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Amendments in Finance Bill 2016 as passed by Lok Sabha. Clause wise summary and analysis Clause 3 Clause (29A) of section 2 of the Income-tax Act defines “long-term capital asset” to mean a capital asset which is not a short-term capital asset. Clause (42A) of section 2 of …
The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court. The Government officials seems to have double standards when it comes to maintain transparency in their conduct in dealing with sexual harassment at work place. The recent judgment …
Taxing Pakistani, other Foreign Artists Performing in India Ministry of Finance – Press Release dated 06-05-2015 Pakistani and other foreign artists who come to India for working in Indian films and other stage shows charging fees are subjected to income tax as per Indian rules. These artists are …
Total Gold Quantity available with Government Ministry of Finance – Press Release dated 06-05-2016 Reserve Bank of India holds 557.75 metric tons of gold having value of Rs. 1334.3 billion as part of its foreign exchange reserves as on April 22, 2016. It is estimated that there are …
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 …
