Corporate Updates – 21-10-2015


CBDT with an intention to facilitate the participation of leading diamond mining companies of the world in the Bharat Diamond Bourse has notified it as “Special Notified Zone”. Further, the matter of taxation of income arising from the activity of mere display of uncut diamonds (without sorting or sale) in the Special Notified Zone has been considered by the Government and it has been decided that the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone carried out on or after 1st April, 2015 shall not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard shall be carried out through Finance Bill 2016.


The DVAT Authorities have introduced two award schemes for the general public, in order to check and detect value added tax evasion in Delhi so as to minimize the pilferage of VAT revenue of the Government of Delhi. Through one Scheme ‘Bill Banvao, Inaam Pao’ the general public will be rewarded for obtaining bills and cash memo for their purchase including that of eateries, from a registered dealer and another scheme is in order to crack down on the modus operandi of tax evaders who evade the collection / deposit of VAT in various ways, it is felt necessary to have participation of informers who can provide specific inputs in the area of tax evasion. The Department has set up a mechanism to reward the informers suitably in the form of cash incentives.

News from NIRC of ICSI

NIRC of ICSI is organising Haryana State Conference on the theme "CS -Conquering the Challenge of Change" on Sunday, the 25th October, 2015 at Gymkhana Club, Sector – 8, Karnal, Near Atal Park, Noor Mahal Chowk, Haryana. Fees : Rs.750/- per delegate; Rs. 500/- for Corporate Members of NIRC; Program Credit Hour: 4.

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