Daily Archive: Monday, June 20, 2016

Employees Pension Scheme 1995-Amendments. (Fourth Amendment) Notification dated 16-06-2016 wef 1st day of April, 2015

Author: | Categories: Labour Laws 1 Comment
Employees’ Pension Scheme 1995-Amendments MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 16th June, 2016. G.S.R. 603(E).—In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government

 

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

Author: | Categories: Income Tax, ITAT, Judgments No comments
FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10%  net profit

 

Premature Closure of PPF Account Conditions-Deductions. Withdrawal for Treatment of Disease or Higher Education after five Financial years

Author: | Categories: PPF No comments
Premature Closure of PPF Account Conditions-Deductions Ministry of Finance Department of Economic Affairs Notification New Delhi, the 18th June, 2016 GSR….(E) In exercise of the powers conferred under sub-section of (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes

 

No Fee for MSME Udyog Aadhar Memorandum Form Registration which is the only form of registration for MSMEs in India and there is no fee for the registration

Author: | Categories: MSME No comments
No Fee for MSME Udyog Aadhar Memorandum Form Registration Ministry of Micro,Small & Medium Enterprises 20th June, 2016 Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has been

 

CBDT Exempts Startups shares issued above FMV to residents from the deeming taxation provisions of section 56(2)(viib)

Author: | Categories: Income Tax No comments
CBDT Exempts Startups shares issued above FMV CBDT has notified tax exemption on investments above fair market rate for startups. Now a resident can purchase shares in startups companies at higher than fair value without having to pay tax under the provisions of section 56(2)(viib). The section 56(2)(viia) provides that