December 2016 Current Affairs

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Lok Sabha passes Taxation Laws (Amendment) Bill, 2016

Lok Sabha passes Taxation Laws (Amendment) Bill, 2016
11 August 2016 Current Affairs: The Lok Sabha has passed the Taxation Laws (Amendment) Bill 2016 to pave the way for employers in the textile sector to avail of the income tax benefit. The Bill seeks to amends the Income Tax Act (IT), 1961 and the Customs Tariff Act, 1975.  These changes are explained below. It will provide income tax benefit to employers in the textile sector on additional employment provided the employee has worked for 150 days and not 240 days as mandated earlier.

Amendments to IT Act, 1961 Demerger of public sector companies : In case a public sector company demerges (split) into multiple companies under The Companies Act, 1956 the resultant company will be no longer a public sector company. Deduction in respect of employment of new employees: The limit of employing employee for minimum of 240 days in the previous year to obtain a deduction on taxable income has been reduced to 150 days for businesses which manufacture apparel.

Amendments Customs Tariff Act, 1975 Customs duty on marble and granite blocks and slabs: Proposes to increase in customs duty on imports of granite and marble to 40% from earlier 10%.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
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