Month: May 2016
RBI Norms for Protecting Customers Finance Ministry Press Release dated 06-05-2016 Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that is, (i) Right to Fair …
Gold Monetization Scheme Deposits by Temple/Religious Bodies State-wise Ministry of Finance Press Release dated 06-05-2016 Eight (08) temples have deposited gold under Gold Monetization Scheme, 2015 so far and the State-wise details are as under: Name of the State Number of temples deposited gold under GMS Tamil Nadu …
Action taken against tax evasion, including evasion of tax on capital gains Ministry of Finance Press release dated 06/05/2016 Appropriate action against tax evasion, including evasion of tax on capital gains, is an on-going process. Whenever such cases are noticed by the Income Tax Department, appropriate action is …
Trained CSR Professionals Demand Ministry of Corporate Affairs Press release dated 06/05/2016 The Indian Institute of Corporate Affairs (IICA), a body established under the Ministry of Corporate Affairs had launched a certificate programme for CSR in the year 2014, for preparing professionals for CSR through a nine months …
Debenture restructuring charge paid to debenture holders for re-negotiated terms and conditions to extend the redemption date was held to be revenue expenditure-ITAT Case Law Details: DCIT vs. M/S JUBILANT FOOD WORKS LTD. ITA No.1407/Del/2014 A.Y. : 2004-05 Date of Order/Judgment: 05/05/2016 Important Case Laws Referred: CIT vs. Gujarat Guardian …
Lok Sabha passed Finance Bill 2016-Section-wise Changes made On 5th May, 2016, the Lok Sabha passed the Finance Bill 2016 with some important amendments to the Bill. The major section wise amendments are as under. Section 2(42A) (wef 01/04/2017) Gains from transfer of unlisted shares shall be short term capital …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes
Government takes strict action against defaulting/non performing tax officials/officers; For the First Time, 33 officials/officers including 7 Group ‘A’ officers prematurely retired for non-performance and 72 officers/officials including 6 Group ‘A’ Officers dismissed in other departmental / disciplinary actions in the last two years. Ministry of Finance-Press Release …
Encashment of Bank Guarantee of contractor against disputed claim of damages not permitted unless adjudicated by Court of law in judicial proceedings -Supreme Court Case Law Details: Civil Apeal No. 4814 of 2016 M/s Gangotri Enterprises Ltd. Appellant(s) VERSUS Union of India & Ors. Respondent(s) Date of Judgment: 05/05/2016 …
Temporary business closure, lull and disallowance of expenses Expenses of rent staff and various other business expenses establish that those were incurred to keep its business alive they cannot be disallowed merely on the ground of temporary closure or lull in business due to recession in the market-held by …
