Sovereign Gold Bonds 2016-17 – Series III RBI 2016-17/98 IDMD.CDD.No.893/14.04.050/2016-17 October 20, 2016 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Dear Sir/Madam, Sovereign Gold Bonds 2016-17 – Series III Government of… Read More »
Sovereign Gold Bond Scheme 2016 -17 – Series III Date : Oct 20, 2016 The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2016-17 – Series III. Applications for the bond will be accepted from October 24, 2016 to November 2, 2016. The Bonds will be… Read More »
Date for seeking comments from stakeholders and public on the Draft Financial Resolution and Deposit Insurance(FRDI) Bill extended till 31st October, 2016. The Government of India had invited stakeholder/public comments on the Draft Financial Resolution and Deposit Insurance(FRDI) Bill, 2016 from 28.9.2016 to 14.10.2016 A Committee was set up pursuant to the Budget Announcement of… Read More »
Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.124/2016-CUSTOMS (N.T.), dated 06th October, 2016, except as respects things done or… Read More »
Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III; Applications for the bond to be accepted from October 24, 2016 to November 02, 2016 and the Bonds will be issued on November 17, 2016. Government of India, in consultation with the Reserve Bank of India (RBI), has decided to issue Sovereign Gold Bonds… Read More »
The Goods and Services Tax (GST) was expected to provide for moderate rates of tax, with only a couple of tax slabs — so designed to improve compliance, avoid classification disputes and keep matters simple. It was also intended to provide for comprehensive coverage and, therefore, an efficiency dividend in terms of better tax collection.… Read More »
India Inc may prefer a higher rate at the top end of the goods and services tax (GST) bracket, rather than have a cess that is non-creditable by nature, with a cascading effect on the indirect tax system. “Industry is not going to welcome the idea of a cess. In fact, industry may prefer a… Read More »
200 Applications on GSTN Table Goods and Services Tax Network (GSTN), the agency in charge of building the technological infrastructure for the implementation of GST, has received over 200 applications from IT and fintech companies who seek to become GST Suvidha Providers, but there are very few startups among them. The GST Suvidha Provider (GSP)… Read More »
Held The assessee has acquired a readymade off – the shelf computer programme to be used in their business and no right was granted to the assessee to utilize the copy right of the programme and, therefore, consideration cannot be treated as royalty. As held by the CIT(A), the payments made by the assessee company… Read More »
Held The provisions of section 50C are deeming provisions. It is settled law and well accepted rule of interpretation that deeming provisions are to be construed strictly. Thus, while interpreting deeming provisions neither any words can be added nor deleted from language used expressly. We should apply the ‘Rule of Strict Interpretation’ as well as… Read More »