CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Reference No. 5 of 2012 (O&M) Date of decision: 18.3.2016 Institute of Chartered Accountants of India .. Petitioner v. Vivek Kapoor and others .. Respondents
Rule – 26C Income-tax Rules Rule 26C inserted by the Income-tax (Eleventh Amendment) Rules, 2016, w.e.f. 1-6-2016. Furnishing of evidence of claims by employee for deduction of tax under section 192. 26C. (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars… Read More »
Securities and Exchange Board of India CIRCULAR CIR/IMD/FPI&C/59/2016 June 10, 2016 To, All Foreign Portfolio Investors (FPIs) (Through their Designated Depository Participants/Custodians of Securities) Dear Sir/Madam, Subject: Know Your Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format. 1. In terms of… Read More »
TAX BENEFITS DUE TO LIFE INSURANCE POLICY Payment of premium on life insurance policy not only gives insurance cover to a taxpayer but also offers certain tax benefits. Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C] Section 80C of the Income Tax Act provides deduction in respect of various items like… Read More »
Clarification regarding FPS benifits to “Other Cast Articles of Iron & Steel”-ITC(HS) code-7325 under SI. No. 279 of Appendix 37 D as revised vide Public Notice 52 dated 25.02.2014. Government of India Ministry of Commerce & Industry Department of commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 08/2016 Dated 09th… Read More »
Government constitutes 3rd pay Revision Committee for the executive of CPSUs The Ministry of Heavy Industry & Public Enterprises has constituted the 3rd Pay Revision Committee for the executives of the Central Public Sector Undertakings under the chairmanship of Justice Satish Chandra (Retd.). The other members of the committee will be Shri Jugal Mohapatra, Ex-IAS… Read More »
Circular No. 27/2016-Customs F. No 484/31/2016 – LC Govt. of India Ministry of Finance Dept. of Revenue Central Board of Excise & Customs ******** New Delhi, dated 10th June 2016 To, All Principal Chief Commissioners Customs, All Principal Chief Commissioners of Customs & Central Excise, All Chief Commissioners of Customs, All Chief Commissioners of Customs… Read More »
The Central Port Authorities Act 2016 to replace the Major Port Trust Act 1963 The Ministry of Shipping has prepared a draft bill ‘The Central Port Authorities Act’ 2016 ’ to replace the ‘Major Port Trust Act, 1963’. This step is being taken keeping in view the need to give more autonomy and flexibility to… Read More »
F.No.278A/21/2015-Legal Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs (Legal Cell) New Delhi 9th June 2016 Related Post Litigation Management and Dispute Resolution measures of CBEC CBDT clarifies provisions of the Income tax for reducing litigation and easing burden of compliance Committee Recommendation to curb litigation of Income… Read More »