Improved voluntary retirement scheme package for employees of Hindustan Vegetable Oils Corporation The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for offering an improved Voluntary Retirement Scheme (VRS) package based on 2007 notional pay scales for the employees of Hindustan Vegetable Oils… Read More »
Joint issue between Department of Posts and United Nations Postal Administration on UN Women HeForShe postage stamp The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the joint issue of UN Women HeForShe postage stamp. A Memorandum of Understanding (MoU) has been signed between Department of Posts and United Nations… Read More »
Site for construction of National War Memorial and National War Museum The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the decision taken by the Empowered Apex Steering Committee (EASC) that Princess Park Complex would be the suitable site for construction of the National War Museum. As regards the National… Read More »
As per Section – 62, Finance Acts – 2016 After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:— ‘CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS 115TD. Tax on accreted income.—(1) Notwithstanding anything contained in… Read More »
Royal Bank of Scotland (RBS) on Monday said that it will be closing its retail banking branches in India in a phased manner and has started informing its customers. “After examining a number of options for our banking business in India, we decided to wind down our corporate, institutional and retail banking businesses in India.… Read More »
New / Revised Standards on Auditing Revised SA 700, Forming an Opinion and Reporting on Financial Statements. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent… Read More »
Tax on income from patent Section – 54, Finance Acts – 2016 has introduced new section 115BBF for tax on Income from patent After section 115BBE of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— 115BBF. Tax on income from patent.—(1) Where the total income… Read More »
Section 211 Income Tax : Advance Tax Due Dates Section 211 Income Tax is for Advance Tax Due Dates section 211 of the Income tax Act, Installments of advance tax and due dates [Note-1] (1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by— a) all… Read More »
Punjab Value Added Tax Act, 2005 NOTIFICATION NO.GSR 28 [P.A.8/2005/S.70/AMD.(58)/2016], DATED 31-3-2016 In exercise of the powers conferred by sub-section (1) of section 70. of the Punjab Value Added Tax Act, 2005 (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make… Read More »
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 7th April, 2016 Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016 F. No. IRDAI/Reg/7/119/2016- In exercise of the powers conferred by clauses (y), (z), (za) and (zab) of sub- section (2) of section 114A read with… Read More »