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Income Tax has issued a circular on Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies dated 28/04/2016.
Levy of entertainment tax – Water sport activities offered by Polo Amusement – Polo amusement contended that levy of ET under the ET Act is conditional upon the activity being amusement where people are given admission to entertainment as defined under Section 2(a) – Held that – the charging provision, Section 6 (1) enacts that tax is to be levied and paid on all payments for admission to any entertainment. Section 2 (m)(iv).( Commissioner of Excise Entertainment, Polo Amusement Park Ltd. Versus M/s Polo Amusement Park Ltd. & Others, Govt of NCT of Delhi And Another).- 2016 (4) TMI 1059 – DELHI HIGH COURT
Department of Trade & taxes has issued a notification that returns in Form CR-II for the financial year 2015-16 are required to be filed by 16-May-2016 vide Notification no. .F.3(628)/Policy/VAT/2016/113- 125 dated 28/04/2016
DVAT has extend the period of Filling of online return for fourth quarter of 2015-16 vide circular No. 02 of 2016-17
MCA clarifies that the companies (AS) amendment rules, 2016 dated 30.03.16, to be applicable from F.Y.2016-17. Circular no. 04/2016.
RBI has issued a circular on Foreign Exchange Management (Remittance of Assets) Regulations, 2016 vide circular No. 64/2015-16 [(1)/13(R)] dated 28/04/2016
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