Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)

There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS.The following clarifications are given in this matter:-(i) The purpose of this reform of making the change in tax regime is to encourage more number of private sector employees to go for pension security after retirement...

Supreme Court says SEBI penal provisions lack clarity; Calls for comprehensive legislation [Read Judgment]

Supreme Court, in Securities and Exchange Board of India vs. Kishore R. Ajmera, has observed that the provisions in Securities and Exchange Board of India Act governing power of imposition of penalty lacks clarity. The Court also opined that a comprehensive legislation in this regard can bring more clarity and certainty.The Apex Court Bench comprising of Justices Ranjan Gogoi and Prafulla C....

Former Chief Justice of India H.L. Dattu takes over as NHRC Chairperson

Former CJI H.L. Dattu on Monday took charge as the Chairman of the National Human Rights Commission. The NHRC post had been lying vacant since May 11 last year, when Mr. K.G. Balakrishnan demitted office after his five-year term. Justice Cyriac Joseph had been functioning as the acting chairperson since then.Born on the 3rd December, 1950 in Chikamagaluru district of Karnataka, Justice...

JNU Row: Delhi HC Reserves Verdict on Kanhaiya's Bail Petition for March 2

The Delhi High Court Single Bench Justice Pratibha Rani, today reserved its verdict on the bail plea of JNU students union president Kanhaiya Kumar, who refuted the allegation of police that he was raising anti-India slogans at an event on February 9 at the campus. The prosecution submitted that they have witnesses who have identified Kanhaiya and others raising anti-India slogans, will...

Delhi HC directs all petitions against non-compliance of CIC-verdicts to be registered afresh [Read Order]

In a Writ Petition that came up challenging an order of the Central Information Commission (CIC) the Delhi High Court Single Bench Justice Manmohan directed Registry of the Central Information Commission to evolve a procedure by virtue of which applications for non-compliance of CIC orders are numbered and different applications are placed in separate files to avoid any confusion.The...

#Budget2016; Senior Advocates under Service Tax Net

In the Union Budged presented Today, the Exemption on services provided by,-(i) a senior advocate to an advocate or partnership firm of advocates providing legal service; and(ii) a person represented on an arbitral tribunal to an arbitral tribunal,are withdrawn and service tax at the rate of 14% will be levied under forward charge, with effect from...

#Budget2016; No penalty in respect of Income-tax cases with disputed tax up to Rs.10 lakh

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the tax payers and administrative cost for the Government. There are 3 lakh tax cases pending with the 1st Appellate Authority...

Non-payment of pension constitutes a continuing wrong: Allahabad HC (DB) [Read Judgment]

The Allahabad High Court has held that non-payment of pension constitutes a continuing wrong, and delay and laches or limitation will not thwart the claim.Division Bench comprising of Chief Justice Dhananjaya Yeshwant Chandrachud and Justice Yashwant Varma set aside the order of Single Bench which had dismissed the Writ petition on the ground of latches. In this case, the petitioner had...

#Budget2016; SARFAESI Act is to be amended to strengthen Asset Reconstruction Companies; Finance Minister

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacuum. This is a major reform measure. Announcing more financial sector reforms, he said...

When husband is untraceable, wife can apply for renewal of mining lease: Karnataka HC [Read Judgment]

The Karnataka High Court has allowed a wife, whose husband is not traceable, to apply for renewal of Mining Lease. Division Bench comprising of Acting Chief Justice Subhro Kamal Mukherjee and Justice Ravi Malimath held that when husband is not traceable, it is within the right of the wife to apply for renewal, inasmuch as the wife could not wait for seven years, as required under Section 108...

Companies Act 2013 to be amended to facilitate Ease of Doing Business

A Bill shall be introduced in the current Budget session of the Parliament in order to amend the Companies Act 2013. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this will remove the difficulties and impediments to ease of doing business. The Bill would also improve the enabling environment for start-ups. The...

R.K. Pachauri files contempt petition in Delhi HC against media houses for misleading reports [Read Petition]

TERI Executive Vice Chairman R.K. Pachauri has approached the Delhi High Court, seeking action against certain media houses, for “fragrant and willful disobedience” of the court’s earlier orders restricting them from publishing the claims against him.“These reports have gravely prejudiced the criminal case of the Petitioner and shall further cause damage to the Petitioner and...