The deduction claimed for a  pay/wage revision is an ascertained liability and cannot be termed as contingent because the wage and probable revision or rates of revision would be within the fair estimation of the employer. Case Law Details: INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘B’ NEW DELHI I.T.A …

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2016/42                                                                                 …

Interest rates revision for Small Savings Schemes-Interest rates reduced for NSC, PPF, KVP, Sukanya Samriddhi, Senior Citizen, Monthly income  etc for 1st quarter FY 2016-17 F.No. 1/04/2016-NS .II Government of India Ministry of Finance Depa’rtment of Economic Affairs (Budget Division) North -Block , New Delhi Dated: 18th March, …

Reassessment proceedings cannot be resorted to only to examine the facts of a case, no matter how desirable that be unless there is a reason to believe, rather than suspect, that an income has escaped assessment.  Case Details: Income Tax Appellate Tribunal, New Delhi ITA No.3052/Del./2013 (AY:2004-05) M/s. Excellent …

Government clarifies to the Jewellery Industry about the issues relating to imposition of Excise Duty on articles of Jewellery with simplified procedures. Ministry of Finance Press Release dated 18/03/2016 In the General Budget for 2016-17, a nominal excise duty of 1% and 12.5% has been imposed on articles …

Senior Citizens Welfare Fund Rules 2016. Unclaimed amounts to transferred be used for promoting welfare of Senior /older citizens Senior Citizens Welfare Fund Rules 2016  Government of India Ministry of Finance Department of Economic Affairs New Delhi, the 18th March,2016 NOTIFICATION G.S.R (E) In exercise of the powers …