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Section 10(46): CBDT notifies Tamil Nadu Electricity Regulatory Commission

August 17, 2016 935 Views 0 comment Print

(a) amount received in the form of government grants; (b) fees levied under clause (g) of sub-section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; (c) penalties levied u/s 146 of the Electricity Act, 2003; (d) interest income earned on government grants; and (e) interest income earned on fee/revenue received under the Electricity Act, 2003.

Section 10(46): CBDT notifies National Skill Development Corporation

August 17, 2016 1448 Views 0 comment Print

(a) long-term capital gain out of investment in an organisation for skill development; (b) dividend and royalty from skill development venture supported or funded by National Skill Development Corporation; (c) interest on loans to Institutions for skill development; (d) interest earned on fixed deposits with banks; and (e) amount received in the form of Government grants.

Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016

August 16, 2016 3089 Views 0 comment Print

Default means-(i) non-payment of any debt or any other amount payable by the borrower to any secured creditor consequent upon which the account of such borrower is classified as non-performing asset in the books of account of the secured creditor; or

Exemption for import of fabrics under Special Advance Authorization Scheme

August 13, 2016 6013 Views 0 comment Print

That the importer at the time of clearance of the imported fabric executes a bond with such surety or security and in such Form and for such sum as may be specified by the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, binding himself to pay on demand an amount equal to the duty leviable

Removal of mandatory warehousing requirements for EOUs, STPIs, EHTPs

August 13, 2016 1267 Views 0 comment Print

An EOU engaged in agriculture, animal husbandry, aquaculture, floriculture, horticulture, pisciculture, viticulture, poultry or sericulture may be permitted to remove specified goods in connection with its activities for use outside the premises of the unit.

CBDT revises format of Form 3 of Income Declaration Scheme 2016

August 12, 2016 44965 Views 0 comment Print

The declarant is hereby directed to make the payment of sum payable as per column (5) of the above table, as specified below:- (i) an amount not less than twenty-five per cent. of the sum payable on or before 30th day of November, 2016;

Companies Share Capital & Debentures 4th Amendment Rules 2016

August 12, 2016 5818 Views 0 comment Print

Nothing contained in this rule shall apply to rupee denominated bonds issued exclusively to overseas investors in terms of A.P. (DIR Series) Circular No. 17 dated September 29, 2015 of the Reserve Bank of India

Value enhanced of Import of consumer electronic items for personal use

August 12, 2016 1318 Views 0 comment Print

C.I.F. value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to ₹ 50,000.

Notification No. 69/2016-Income Tax Dated: 11.08.2016

August 11, 2016 682 Views 0 comment Print

(a) grant from Central Government; (b) grant from State Government; and (c) consent fee for permission for setting up industry in the state of Haryana.

Benami Transactions (Prohibition) Amendment Act, 2016

August 11, 2016 13648 Views 0 comment Print

Benami property means any property which is the subject matter of a benami transaction and also includes the proceeds from such property; (9) benami transaction means,— (A) a transaction or an arrangement—(a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and

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