Daily Archives: March 4, 2016

Tax incentives for start-ups

By | March 4, 2016

Finance Bill 2016 Tax incentives for start-ups With a view to providing an impetus to start-ups and facilitate their growth in the initial phase of their business, it is proposed to provide a deduction of one hundred percent of the profits and gains derived by an eligible start-up from a business involving innovation development, deployment or commercialization… Read More »

Taxation of Income from Patents

By | March 4, 2016

Finance Bill 2016 Taxation of Income from Patents In order to encourage indigenous research & development activities and to make India a global R & D hub, the Government has decided to put in place a concessional taxation regime for income from patents. The aim of the concessional taxation regime is to provide an additional incentive for… Read More »

Additional depreciation benefit to business of transmission of power

By | March 4, 2016

Finance Bill 2016 Extending the benefit of initial additional depreciation under section 32(1)(iia) for power sector Under the existing provisions of section 32(1)(iia) of the Act, additional depreciation of 20% is allowed in respect of the cost of new plant or machinery acquired and installed by certain assessees engaged in the business of generation and distribution of… Read More »

15% depreciation on oil wells notified by CBDT

By | March 4, 2016

NOTIFICATION NO. SO 650(E) [NO.13/2016 (F.NO.142/33/2015-TPL)], DATED 3-3-2016 In exercise of the powers conferred by section 295 read with section 32 of the Income‐tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income‐tax Rules, 1962, namely:— 1. (1) These rules may be called… Read More »

Levy of tax where charitable institution ceases to exist or converts into a non-charitable organization

By | March 4, 2016

Finance Bill 2016 Levy of tax where the charitable institution ceases to exist or converts into a non-charitable organization The existing provisions of section 2(24) of the Act define “Income” in an inclusive manner. Any voluntary contribution received by a charitable trust or institution or a fund is included in the definition of income. Sections 11… Read More »

TCS on Sale of Motor Vehicle above Rs 10 Lakh , Goods or Services in Cash above 2 Lakh

By | March 4, 2016

Finance Bill 2016 Tax Collection at Source (TCS) on sale of vehicles; goods or services The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption,… Read More »

RBI issued terms & conditions for Sovereign Gold Bonds- 2016 Series-II

By | March 4, 2016

RBI/2015-16/333 IDMD.CDD.No. 2020/14.04.050/2015-16 March 04, 2016 The Chairman& Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Stock Holding Corporation of India Ltd.( SHCIL) Dear Sir/Madam, Sovereign Gold Bonds- 2016 Series-II Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated March 04, 2016 announced that the Sovereign Gold Bonds, 2016 (“the Bonds”) will be open… Read More »

RBI to accept Sovereign Gold Bonds form from 08th March to 14th march 2016

By | March 4, 2016

Sovereign Gold Bond Scheme 2016 – Series II Source : Reserve Bank of India Date : Mar 04, 2016 The Reserve Bank of India, in consultation with the Government of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14,… Read More »

Train E-Ticketing Curbs to Tame Touts

By | March 4, 2016

Train E-Ticketing Curbs to Tame Touts Some instances of misuse of reservation system by touts do come to notice from time to time. Regular joint drives are conducted by Commercial, Vigilance and Railway Protection Force against touts. These checks are intensified during peak rush/festival periods. Touts apprehended are prosecuted as per Section 143 of Railways… Read More »