Finance Bill 2016 Tax on distributed income to shareholder The existing provisions of section 115QA of the Act provide for the levy of additional Income-tax @ 20% of the distributed income on account of buy back of unlisted shares by a company. The distributed income has been defined in the section to mean the consideration paid by… Read More »
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/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 »
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 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 »
Veteran Film Actor Shri Manoj Kumar to be conferred Dadasaheb Phalke Award for the year 2015 Veteran Film Actor and Director Shri Manoj Kumar is to be conferred the 47th Dadasaheb Phalke Award for the year 2015. Award is conferred by the Government of India for outstanding contribution to the growth and development of Indian… Read More »
Clarifications on levy imposed on jewellery In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment… Read More »
Government to Issue Third Tranche of Sovereign Gold Bonds The Government of India, in consultation with the Reserve Bank 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, 2016. The Bonds will be issued on March 29, 2016.… Read More »
Steps to control the prices of essential items The Government has taken a number of to improve the availability and to contain prices of essential food items. These include:- • National Consultation Meeting of the minister of states/UTs in-charge of Consumer Affairs and Food held on 7thJuly, 2015 at New Delhi resolved to take steps… Read More »
Schedule for the General Elections to the Legislative Assemblies of Assam, Kerala, Tamil Nadu, West Bengal and Puducherry The terms of the Legislative Assemblies of Assam, Kerala, Tamil Nadu, West Bengal and Puducherry are normally due to expire as follows: Tamil Nadu 22.05.2016 West Bengal 29.05.2016 Kerala 31.05.2016 Puducherry 02.06.2016 Assam 05.06.2016… Read More »