Govt. takes action to address the problem of Benami Transactions Across India
Benami Transactions Across the Country The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition) Amended Act, 2016 to provide for an effective regime for prohibition of benami transactions. The… Read More
Cabinet approves Labour Code on Social Security, 2017
Labour Code on Social Security, 2017 The Second National Commission on Labour has recommended that the existing Labour Laws should be broadly grouped into four or five Labour Codes on functional basis. Accordingly, the Ministry has taken steps for drafting four Labour Codes on Wages; Industrial Relations; Social Security & Welfare; and Safety and Working… Read More
Impact of GST on Civil Aviation Sector
Impact of GST on Civil Aviation Sector Under the GST regime the applicable tax rate on economy class passenger tickets has been reduced from 6% to 5% (non-creditable for goods), while the tax rate on business class has been increased from 9% to 12% with input tax creditable for both goods and services procured by… Read More
FAQ’s on sectoral series for MSME, TEXTILE and EXPORTS
Central Board of Excise and Customs releases FAQ on GST Sectoral series for MSME, TEXTILE and EXPORTS sectors respectively. FAQ Sectoral Series-MSME FAQ Sectoral Series -TEXTILE FAQ Sectoral Series -EXPORTS Read More
GST Council forms a Selection Committee for appointment under National Anti-profiteering Authority
GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST The GST Council has formed a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as… Read More
Union Finance Minister releases a Case Study on GST in India
The Union Finance Minister, Shri Arun Jaitley releases a Case Study on the Birth of the Goods and Services Tax (GST) in India – “The GST Saga: A Story of Extraordinary National Ambition” in national capital today. A Case Study on the birth of the Goods and Services Tax (GST) in India – “The GST… Read More
Finance Act, 2017 amends section 115 JB of IT Act
Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies. Finance Act, 2017 amended the provisions of section 115JB of the Income-tax Act,1961(‘the Act’) so as to provide the framework for computation of book profit for the purposes of levying Minimum Alternate Tax (MAT) in… Read More
Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme
Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of changes have been made in the scheme: I. Specific changes… Read More
SEBI amends Depositeries And Participants Regulation
SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 25th July, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) (SECOND AMENDMENT) REGULATIONS, 2017 No. SEBI/LAD-NRO/GN/2017-18/013.—In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with Section 25 of the Depositories… Read More
CBDT clarifies on computation of book profit for the purposes of levy of MAT under IT Act
Circular Number 24/2017 F. No 133/23/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Dated 25th July, 2017 Subject: Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian… Read More
CBDT amends NOT No. S.O.1621(E), dt. 18th May, 2017
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th July, 2017 (Income-tax) S.O. 2320 (E).—In exercise of the powers conferred under sub-section (2) of section 28 read with section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) the Central Government hereby makes the… Read More
CBDT amends Notification S.O. 1590(E), dated the 16th May, 2017
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th July, 2017 (INCOME TAX) S.O. 2321(E).— In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Incometax Act,1961 (43 of 1961), read with section 6 of the Black Money (Undisclosed Foreign Income and… Read More
Govt. issues corrigendum to NOT No. 47/2017-Customs, dt. 30th June, 2017
CORRIGENDUM New Delhi, the 22nd July, 2017 G.S.R. 944(E).—In the notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 47/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 782(E), dated the 30th June, 2017,— (i) at… Read More
Subscribe to the Daily Journal
Corporate Law Referencer
India’s Leading Compliance Software
