Held We hold that when the donation given by one trust to another trust out of current year’s income is permitted in section 11 of the Act as an application of income, the same cannot be curtailed by another provision of the Act (i.e section 13(1)(c ) (ii) read with section 13(3) of the Act)… Read More »
Department of Industrial Policy and Promotion Ministry of Commerce and Industry Government of India Consolidated FDI Policy (Effective from June 07, 2016) Related Post Consolidated FDI Policy Circular of 2015 Govt announces Reforms in FDI Policy through Budget 2016 Mapping of FDI Policy Paras with NIC Code 2008 FDI Policy 2015 of Govt of India… Read More »
Previous years Income tax return can be filed after due date Previous years Income tax return :For Financial Year 2015-16 (AY 2016-17) and earlier years Any person who has not furnished a return within due date he may furnish the return for any previous year at any time before the expiry of one year from the end… Read More »
RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) Notification No. FEMA 10(R)/(1)/2016-RB Mumbai, the 1st June, 2016 Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2016 G.S.R. 570(E).—In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of section 47 of the Foreign… Read More »
Securities and Exchange Board of India CIRCULAR SEBI/HO/MRD/DP/CIR/P/2016/58 June 07, 2016 To, The Depositories, Dear Sir / Madam, Subject: Investor Protection Fund (IPF) of Depositories 1. The Depository System Review Committee (DSRC) had examined various aspects of the depository IPF including utilization and investment policy of IPF and quantum of funds to be transferred to… Read More »
RESERVE BANK OF INDIA (Financial Markets Regulation Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 1st June, 2016 No. FEMA. 365/2016-RB Foreign Exchange Management (Foreign Exchange Derivative Contracts) (Amendment) Regulations, 2016 G.S.R. 571(E).—In exercise of the powers conferred by clause (h) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999),… Read More »
Empanelment of Concurrent Auditors for Concurrent Audit of the Bank’s Branches/Offices. Application are invited from Eligible Chartered Accountant (CA) Firms for Empanelment as Concurrent Auditors for the year 2016-2017. Note : This is not an express or implied offer of engagement for concurrent audit work in the Bank. This is only to create a panel… Read More »
Pay Advance Tax on your Income When you have to Pay Advance Tax ? In case your tax liability after reducing the amount of TDS exceeds Rs. 10,000/- in a year, you are liable to pay advance tax. What are Advance Tax Due Dates ? As per Changes made by Finance Act 2016 :- Now Whether… Read More »
Section 206C amendment Section 206C amended by section 88 of Finance Act 2016 (with effect from the 1st day of June, 2016) : Relevant Portion inserted/amended in Bold :- (1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (other than bullion or… Read More »
MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 3rd June, 2016 No. 5(4)-B(PD)/2016.—It is hereby notified that the deposits made under the Special Deposit Scheme for non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F.16 (1)-PD/75 dated 30th June, 1975, shall with… Read More »