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Latest India Tax News 23rd October 2016

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  • Latest India Tax News 23rd October 2016

    • Provisos to section 50C(1) of income tax act, 1961 inserted by the finance act, 2016 w.e.f. 01/04/2017 are to be treated as curable in nature and would apply with retrospective effect from 01/04/2003 i.e. the date from which section 50C was introduced.
    • Loss suffered u/s 37(1)/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature. [CIT vs. M/s. D. Chetan & Co (Bombay High Court).]
    • Under GST w.e.f. 8/11/16, existing 80 lac assessees will be able to access their data migrated to GSTN, make necessary corrections & upload relevant documents.
    • RBI issued operational guidelines for sovereign gold bonds 2016-17 series III vide notification No.RBI/ 2016-17/ 99I DMD. CDD.No.894 /14.04.050/2016-17 October 20, 2016.
    • NIRC of ICAI is organizing seminar on insolvency & bankruptcy code 2016 on 25 Oct at 5PM at Hindi Bhawan, rouz avenue marg, Delhi. Register and Pay at www.nircseminars.org.
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