Monthly Archives: December 2015

NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT 2015

By | December 31, 2015

THE GAZETTE OF INDIA EXTRAORDINARY PART II — Section 1 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th December, 2015/Pausha 8, 1937 (Saka) The following Act of Parliament received the assent of the President on the 26th December, 2015, and is hereby published for general information:— THE NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT, 2015… Read More »

Mandatory e filing of Appeal before CIT (appeals) in Income Tax

By | December 31, 2015

Electronic Filing of First Appeal before CIT (appeals) It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return… Read More »

Government directions for Pollution Control in Delhi and NCR

By | December 31, 2015

Government Issues Directions for Pollution Control and Improving Ambient Air Quality in Delhi and NCR   The Centre today issued directions, to all agencies falling under Delhi airshed area, under Section 18 of Air Act, 1981, to control air pollution and improve the Ambient Air Quality in Delhi and National Capital Region (NCR).   The directions… Read More »

Waste Management System mandatory in Hotels & Guest Houses

By | December 30, 2015

Provisions of Sewage Treatment Plant, Waste Management & Rainwater Harvesting System in Hotels & Guest Houses As enunciated in the respective guidelines issued by the Ministry of Tourism for approval/classification, the provisions with respect to Sewage Treatment plant, Waste Management system and Rainwater Harvesting system in the Starred hotels, Heritage Hotels, Guest Houses, as well… Read More »

EDLI benefit in case of Death of EPF Member

By | December 30, 2015

EDLI benefits  ( Employees Deposit Linked Insurance) under the Employees Deposit Linked Insurance Scheme 1976 are admissible to dependants of EPF members EDLI benefit in case of Death of Member before completing one year :- At present, in case of demise of a subscriber before completing one year of continuous service in the same establishment,… Read More »

Instruction No 20/2015 Income Tax : 29.12.2015 : scope of scrutiny for CASS cases

By | December 29, 2015

INSTRUCTION NO.20/2015 [F.NO.225/269/2015-ITA-II], Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 29 th of December, 2015 Subject: Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)-reg .- The Central Board of Direct Taxes (‘CBDT’), vide Instruction No. 7/2014 dated 26-9-2014… Read More »

Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax

By | December 29, 2015

SUPREME COURT OF INDIA Commissioner of Income tax, New Delhi v. Eli Lilly & Co. (India) (P.) Ltd.  S.H. KAPADIA AND AFTAB ALAM, JJ. CIVIL APPEAL NOS. 5114 OF 2007 AND OTHERS MARCH 25, 2009 A perusal of section 201(1) and section 201(1A) shows that both these provisions are without prejudice to each other. It… Read More »

Appointment of Common Adjudicating Authority by CBEC

By | December 29, 2015

[To be published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii)]  Government of India Ministry of Finance (Department of Revenue)  Notification No. 146/2015-Customs (N.T.) New Delhi, the 23rd December, 2015 S.O.     (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of… Read More »

CBEC may challenge Imposition of costs by CESTAT on grounds of quality of adjudication order

By | December 29, 2015

As per F. No.390/CESTAT/69/2014-JC of Central Board of Excise & Customs dated 22nd December , 2015 During the recent past there have been certain decisions of the CESTAT wherein cost was imposed either on department or on the adjudicating officer/ appellate officers. The cost so imposed was ordered to be paid to the assesse or to the Registry… Read More »

Steps to reset Income tax efiling Password

By | December 29, 2015

Reset Income tax efiling Password Step 1 to reset income tax efiling password go to the website www.incometaxindiaefiling.gov.in and click on login Step 2 to reset income tax efiling password Click on forgot password as highlighted below   Step 3 to reset income tax efiling password Enter user ID (which is your PAN) and image… Read More »

No TDs on interest on FDR made on direction of Courts :CBDT

By | December 29, 2015

F. No. 279/Misc/140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 23/2015 New Delhi Dated- 28th December, 2015 Subject: TDS under section 194A of the Act on interest on fixed deposit made on direction of Courts-regd Section 194A of Income Tax Act, 1961 (“the Act”) stipulates deductions… Read More »

Integrated Incorporation form of Companies

By | December 29, 2015

Integrated Incorporation Process of Companies Can the applicant file separate application for allotment of DIN, reservation of name etc  or he is required to apply under  Integrated Incorporation Process of Companies ? The facility to file integrated application for incorporation in Form INC-29 is available as an option to the process for separate applications for allotment of Director Identification… Read More »

Application for incorporation of companies

By | December 29, 2015

What is the form for filing application for incorporation of companies ? As per Rule – 12, Companies (Incorporation) Rules, 2014:- Application for incorporation of companies shall be filed in Form No.INC.2 (for One Person Company) and Form no. INC.7 (other than One Person Company) along with the fee as provided in the Companies (Registration offices and fees)Rules,… Read More »

How many articles CA can train : ICAI Announcement

By | December 28, 2015

Institute of Chartered Accountants of India ANNOUNCEMENT Date: 21.12.2015 43. Engagement of Articled Assistants Subject to the provisions of these Regulations and subject to such terms and conditions, as the Council may deem fit to impose in this behalf, the members designated as an associate or a fellow, who has been in practice continuously, whether… Read More »

Expenses on eyes is not allowed as business expendtiure

By | December 28, 2015

Issue Whether the expenditure of Rs. 43,600/- on medical treatment of eyes for improving the vision has an element of personal expenditure, and accordingly the expenditure incurred by the appellant on foreign tour for pre- operation investigation relating to his eyes cannot be allowed as business expenditure u/s 37 (1) ? Assessee plead It is… Read More »

e-Sampark IT policy of Govt of India

By | December 28, 2015

MINISTRY OF COMMUNICATION AND INFORMATION TECHNOLOGY (Department of Electronics and Information Technology) Vide NOTIFICATION  F. No. 3 (46)/2015-EG-II New Delhi, the 3rd December, 2015 issued  Updation and Usage Policy for the Sampark Database (IT platform for Messages) Ver 1.0 What is e-Sampark ? The IT platform for Messages is an initiative under the “Digital India” programme of… Read More »

SEBI Open Offer exemption if increase in voting rights due to Sec 106 of Companies act

By | December 28, 2015

  SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION  No. SEBI/LAD-NRO/GN/2015-16/026.— Mumbai, the 22nd December, 2015 In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:- “(j) increase in voting rights arising out of… Read More »

Govt notify Nongkhyllem Wildlife Sanctuary Ecosensitive Zone

By | December 28, 2015

MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 18th December, 2015 S.O. 3497(E).—The following draft of the notification, which the Central Government proposes to issue in exercise of the powers conferred by sub-section (1), read with clause (v) and clause (xiv) of sub-section (2) and sub-section (3) of section 3 of the… Read More »

DTAA of India with Macedonia

By | December 28, 2015

[Notification No. 94/2015/ F. No. 503/08/2004-FTD-I] Dated 21st December, 2015 In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Agreement between the Government of the  Republic of India and the Government of the Republic of Macedonia… Read More »

Govt allows export of onion without any Minimum Export Price

By | December 28, 2015

MINISTRY OF COMMERCE & INDUSTRY  vide Notification No No. 29/2015-20 [F. No. 01/91/180/922/AM08/PC-III/Export Cell] Dated  the 24th December, 2015 allowed the Export of onion without any Minimum Export Price (MEP) Para 2 of Notification No. 26 dated 11.12.2015 is amended to read as: “Export of onion for the item description at Serial Number 51 & 52 of Chapter 7… Read More »

No common interest expenditure than no portion of interest allocation under Rule 8D(2)(ii)

By | December 28, 2015

Facts of the case :- The Assessee had shown dividend income of Rs.89, 02,540 out of which Rs. 68, 44,790 was claimed as exempt under Section 10 (34) of the Act. The Assessee disallowed a sum of Rs. 6,84,479 constituting 10% of the net exempted dividend income on account of indirect expenditure incurred in earning… Read More »

CII (COST INFLATION INDEX) INCOME TAX- 1981 to 2017

By | December 28, 2015

Cost Inflation Index under Income Tax Act   What is Cost Inflation Index ? Cost Inflation Index (CII) is a measure of inflation that is used for computing long-term capital gains on sale of capital assets under Section 48 of the Income-Tax Act. What are the COST INFLATION INDEX notified by the Government ? Read New CII Index Base Year… Read More »