the sale price, the seller is required to collect an additional 1% from the purchaser, and pay it to the government.
The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh rupees.
In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of any other payment, other than interest on bonds, subject to such conditions as may be prescribed.
