Corporate Updates – 06-12-2016

Master Classes on GST:

Registration open for Master Classes on “GST – Goods& Service Tax” to be held from 13th December, 2016 to 17th December, 2016 daily from 5 PM onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.


The Central Government hereby designates Benches of the National Company Law Tribunal to exercise the Jurisdiction, powers and authority of the Adjudicating Authority conferred by or under Part II of the Bankruptcy Code, 2016. Further, this notification shall come into force from 1st December, 2016.


The Central Board of Direct Taxes has clarified the new provision regarding chargeability of tax on jewellery which is being introduced through Taxation Laws (Second Amendment ) Bill, 2016. It has been clarified that the Bill only seeks to enhance the applicable tax rate under section 115BBE of the Income-tax Act, 1961 (the Act) from existing 30% to 60% plus surcharge of 25% and cess thereon. This section only provides rate of tax to be charged in case of unexplained investment in assets. It is clarified that the jewellery / gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions.

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