ISSUE – Taxability of advance received from clients in the year of receipt even though the assignments were completed in the subsequent year Held We are of the opinion that when a solicitor receives money from his client, he does not do so as a trading receipt but receives money of the principal in his… Read More »
Indian women cyclists won gold & silver at South Asian Games 2016 At 12 South Asian Games , India has opened its medal account with a gold in 30 km women cycling .India’s vijaylakhmi won gold and shobha devi clinched silver medals while Pakistan’s Sabia got bronze medal. Source Ministry of Youth Affairs and Sports… Read More »
Buyback of WPI-Linked Inflation Indexed Bond The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of Rs. 6,500 crore (face value). The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash… Read More »
THE GAZETTE OF INDIA EXTRAORDINARY [PART I—SEC. 1] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 3rd February, 2016 F. No. 20/6/2015-FT(Pt.-7).—The Central Government, with a view to provide different options to the people to monetize the privately held stock of the gold, hereby notifies the ‘ Gold Monetisation Scheme-2015 ’… Read More »
BIHAR VALUE ADDED TAX ORDINANCE, 2016 – AMENDMENT IN SECTIONS 3A, 14 & 70 NOTIFICATION NO.LG-01-01/2016/04LEG., DATED 28-1-2016 TO AMEND THE BIHAR VALUE ADDED TAX ACT, 2005 (ACT 27, 2005) Preamble – WHEREAS, The Legislature of the State of Bihar is not in session; AND, WHEREAS, the Governor of Bihar is satisfied that the circumstances… Read More »
Facts of the case In respect of outstanding dues of the HUF, an order of attachment came to be passed by the Commercial Tax Officer under section 45 of the Gujarat Value Added Tax, 2003 (hereinafter referred to as ‘the GVAT Act’) attaching the properties of Shilpaben P Shah, wife of the karta of the… Read More »
Seeks to amend CENVAT Credit Rules, 2004, so as to i. specify that the Cenvat credit of any duty specified in sub-rule (1) shall not be utilized for payment of the Swachh Bharat Cess. ii. allow credit of service tax paid on sale of dutiable goods on commission basis. [TO BE PUBLISHED IN THE GAZETTE… Read More »
MNRE revises benchmark cost of Concentrating Solar Thermal (CST) Technologies The Ministry of New and Renewable Energy (MNRE), proposes an upward revision of the benchmark cost of Concentrating Solar Thermal (CST) Technologies Programme. The initiative is taken with the aim to promote energy efficiency. The benchmark cost will be related to the performance efficiency in… Read More »
Steps taken by Income Tax Department for safeguarding taxpayers from Phishing emails The Income Tax Department has been at the forefront of using technology in implementing its –e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to… Read More »
Source :Reserve Bank of India Date : Feb 04, 2016 The Reserve Bank of India, in consultation with the Government of India, has revised nine regulations issued under the Foreign Exchange Management Act, 1999 (FEMA). Consequently, the respective original notifications and subsequent amendments stand repealed. For easy identification, revised regulations will carry the same numbers… Read More »