| Dear Jitendra,
We have come through a whole time period of another fortnight and below are the major economic events that happended in this period.
Indirect Tax collections rose by 37% (With Additional Revenue Measures) and 14% (without Additional Revenue Measures) during April-May 2016 compared to the corresponding period of the last year.
The industrial index data (IIP) for April 2016 has come with disappointing numbers indicating the major challenges in reviving the growth of manufacturing. The factory output had expanded by 3 per cent in April last year and during the current year, it has contracted by 0.8%.
Retail inflation rises to 5.76% in May; rate cut from RBI hopes reduced.
With the above news, we, as our continuous effort to keep you updated on the various topics, present our next issue of the MILEPOST which includes the below mentioned major legal updates.
Direct Tax
Relaxation of UIN norms for TDS statements for Q1 2016
What do you do when your bank deducts TDS on your interest income and your overall income falls under the minimum exemption limit of Rs.2,50,000?..read more
Small opportunities are often the beginning of great enterprises.
Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note
The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e.financial Year 2017-18. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962...read more
He who has an imagination without learning, has wings but no feet.
CBDT Circular: Admissibility of Bad Debt under Income Tax
The admissibility of bad debt in the books of account and admissibility under income tax has always been a contentious matter in the income tax laws. There are several case laws on the either side on admissibility...read more
Be advised that all flatterers live at the expense of those who listen to them.
CBDT Circular: Section 12AA, clarification on cancellation of registration (Circular No. 21/2016 dated 27th May, 2016
The income of charitable trusts or institutions, if such income is applied for charitable purpose and such institution is registered under section 12AA of the Act, then such income is exempt under Section 11 and Section 12.
So, importantly there are two primary conditions attached for availing the exemption..read more
A person's true wealth is the good he or she does in the world.
3 important changes in ITR forms for salaried taxpayers
Time for filing return has come. If you have received your Form 16, you might be preparing to file your return. When you file your return for Financial Year 2015-16 or Assessment Year 2016-17, you must keep in mind some important changes..read more
In the practice of tolerance, one's enemy is the best teacher.
Pay 1st Installment of Advance Tax by June 15
The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to “Pay as your earn.” This philosophy is implemented through two modes. One is collection and deduction of tax at source in most of the cases like salary, interest, rental, brokerage, commission, professional fee etc and for others who are not fully covered..read more
The way to settle a disagreement is on the basis of what's right not who's right.
FAQs on Equalisation Levy (EQL)
From 1st June 2016, the Govt. of India has introduced a new tax named, Equalisation Levy (EQL).Also popularly called “Google Tax”.
Equalisation Levy was introduced in the Union Budget 2016 and is included...read more
Progress is the activity of today and the assurance of tomorrow.
Ind AS
Ind AS implementation - Step-wise Guide
The following Companies have adopted Ind AS for the Financial Statements from the Accounting Period beginning on or after 1st April 2016:..read more
Lack on money is no obstacle. Lack of an idea is an obstacle.
Economy
SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016
SEBI has issued the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 dated 25 May 2016. On 27 May 2016, the SEBI has issued the Circular on this matter. In consultation with SEBI Advisory Committees, Institute of Chartered Accountants of India ('ICAI'), Stock Exchanges and Industry Bodies, the SEBI has decided to streamline..read more
Peace is dependent upon honesty and simplicity.
Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016
In exercise of the powers conferred by Sections 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified...read more
It is better to light a candle than to curse the darkness.
RBI cancels Certificate of Registration of 3 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following three non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934...read more
No one can make you feel inferior without your consent.
Tradability of Sovereign Gold Bonds, 2015
Sovereign Gold Bond Scheme, 2015 was announced by the Government of India vide notification dated October 30, 2015. In terms of Para 17 of the Scheme..read more
If the going is real easy, beware, you may be headed down hill.
Exactly
Once an Elephant and a Dog fell pregnant at same time. 3 months down the line the dog gave birth to 6 puppies ,6 months later the dog was pregnant again, and 9 months it gave birth to another dozen puppies. The pattern continued. On the 18 month the dog braggingly approached the elephant in mockery. Dog," Are sure that you are pregnant? We fell pregnant on the same date, I have given birth 3 times to a dozen puppies and they have now grown to become big dogs, yet you are still pregnant. Whats going on? Or you only wanted to be treated with kindness under the pretence of being pregnant"?
Elephant laughed and told the dog, "There is something I want you to understand. What I am carrying is not a puppy but an elephant. I only give birth to one in 2 years. When my baby hits the ground, the earth feels it. When my baby crosses the road, human beings stop and watch in admiration, what I carry draws attention. It is not common to find an elephant by the side of the road knocked down by a car or as pets in any kind off a persons house.
So what I'm carrying is mighty and great.
Now listen to me my dear friend, People are measured through material possessions. Even we believers lose faith when we don't receive answers to prayers or prophecies immediately. Don't be envious of others testimony or be sad because yours hasn't come or it's taking too long. Know who you are in God. Understand that the Greater blessing is not the same as an instant blessing.
If you haven't received your own blessings,
Don't despair, complain or murmur console yourself "My Time is Coming My blessings are being processed, prepared, packaged and wrapped up in God's glory. When it hits the surface of the earth, people shall yield in admiration"!!
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