Quoting PAN is mandatory in India for the transactions mentioned in Rule 114B of Income tax rules Rule-114B Income-tax Rules (Rule 114B substituted by the Income-tax (Twenty Second Amendment) Rules, 2015, w.e.f. 1-1-2016.) [Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of… Read More »
Held it is clear that loose sheets recovered from the premises of the assessee constitute documents within the meaning of the Explanation under sub-section (4) of section 132. Sub-section (4) of Section 132 speaks about the admissibility of evidence of those documents. Sub-section (4) together with the Explanation thereunder to section 132 reads as follows:—… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 12th May, 2016 S.O. 1758(E).—In exercise of the powers conferred by sub-section (4) of section 10 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (No. 30 of 2013), the… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF RURAL DEVELOPMENT NOTIFICATION New Delhi, the 12th May, 2016 S.O. 1757(E).—In exercise of the powers conferred by sub-section (2) of section 10 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (No. 30 of 2013), the Central… Read More »
THE GAZETTE OF INDIA EXTRAORDINARY [PART II—SECTION 1] MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 16th May, 2016/Vaisakha 26, 1938 (Saka) The following Act of Parliament received the assent of the President on the 13th May, 2016, and is hereby published for general information:— THE ANTI-HIJACKING ACT, 2016 NO. 30 OF 2016… Read More »
Presumptive Taxation of Business u/s 44AD After Finance Act 2016 What is Presumptive Taxation of Business u/s 44AD The existing provisions of section 44AD provide for a presumptive taxation scheme for an eligible business. Where in case of an eligible assessee engaged in eligible business having total turnover or gross receipts not exceeding Rs 1 crore (increased to Rs… Read More »
RBI/2015-16/404 DBR.No.Ret.BC.100/12.07.124A/2015-16 May 19, 2016 All Scheduled Commercial Banks Dear Sir, Cessation of UBS AG as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949 We advise that the “UBS AG” has ceased to be a banking company within the meaning of the Banking Regulation Act,… Read More »
RBI/2015-16/402 A.P. (DIR Series) Circular No.71 May 19, 2016 To All Authorised Dealer Category – I Banks Rupee Drawing Arrangement – Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to the A.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series)… Read More »
RBI/2015-16/401 A.P. (DIR Series) Circular No.70 May 19, 2016 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme Money Transfer Service Scheme – Submission of statement/returns under XBRL Madam / Sir, Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to the A.P. (DIR… Read More »
RBI/2015-16/399 DCBS.CO.Cir.No.001/12.17.001/2015-16 May 19, 2016 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Frauds in UCBs: Changes in Monitoring and Reporting mechanism Please refer to our Master circular no. DCBR.CO.BPD.MC.No.1/12.05.001/2015-16 on Frauds- Classification and Reporting dated July 01, 2015. 2. On a review, it has been decided to change the… Read More »