IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “A” BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER I.T.A. No. 7512/Mum/2013 Assessment Year : 2010-11 Shri Hasmukh N. Gala, Vs. Income Tax Officer 20(1)(3), Facts of the case The relevant facts are that the assessee is an individual who is engaged in… Read More »
Present Position as applicable for the period upto 31.03.2016 As per section 66D (a) of Finance Act, 1994, all services, other than followings provided by Government or Local Authority, shall not be subject to service tax. In other words, following services (if not covered by any other entry of negative list or not specifically exempt… Read More »
e-Sahyog Overview Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especially for small taxpayers. This initiative is in line with the government’s commitment under Digital India to e- enable public services for the benefit of the citizens. Traditionally, when Income Tax Department (ITD) found mismatch in… Read More »
INCOME-TAX (SECOND AMENDMENT) RULES, 2016 – AMENDMENT IN RULES 10THB, 10THC 10THD AND FORM NO.3CEFB NOTIFICATION NO.SO 502(E) [NO.5/2016 (F.NO.142/7/2014-TPL)], DATED 17-2-2016 In exercise of the powers conferred by section 92CB, read with section 295 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to… Read More »
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 26 of February, 2016 Circular No. 3/2016 Clarification regarding nature of share Buy-back transactions under Income-tax Act, 1961 As per provisions of Section 46A of the Income-tax Act, 1961 (‘Act’), applicable with effect from 01.04.2000, any consideration… Read More »
Status of Food Processing Industry in Maharashtra The status of Food Processing Industries in Maharashtra as per Annual Survey of Industries 2012-13 is as follows: Parameters Maharashtra % to All India No. of registered Food Processing Industries 3077 8.28 Fixed Capital (Rs. in crore) 27577.08 17.36 Employment (Persons) 217124 12.85 Gross Value Added (Rs. in… Read More »
Import of Medical Devices and Implants Globally, diseases of heart valve constitute a major cause of cardiovascular morbidity and mortality with rheumatic heart disease being the dominant Valvular Heart Disease (VHD) in developing countries including India. Indian Council of Medical Research (ICMR) has informed that as per experts, around 15-20% of total patients attending the… Read More »
Notice inviting comments on the draft Companies (Cost Records and Audit) Amendment Rules 2016.
No Shortage Of Blood Banks … Read More »
CIRCULAR NO.SEBI/HO/IMD/DF2/CIR/P/2016/37, DATED 25-2-2016 A. Treatment of unclaimed redemption and dividend amounts Please refer to SEBI circular dated November 24, 2000 on treatment of unclaimed redemption and dividend amounts. In partial modification of the aforementioned circular, it has been decided that: 1. The unclaimed redemption and dividend amounts, that are currently allowed to be deployed… Read More »