No discrimination in housing sanctions to States, asserts Shri M.Venkaiah Naidu States empowered to sanction houses, more funds will be sought based on proposals received, says Minister Central Assistance to Prime Minister’s Awas Yojana (Urban ) substantially hiked Members say availability of land and resources key for success of housing mission Minster warns of strict… Read More »
High Level Committee Report on CSR Compliance A High Level Committee, set up by the Ministry of Corporate Affairs to suggest measures for monitoring the progress of implementation of Corporate Social Responsibility (CSR) policies by companies, submitted its report on 22nd September, 2015. The report, including the recommendations of the Committee, has been placed in… Read More »
CSR Spends on Swachh Bharat CESS As per Union Budget 2016-2017, the estimated amount to be collected from Swachh Bharat Cess during the year 2016-17 is 10,000 crores. However, there is no proposal of the Government to mandate Corporates to set aside 30% of their CSR spend for Swachh Bharat under consideration of this Ministry.… Read More »
Action Against Ponzi Scheme Offenders The Government is committed to tackle the menace of unregulated ponzi deposit-taking schemes and take action against the offenders. The Ministry of Corporate Affairs has ordered investigations through Serious Fraud Investigation Office (SFIO) under Section 235 of the Companies Act, 1956 and Section 212 of the Companies Act, 2013 into… Read More »
Legislative Framework for Regulating Deposit Taking Activities The Government of India had constituted an Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit taking activities and to suggest administrative / legislative measures, including formulation of a new law, to cover all relevant aspects of ‘Deposit Taking’. IMG has finalized its Report… Read More »
Securities and Exchange Board of India CFD/DIL3/CIR/P/2016/53 May 03, 2016 To All Recognised Stock Exchanges Dear Sir/Madam, Sub: Procedure to deal with cases prior to April 01, 2014 involving offer / allotment of securities to more than 49 and up to 200 investors in a financial year. 1. SEBI, vide circular No. CIR/CFD/DIL3/18/2015 dated December… Read More »
Issue Whether the payments made to retiring partners in the nature of compensation can be termed as goodwill and subsequently eligible for depreciation?” Held The Supreme Court in the case of SMIFS Securities Ltd. was dealing with the question as to whether ‘goodwill’ is an asset within the meaning of section 32 of the Income-tax… Read More »
SECTION 45, READ WITH SECTION 28(i), OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS, CONSISTENCY IN TAXABILITY OF INCOME/LOSS ARISING FROM TRANSFER OF UNLISTED SHARES LETTER F.NO.225/12/2016/ITA.II, DATED 2-5-2016 Regarding characterisation of income from transactions in listed shares and securities, Central Board of Direct Taxes (‘CBDT’) had issued a clarificatory Circular no. 6/2016 dated 29th… Read More »
CESTAT, MUMBAI BENCH Commissioner of Service Tax v. Balaji Telefilms Ltd. M.V. RAVINDRAN, JUDICIAL MEMBER AND C.J. MATHEW, TECHNICAL MEMBER APPEAL NO. ST/651/2010 CROSS OBJECTION NO. ST/CO.13/2011 ORDER NOS. A/86272-86273/2016/STB SEPTEMBER 9, 2015 V.K. Singh, Special Counsel for the Appellant. Badrinarayanan, Advocate for the Respondent. ORDER C.J. Mathew, Technical Member – Revenue is in… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] UNIVERSITY GRANTS COMMISSION NOTIFICATION New Delhi, the 2nd May, 2016 SPECIFICATION OF DEGREES No. F. 5-1/2015 (CPP-II).—In exercise of the powers conferred by sub-Section (3) of Section 22 of the University Grants Commission Act, 1956 and in amendment of earlier Gazette Notification on specification of… Read More »