RESERVE BANK OF INDIA
National Rural livelihoods Mission (NRLM) – Aajeevika - Interest Subvention Scheme: Ministry of Rural Development, Government of India, vide their letter dated May 23, 2016, has advised that in para I. xii (Annexure – III to V) the clause “there is no human intervention” of the Scheme may be replaced by the clause “with minimal human intervention” in the Interest Subvention claim certificates. Please refer to our circular FIDD.GSSD.CO.BC.No.19/09.01.
CBDT
CENTRAL BOARD OF DIRECT TAXES (CBDT) has made further amendment the Income Tax Rules, 1962 by issuing the Income Tax (14th Amendment) Rules, 2016. The Rules focuses on the expenditures which does not form part of the total income of an assessee. Such expenditure includes aggregate of amount of expenditure directly relating to income which does not form part of total income and further an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of non relevant investment whose income does not form part of total income.
CBEC - Service Tax
Ministry of Finance has amended the Service Tax Rules, 1994 by issuing The Service Tax (Fourth Amendment) Rules, 2016. The amended rule provides an exemption for the legal services provided by “senior advocates” to a business entity with a turnover up to rupees 10,00,000 (Ten Lakh) in the preceding Financial Year. Further a firm of advocates or an advocate which is not a senior advocate has been covered under the ambit of Service Tax who provide representational services before any court, tribunal or authority, directly or indirectly, to any business entity located in the taxable territory
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