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CBI: 3 Years Rigorous Imprisonment With Fine of Rs.3 Lakh to then Commissioner of Income Tax

November 30, 2016 NewsTaxIndia0 comments1448 views

CBI: 3 YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS.3 LAKH TO THEN COMMISSIONER OF INCOME TAX CBI Press Release New Delhi , 29.11.2016 The Special Judge for CBI Cases, Bangalore has convicted Shri V.P.Shamsuddin, then Joint Commissioner of Income Tax (Appeals-II), Bangalore U/s 13(2) r/w … Continue Reading →

Public News

Government Exempted Card Swipe Machines From Excise Duty

November 30, 2016 NewsTaxIndia0 comments1017 views

Government Exempted Card Swipe Machines From Excise Duty : Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31, 2017. The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from … Continue Reading →

Personal Finance

Bank loans for the Educated Unemployed

November 30, 2016 NewsTaxIndia0 comments844 views

Bank loans for the Educated Unemployed Applicants including educated unemployed persons whose proposals are found bankable in accordance with the norms laid down by the concerned bank obtain loans for self-employment ventures. However, there are many applications which are not approved for various reasons which, … Continue Reading →

RBI

100% FDI in Scheduled and Regional Air Transport Services via Automatic Route

November 30, 2016 NewsTaxIndia0 comments877 views

100% FDI in Scheduled and Regional Air Transport Services via Automatic Route FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SECOND AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN REGULATIONS 2, 14, SCHEDULE 1, SCHEDULE 9 AND SUBSTITUTION OF SCHEDULE 11 – CORRIGENDUM … Continue Reading →

RBI

100% FDI in Scheduled and Regional Air Transport Services via Automatic Route

November 30, 2016 NewsTaxIndia0 comments881 views

Income Tax

Revenue Subsidies Received from Government are Eligible for Deduction in Chapter VI-A

November 30, 2016 NewsTaxIndia0 comments750 views

Revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking / eligible business, and are thus, admissible for applicable deduction under Chapter VI-A … Continue Reading →

Public News

No Over the Counter Exchange of Old Rs.500 and Rs.1000 Notes After Midnight of 24.11.2016

November 25, 2016 NewsTaxIndia0 comments672 views

After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the counter exchange of old Rs. 500 … Continue Reading →

Public News

RBI has Decided to Provide Additional 60 Days Time for Repayment of Dues (promote digital payments)

November 24, 2016 NewsTaxIndia0 comments843 views

RBI has Decided to Provide Additional 60 Days Time for Repayment of Dues (loan below Rs. 1 Crore); The Central Government takes various decisions for the benefit of farmers in the current Rabi Season and to promote digital payments in the economy. Following the cancellation of … Continue Reading →

Income Tax

Keyman Insurance Policy of a Partner is an Admissible Expenditure u/s 37

November 24, 2016 NewsTaxIndia0 comments709 views

Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner- Reg. CBDT CIRCULAR No. 38/2016, Dated: November 22, 2016 (F.No.279/Misc./140/2015-ITJ) The issue relating to admissibility of expenditure incurred by a firm on Keyman Insurance Policy premium in the case … Continue Reading →

Public News

Insolvency and Bankruptcy Board (IBBI) of India notifies Regulations

November 24, 2016 NewsTaxIndia0 comments896 views

Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations; The IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and IBBI (Insolvency Professional Agencies) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under … Continue Reading →