NRI Returning to India NRI returning to India on a temporary or permanent basis are obliged to comply to the corresponding exchange control standards governed by the Foreign Exchange Management Act 1999 . In addition, returning NRIs should keep track of their assets, investments and revenue sources outside India in order to understand the resulting tax consequences …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 29, 2016 Central Govt. establishes Central Registration Centre for Reservation of Names under the Companies Act, 2016 w.e.f. 26th January, 2016 [Notification No.SO.218(E), and published in the Gazette of India Extraordinary, dated 22nd January, 2016]. Brief highlights of CRC are that it — Has territorial jurisdiction all over India Is located at Indian …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 28,2016 Amendments made to the The Companies (Incorporation) Rules, 2014, w.e.f. 26th January, 2016 [Notification dated 22nd January, 2016]. Highlights of these amendments, in brief, are : Where the name proposed is — Not in consonance with the principal objects of the company [(ii) of clause (b) of sub-rule (2) of Rule 8] Vague [e.g. …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 20, 2016 Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated 14.01.2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from 18.01.2016 to 22.01.2016. Refunds up to Rs.5,000/- and refunds in cases where arrear demand is up to Rs.5,000/- may be issued without any …
Hon’ble PM Modi launches Startup India Program STARTUP INDIA: Hon’ble PM Modi launches Startup India Program on Sat, 16 JAN 2016 to boost innovation-based business with many incentives and ease of doing business. Income Tax exemption for the first 3 years. Fund of ₹ 10,000 Crore (with ₹ 2,500 crores each year) to be invested in …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016 Addition u/s 68 cannot be made solely on the ground of non-production of payer’s bank statement [Shri Ashutosh Garg vs. ACIT (ITAT Delhi), IT Appeal No.-5642/2012, A.Y 2003-04]. SEBI looking to lower expense charges for mutual funds. Extension of the last date of filing of online return in …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016 INCOME TAX ACT SECTION 2(42C) CAPITAL GAINS – SLUMP SALE Where assessee sold its entire shareholding in its subsidiary company to a third party, since sale consideration was received by assessee itself and not by said subsidiary, it could not be treated as slump sale within meaning of …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 16, 2016 INCOME TAX ACT SECTION 24 INCOME FROM HOUSE PROPERTY – DEDUCTION Interest : Where assessee undertook to pay loan of financial institutions as a condition for acquiring its mortgaged property, interest paid on such loan would be deductible under section 24(1)v(i) against rental income from said property – [2016] 72 …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility/Trade promotion association : Where assessee-association was formed with an object to promote leather trade, in view of fact that assessee’s receipt of rent from non-members by allowing them to keep their stalls in trade fairs organised by assessee …
PROFESSIONAL UPDATE JANUARY 14, 2016 Period to grant Amnesty- Extended under Haryana VAT On 13-01-2016, the much-awaited Amnesty Scheme for recovery of dues up to 01-April-2015 has been provided for by substituting section 59A vide Notification No. Leg. 1/2016 dated 13th January 2016. The new section 59 A can be read as under: “59A Amnesty …