Daily Archives: February 25, 2016

Tangible material required by AO to show income escaped assessment

By | February 25, 2016

Facts of the case The Respondent Assessee filed a return of income on 2nd December 2003 showing a loss of Rs. 96,19,890. The return was processed under Section 143(1) of the Act at the return amount. An order for refund of Rs. 20,16,957 was issued. Subsequently, the Assessing Officer (‘AO’) passed an order recording ‘reasons… Read More »

Section 50 does not converts long-term capital asset into a short-term capital asset.

By | February 25, 2016

Issue Whether assessee is entitled to deduction under section 54E in respect of the capital gain arising on the transfer of a capital asset on which depreciation has been allowed and which is deemed as short-term capital gain under section 50 of the Income-tax Act, 1961 ? Held The benefit of section 54E will be… Read More »

Deemed short term capital gain from Sale of depreciable assets allowed to be set off against brought forward long term capital losses and unabsorbed depreciation

By | February 25, 2016

Issue Assessee had for the subject assessment year inter alia disclosed an amount of Rs.7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward… Read More »

Inclusion of “National Bank of Abu Dhabi PJSC” in the Second Schedule to RBI

By | February 25, 2016

Source : Reserve Bank of India RBI/2015-16/328 DBR.No.Ret.BC.79/12.07.138A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Inclusion of “National Bank of Abu Dhabi PJSC” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “National Bank of Abu Dhabi PJSC” has been included in the Second Schedule to… Read More »

Alteration in name of “Bank Internasional Indonesia” to “PT Bank Maybank Indonesia TBK”

By | February 25, 2016

Source Reserve Bank of India RBI/2015-16/329 DBR.No.Ret.BC.80/12.07.104A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Alteration in the name of “Bank Internasional Indonesia” to “PT Bank Maybank Indonesia TBK” in the Second Schedule to the RBI Act, 1934 We advise that the name of “Bank Internasional Indonesia” has been changed to “PT Bank Maybank… Read More »

Rehabilitation of Manual Scavengers

By | February 25, 2016

Rehabilitation of Manual Scavengers The Self Employment Scheme for the Rehabilitation of Manual Scavengers (SRMS) has been revised in accordance with the provision of “Prohibition of Employment as Manual Scavengers and their Rehabilitation Act 2013” (MS Act, 2013) to provide the following benefits to the identified manual scavengers and their dependants. (i)     Onetime cash assistance… Read More »

Cases of Atrocities Against SCS

By | February 25, 2016

Cases of Atrocities Against SCS Article 17 of the Constitution of India has abolished ‘untouchability’ forbade its practice and made enforcement of any disability arising therefrom as an offence punishable in accordance with law. An Act of Parliament namely, the Protection of Civil Rights Act, 1955 prescribes punishment for enforcement of any disability arising from… Read More »

Modernization of Dhubri River Port

By | February 25, 2016

Modernization of Dhubri River Port A floating terminal is being maintained at the Dhubri river port on the bank of river Brahmaputra which caters to the operations of two Roll-on Roll-off vessels of Inland Water Transport Directorate of the Government of Assam and other private boat operators. In view of the potential of the Dhubri… Read More »

Oil Pollution in Seas

By | February 25, 2016

Oil Pollution in Seas The Government has formulated the National Oil Spill –Disaster Contingency Plan (NOS-DCP) for establishing an integrated national system for responding promptly and effectively to deal with any oil pollution incident. The Indian Coast Guard (ICG), is designated as the Central Coordinating Agency (CCA) for marine oil spill response activities. Government has… Read More »

Investment in Port Sector

By | February 25, 2016

Investment in Port Sector   As on date there are  33 Public Private Partnership(PPP) projects having estimated cost of Rs.32001.30 crore and 280.97 Million Ton Capacity under implementation stage and 45 projects worth Rs.18414.72 crore investment and 283.52 Million Ton Capacity under operation in Major Ports.  The details are as shown below: PPP PROJECTS UNDER… Read More »

Govt proposes to launch River Information System

By | February 25, 2016

River Information System The Government proposes to launch a River Information System (RIS) on lines of Air Traffic Control. RIS is a combination of tracking and meteorological equipment with specialized software designed to optimize traffic and transport processes in inland navigation. The system enables swift electronic data transfer between mobile vessels and shore (base stations)… Read More »

Govt Targets Under Sagarmala Project

By | February 25, 2016

Targets Under Sagarmala Project Implementation of the Sagarmala Programme is being done in accordance with the concept approved by Cabinet on 25th March, 2015. As part of the approved concept note, broad activities under Sagarmala have been identified and their current status is provided below: • Setting up of Sagarmala Cell: Sagarmala Cell was set… Read More »

Productivity of Shipyards

By | February 25, 2016

Productivity of Shipyards As regards mechanization and productivity levels of shipyards in the country, the Central Public Sector Shipyards, CSL is sufficiently mechanised and modernised on par with good quality medium size international standards. Defence Public Sector shipyards are sufficiently mechanised and comprehensive modernisation has been undertaken to augment their capacity. About HDPEL, Government of… Read More »

Key takeaway of Railway Budget 2016

By | February 25, 2016

No Hike in Passenger Fare 65,000 Additional Berths and 17,000 Bio Toilets to be Installed  Operations Audit to Improve Punctuality of trains Proposed  Wi Fi Facilities in 400 more Stations  Stations to be Developed Under PPP Mode  Award of Civil Contracts for Dedicated Freight Corridor to be  Over by the end of this Financial Year … Read More »

Changes in Civil Services Examination

By | February 25, 2016

Changes in Civil Services Examination An Expert Committee has been constituted by Union Public Service Commission (UPSC) under the chairmanship of Shri B.S.Baswan to comprehensively examine the various issues, raised from time to time regarding the Civil Service Examination, with respect to the eligibility, syllabus, scheme and pattern of the Examination vide notice dated 12.08.2015.… Read More »

Govt servant getting retirement benefit from deputation office

By | February 25, 2016

Government servant getting retirement benefit from deputation office Appointment to a post on deputation basis is made for a period normally specified in the Recruitment Rules of the deputation post, unless the period of deputation is extended by the Government in terms of prevailing instructions. After expiry of such deputation period, the Government servant is… Read More »

Govt allows Birth Companions during Delivery in Public Health facilities

By | February 25, 2016

Health Ministry allows Birth Companions during Delivery in Public Health facilities In an innovative move aimed at reduction in Maternal Mortality Ratio and Infant Mortality Rate, the Ministry of Health and Family Welfare has taken a significant decision to allow birth companions during delivery in public health facilities. While several measures have been taken up… Read More »

PM’s reaction on Railway Budget 2016-2017

By | February 25, 2016

PM’s reaction on Railway Budget 2016-2017 प्रगतिशील राष्‍ट्र की गतिशील रेलवे के लिए एक विचारशील बजट प्रस्‍तुत करने के लिए, मैं रेलमंत्री सुरेश प्रभु को बहुत-बहुत बधाई देता हूँ। इस बजट में गरीबों की गरिमा, महिलाओं का गौरव, युवाओं का उत्‍साह एवं मध्‍यम वर्ग की मुस्कान बढ़ाने का भरसक प्रयास किया गया है। पिछले वर्ष… Read More »

Swachh Rail Swachh Bharat Mission of Railways

By | February 25, 2016

Railways to provide 17000 Bio-Toilets in Trains under Swachh Rail Swachh Bharat Mission The Minister of Railways, Shri Suresh Prabhakar Prabhu said that in pursuance of our mission Swachh Rail Swachh Bharat, that Indian Railways will provide 17,000 bio-toilets in trains and additional toilets at 475 stations before the close of this financial year. Presenting… Read More »

Railway Exploring for Redevelopment of Stations

By | February 25, 2016

Railway Exploring Multilateral Financial Investment Partnership with State Governments for Redevelopment of Stations National Academy of Indian Railways at Vadodara to be upgraded as Rail University Presenting Railway Budget 2016-17 in Parliament today, the Minister of Railways Shri Suresh Prabhakar Prabhu said that Redevelopment of stations using different models is being experimented. Based on one… Read More »

Railways Vision 2020 to meet Long Felt Desires of Common Man

By | February 25, 2016

Railways Vision 2020 to meet Long Felt Desires of Common Man The Minister of Railways Shri Suresh Prabhakar Prabhu has said that by 2020, Indian Railways look forward to meet the long-felt desires of the common man such as reserved accommodation on trains being available on demand, time tabled freight trains with credible service commitments,… Read More »

IRCTC Process of Empanelling Self-Help Groups for Providing Catering/Cooking Services

By | February 25, 2016

IRCTC has Begun the Process of Empanelling Self-Help Groups for Providing Catering/Cooking Services Indian Railways Encourage Sourcing of Products FROM SC/ST Entrepreneurs The Minister of Railways, Shri Suresh Prabhakar Prabhu while presenting the Railway Budget 2016-17 in Parliament today said “Last year, I had appealed to various NGOs and Civil society to help Indian Railways… Read More »

Wi-Fi Services at 100 Railway Stations to be Commissioned in 2016

By | February 25, 2016

Wi-Fi Services at 100 Stations to be Commissioned this Year and at 400 more Stations in the next 2 Years. The Minister of Railways Shri Suresh Prabhakar Prabhu while presenting Railway Budget 2016-17 in Parliament today said that the process has begun to introduce Wi-Fi services at stations especially for youth and business travellers. He… Read More »

Railway Ordinary Working Expenses decreased by 8720 crore in R.E 2015-16

By | February 25, 2016

Ordinary Working Expenses in the R.E. 2015-16 decreased by Rs 8,720 crore Net reduction in Gross Traffic Receipts by rs 15,744 crore in R.E. 2015-16 Excess of receipts over expenditure in R.E. 2015-16 stands at Rs 11,402.40 crore Financial Performance 2015-16 The Minister of Railways Shri Suresh Prabhakar Prabhu while presenting the Railway Budget 2016-17… Read More »

Indian Railway’s mission is to ensure 100% transparency

By | February 25, 2016

Indian Railways for 100 per cent transparency in all its Operations The Minister of Railways, Shri Suresh Prabhakar Prabhu said that the transparency is an important tenet of this Government. Presenting the Railway Budget 2016-17 in Parliament today he said , Indian Railway’s mission is to ensure 100% transparency in all its operations. He said,… Read More »

Railway Initiatives taken to improve Passenger Ammenities

By | February 25, 2016

Initiatives taken to improve Passenger Ammenities The Minister of Railways, Shri Suresh Prabhakar Prabhu said that the common people have always been the focus of all initiatives by the Indian Railways. Presenting the Railway Budget 2016-17 in Parliament today, he said, it has been an unprecedented year for customer oriented works and Indian Railway’s responsiveness… Read More »

Railways to ensure independence of Rail Development Authority

By | February 25, 2016

Railways to ensure independence of Rail Development Authority The Minister of Railways, Shri Suresh Prabhakar Prabhu has said that Indian Railways will ensure the independence of Rail Development Authority which was proposed last year to enable fair pricing of services, promote competition, protect customer interests and determine efficiency standards. He was introducing the Railway Budget… Read More »

AYUSH Systems in 5 Railway Hospital

By | February 25, 2016

‘AYUSH’ Systems in 5 Railway Hospitals Introduced Gang Men will be Provided with Devices Called ‘Rakshak’ for Promoting Research in Key Policy Areas Two Chairs Set Up The Minister of Railways, Shri Suresh Prabhakar Prabhu while presenting the Railway Budget 2016-17 in Parliament today said that he was proud to lead a work force that… Read More »