President promulgates the Enemy Property (Amendment and Validation) Fifth Ordinance, 2016 The President of India has promulgated the Enemy Property (Amendment and Validation) Fifth Ordinance, 2016 (8 of 2016) on 22nd December, 2016. After the Indo-China aggression in 1962, specific properties of Chinese nationals in India were vested in the Custodian in terms of Defence… Read More »
MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 23rd December, 2016 G.S.R.1168(E).— In exercise of the powers conferred by section 18 of the Citizenship Act, 1955 (57 of 1955), the Central Government hereby makes the following rules further to amend the Citizenship Rules, 2009, namely:— 1. (1) These rules may be called the Citizenship (Amendment)… Read More »
Government directs GCMMF/Amul to ensure 100% milk producers accounts to be opened by 30th December, 2016. Co-operatives have been directed to ensure the opening of 100% accounts of milk producers/farmers by 30th January, 2017 Consequent upon the Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash… Read More »
Government of India to launch Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana The Government of India seeks to promote digital payment methods to encourage consumers and merchants to increasingly shift to these payment modes. To take this imitative forward, Lucky Grahak Yojana for Consumers and Digi-Dhan Vyapar Yojana for Merchants, will be launched on 25th… Read More »
Arun Jaitley briefs media on GST Council 7th meeting ( 22nd December 2016 to 23 December 2016 ) Outcome of GST Council 7th meeting 197 Section and 5 schedules approved Draft GST Law Approved by GST Council Legally vetted copy of GST draft to be circulated to the states CGST Law to be approved by Center… Read More »
Announcement of new Passport Rules In order to streamline, liberalize and ease the process of issue of passport, the Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport. The details of these steps are given… Read More »
Demonetisation in India On 8th November 2016,the Prime Minister Shri Narendra Modi announced demonetisation of Rs. 500 and Rs. 1000 notes that represent 86.4% of the currency in circulation 1. Corruption in India India is the 76 least corrupt nation out of 175 countries, according to the 2015 Corruption Perceptions Index reported by Transparency International.… Read More »
Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962 Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in… Read More »
Issue In the light of the Notification No. 52/14, dated 22.10.2014, issued by the CBDT, the respondent Assessing Officer, i.e., Income Tax Officer (Exemption), Muzaffarpur, has no jurisdiction to make assessment in respect of the petitioner as an assessee under Section 143(3) of the Act on the ground that it is neither registered under Section… Read More »
Tax benefits for digital Sales Key Points about Tax benefits for digital Sales Section 44AD of Income tax Act to be Amended for Digital Sales :– The Central Board of Direct Taxes (CBDT) has reduced the taxable income under the deemed profit or presumptive income scheme u/s 44AD of Income Tax Act from 8 per cent… Read More »