Commission approves the acquisition of 7.14% stake in Llyods Engineering Works Limited by Thriveni Earthmovers Private Limited and merger of three entities into Lloyds Engineering Works Limited.

CBDT Circular No. 20/2016 dated 26 May 2016 extended the time limit for mandatory e-filing of appeals before the Commissioner of Income Tax (Appeals) [CIT(A)]. It provided relief to taxpayers by allowing additional time to electronically file appeals and related documents.

CBDT Circular No. 21/2016 dated 27 May 2016 clarified that registration granted to a charitable trust or institution under Section 12AA cannot be cancelled merely because it adopts or modifies its objects, provided the new or modified objects remain charitable in nature and genuine activities continue.

CBDT Circular No. 12/2016 dated 30 May 2016 clarified that once a bad debt is written off as irrecoverable in the books of accounts, deduction under Section 36(1)(vii) is allowable, provided conditions of Section 36(2) are satisfied. Assessing Officers should not disallow such claims merely because the debt had not become irrecoverable in their opinion.

CBDT Circular No. 22/2016 dated 8 June 2016 clarified the amendment made by the Finance Act, 2016 in Section 206C of the Income-tax Act regarding Tax Collection at Source (TCS). It explained the applicability of TCS on sale of motor vehicles above ₹10 lakh and on cash sale of goods/services exceeding prescribed limits.

CBDT Circular No. 24/2016 dated 27 June 2016 clarified various provisions of the Income Declaration Scheme (IDS), 2016 through FAQs. It explained who could declare undisclosed income/assets, tax and penalty payable, valuation rules, and benefits of immunity from penalties and prosecution under the scheme.

CBDT Circular No. 25/2016 dated 30 June 2016 provided clarifications in the form of FAQs regarding the Income Declaration Scheme (IDS), 2016. It explained eligibility, declaration procedure, valuation of assets, tax/penalty payment, and immunity from scrutiny and prosecution under the scheme.

CBDT Circular No. 26/2016 dated 4 July 2016 clarified that interest paid by IFSC Banking Units (IBUs) to non-residents or persons not ordinarily resident in India on eligible deposits/borrowings is exempt from TDS under Section 197A(1D) and also exempt from income tax under Section 10(15)(viii).

Circular No. 27/2016 dated 14 July 2016 provided clarifications on the Income Declaration Scheme (IDS), 2016. It clarified issues like revision of declarations, tax treatment of undisclosed income/assets, and payment of tax, surcharge, and penalty under the scheme.

CCI approves proposed merger of A1 Agri Global Limited, B.N. Agritech Limited and Salasar Balaji Overseas Private Limited into BN Agrochem Limited.

CCI approves acquisition of certain equity share capital of Avendus Capital Private Limited by Mizuho Securities Co., Ltd. on a fully diluted basis

CCI approves the proposed acquisition by MAIF 4 Investments India 2 Pte. Ltd. of 42.5% of the equity share capital of Maple IM, 40.0% of the equity share capital of Maple PM and up to 37.5% of the units of Maple Trust

S.O. 2361(E).— In exercise of the powers conferred by section 137 of the Code on Social Security, 2020 (36 of 2020), for the purposes of regulating the initiation of prosecution proceedings under the said Code, the Central Government hereby notifies Insurance Commissioner, Additional Commissioner, Regional Director Grade ‘A’/Director, Regional Director Grade ‘B’/Joint Director, Deputy Director, Assistant Director, appointed under subsection (7) of Section 24 of Chapter IV of the Code, for the purposes of the provisions of section 137 of the said Code, within their respective territorial and functional jurisdiction.

S.O. 2350(E).— In exercise of the powers conferred by clause (5) of section 2 read with sub-section (1) of section 125 of the Code on Social Security, 2020 (36 of 2020), the Central Government authorises certain Officers to exercise the powers of Authorised Officer under the said Code from the date of publication of this notification in the Official Gazette, relating to Chapter IV (Employees’ State Insurance Corporation) of the said Code; namely:- 1. Insurance Commissioner; 2. Additional Commissioner or Regional Director Grade ‘A’/Director or Regional Director Grade ‘B’/Joint Director or Deputy Director posted in Employees’ State Insurance Corporation Regional or Sub-Regional Offices;

S.O. 2351(E).— In exercise of the powers conferred by the first proviso to clause (26) of section 2 of the Code on Social Security, 2020 (36 of 2020), the Central Government hereby specifies that an employee whose wages exceed at any time after, and not before, the beginning of the contribution period, the wage ceiling as may be notified by the Central Government under clause (89) of section 2 of the Code for the purposes of becoming a member under Chapter IV of the Code, shall continue to be an employee for the remainder of that contribution period.

The Central Government has notified the classes of medical practitioners, having the specified qualifications, as medical practitioners for the purposes of Chapter IV of the said Code

S.O. 2353(E).— In exercise of the powers conferred under clause (68) of section 2 read with section 129 of the Code on Social Security, 2020 (36 of 2020), the Central Government authorises certain Officers to exercise the powers of Recovery Officer under the said Code from the date of publication of this notification in the Official Gazette.

S.O. 2379(E).— In exercise of the powers conferred by clause (c) of section 70 of the Industrial Relations Code, 2020 (35 of 2020), the Central Government hereby specifies the officers mentioned in column (2) of the Table as the authority for the purposes of issue of notice of retrenchment, within the areas specified in column (3) of the Table attached.

S.O. 2360(E).— In exercise of the powers conferred by sub-section (2) of section 136 of the Code on Social Security, 2020 (36 of 2020), the Central Government hereby authorises the Director General, Insurance Commissioner, Additional Commissioner, Regional Director Grade ‘A’/Director and Regional Director Grade ‘B’/Joint Director of the Corporation to institute prosecution or accord sanction of prosecution for the purposes of offences relating to Chapter IV and the rules, regulations or schemes made or framed thereunder and for the purposes of offences relating to other provisions of the said Code and the rules, regulations or schemes made or framed thereunder.

In exercise of the powers conferred under Section 136(1) of the Code on Social Security 2020, the Central Government has authorised various officers of the Corporation, including the Director General, Medical Commissioner, Insurance Commissioner, Additional Commissioner, Regional Directors, Deputy Directors, Assistant Directors, Managers, Inspector-cum-Facilitators, Social Security Officers and other specified officials, to institute, defend and pursue suits or other legal proceedings in the name of the Corporation before courts, tribunals or other authorities, including those established under the said Code, wherever such action is considered necessary in the interest of the Corporation.