RBI Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism

By | August 29, 2016

RBI/2016-17/50 DBR.BP.BC.No.8/21.01.003/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism Please refer to the Discussion Paper on the captioned subject issued on May 12, 2016 for comments of the stakeholders. The Discussion Paper proposed a framework for addressing the concentration risk of the… Read More »

Category: RBI

RBI allowed retired officials for assisting in internal audit

By | August 29, 2016

RBI/2016-17/46 DBS.CO.PPD.05/11.01.005/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Risk- based Internal Audit Please refer to our circular DBS.CO.PP.BC.10/11.01.005/2002-03 dated December 27, 2002 on Risk-based Internal Audit setting out the scope and coverage of Risk-based Internal Audit (RBIA) system in commercial banks. In this connection some banks have represented to… Read More »

Category: RBI

RBI withdraw Master Circular – Collection of Direct Taxes – OLTAS

By | August 29, 2016

Master Circular – Collection of Direct Taxes – OLTAS RBI/2016-17/47 DGBA.GAD.No.458/42.01.034/2016-17 August 25, 2016 To All agency Banks Dear Sir / Madam Master Circular – Collection of Direct Taxes – OLTAS Please refer to our Master Circular DGBA.GAD.No.3/42.01.034/2015-16 dated July 1, 2015 on the above subject. 2. Instructions regarding Online Tax Accounting System (OLTAS) and… Read More »

Category: RBI

Income Declaration Scheme (Third Amendment) Rules 2016

By | August 29, 2016

INCOME DECLARATION SCHEME (THIRD AMENDMENT) RULES, 2016  AMENDMENT IN RULE 3 AND FORM-1 NOTIFICATION NO. SO 2728(E) [NO.74/2016 (F.NO.142/8/2016-TPL)], DATED 17-8-2016 In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes, makes the following rules further… Read More »

5th FAQ on Income Declaration Scheme 2016

By | August 29, 2016

INCOME DECLARATION SCHEME, 2016 – CLARIFICATIONS ISSUED TO FURTHER QUERIES RECEIVED FROM PUBLIC RELATING TO SAID SCHEME CIRCULAR NO.29 OF 2016 [F.NO.142/8/2016-TPL], DATED 18-8-2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three… Read More »

Avoid plastic made National Flag, display paper flags, dispose with dignity

By | August 14, 2016

Avoid plastic made National Flag, display paper flags, dispose with dignity: MHA Advisory Ahead of the Independence Day, the Ministry of Home Affairs has issued an Advisory to the Chief Secretaries / Administrators of all State Governments / UT Administrations, Secretaries of all Ministries / Departments of Govt. of India to ensure strict compliance of… Read More »

Companies (Share Capital and Debentures) Fourth Amendment Rules 2016

By | August 14, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 12th August, 2016 G.S.R. 791(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely:— 1. (1)… Read More »

For smooth GST transition, here’s what must be done

By | August 14, 2016

For smooth GST transition, here’s what must be done The 122nd Constitution Amendment Bill, 2014 which will pave the way for introduction of the Goods and Services Tax laws has finally been approved after numerous consultations. The fact that the Bill was passed unanimously also sends the right signals about the intent to make this… Read More »

Category: GST

Companies needs to upgrade IT system for GST

By | August 14, 2016

Companies May Move to New IT Systems to Tackle GST Challenges Several Indian companies have begun discussions with their IT vendors and tax advisors to upgrade their systems to enable tracking of goods and analysis of tax and other cost implications once the goods and services tax (GST) regime comes into force. Companies are mainly… Read More »

Category: GST

CBDT notify revised form for Declaration under Income Declaration Scheme

By | August 14, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th August, 2016 S.O. 2705(E).— In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 199 of the Finance Act, 2016 (28 of 2016), the Central Board… Read More »

Rent receipts are business income if renting is business of Assessee : Supreme Court

By | August 12, 2016

SUPREME COURT OF INDIA Rayala Corporation (P.) Ltd. v. Assistant Commissioner of Income-tax ANIL R. DAVE AND L. NAGESWARA RAO, JJ. CIVIL APPEAL NOS. 6437 TO 6441 OF 2016 AUGUST  11, 2016 JUDGMENT Anil R. Dave, J. – Being aggrieved by the judgment delivered by the High Court of Madras on 4th October, 2013 in… Read More »

Import Manifest (Aircraft )Amendment Regulations 2016

By | August 12, 2016

Amending Import Manifest (Aircraft )Regulations, 1976 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 108/2016-Customs (N.T.) New Delhi, the11th August, 2016 G.S.R. … (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section 157 of the Customs Act, 1962 (52 of… Read More »

Export Manifest (Aircraft) Regulations, 1976 Amended

By | August 12, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION‑3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 107/2016-Customs (N.T.) New Delhi, dated the 11th August, 2016 G.S.R. (E).- In exercise of the powers conferred by clause (a) of sub-section (2) of section… Read More »

CBEC notifies date of applicability of Excise Returns for Jewellery Manufacturers 

By | August 12, 2016

Specification of 17th August, 2016 as the date on which clause (v) of rule 5 and rule 6 of Central Excise (Amendment) Rules, 2016 notified by Notificaton No. 8/2016- Central Excise (NT) dated 1st March, 2016, shall come into force GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 42/2016- Central New Delhi,… Read More »

Benefits to hill, N- E states to continue under GST

By | August 12, 2016

Benefits to hill, N- E states to continue under GST The 10- year tax holiday given in the form of area- based excise breaks for hill and northeast states will continue under the coming goods and services tax (GST) regime until the sunset date. The Centre is deliberating a compensation mechanism for manufacturing units availing… Read More »

Category: GST

GST had changed global perception about India: FM

By | August 12, 2016

GST passage conveyed positive global cues: FM Finance Minister Arun Jaitley (pictured) said Parliament’s passage of the constitutional amendment Bill on a national goods and services tax (GST) had changed the global perception about India. Credit availability, he added, was achallenge for micro, small and medium enterprises (MSMEs) but amendments Parliament is considering to the… Read More »

Category: GST

Technical Member in NCLAT appointed

By | August 12, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 10th August, 2016 S.O. 2677(E).—In exercise of the powers conferred by section 410 of the Companies Act, 2013, the Central Government hereby appoints Shri Balvinder Singh, as Technical Member in the National Company Law Appellate Tribunal in the pay scale of Rs. 80,000/- (fixed) with effect from… Read More »

Benami Transactions (Prohibition) Amendment Act 2016 Notified

By | August 12, 2016

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 11th August, 2016/Shravana 20, 1938 (Saka) The following Act of Parliament received the assent of the President on the 10th August, 2016, and is hereby published for general information:— THE BENAMI TRANSACTIONS (PROHIBITION) AMENDMENT ACT, 2016 NO. 43 OF 2016 [10th August, 2016.] An Act… Read More »

RBI Draft Circular on Customer Protection

By | August 12, 2016

Date : Aug 11, 2016 The Reserve Bank of India has today placed on its website the Draft Circular on “Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions”, for feedback. Suggestions/comments, if any, on the Draft Circular may be sent by post to the Chief General Manager, Department of Banking Regulation,… Read More »

Supply of Service under GST : Analysis

By | August 12, 2016

Supply of Service under GST Key Points about Supply of Service under Model GST Law Definition of service  cover even immovable property, Intangible property and actionable claim but cover money The explanation has been added in Model GST Law, but is not part of definition of service as given in proposed Article 366(26A) of Constitution of… Read More »

No Adoption to Foreign couples without NOC from CARA

By | August 11, 2016

No Adoption to Foreign couples without NOC from CARA The Ministry of Women and Child Development had issued the Model Guidelines for Foster Care, 2015 to be adopted/adapted by the States/UTs as per their requirement. Central Adoption Resource Authority (CARA) has reported that the indulgence of adoption placement agencies in malpractices in offering children for… Read More »

Capacity Building in Banks and AIFIs : RBI Guidelines

By | August 11, 2016

RBI/2016-17/36 DBR.No.BP.BC.4/21.03.009/2016-17 August 11, 2016 All Commercial Banks and All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Madam / Sir, Capacity Building in Banks and AIFIs The Reserve Bank had constituted a ‘Committee on Capacity Building’ (July 2014) under the Chairmanship of former Executive Director, Shri G Gopalakrishna, with the objective of implementing… Read More »

Category: RBI

Priority Sector Lending status for Factoring Transactions :RBI Guidelines

By | August 11, 2016

RBI/2016-17/37 FIDD.CO.Plan.BC.10/04.09.01/2016-17 August 11, 2016 The Chairman/ Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks (excluding Regional Rural Banks)] Dear Sir/ Madam, Priority Sector Lending status for Factoring Transactions Please refer to Master Direction FIDD.CO.Plan.1/04.09.01/2016-17 dated July 7, 2016 on Priority Sector Lending (PSL) and Guidelines dated December 3, 2014 for setting up of… Read More »

Category: RBI

States may table GST bill in winter Session

By | August 11, 2016

Hopeful that all states will be tabling bills on GST in winter session: Naidu Working overtime to get states on board over the GST following the passage of the Constitution amendment bill in Parliament, the government is keen to bring two bills aimed at implementing the new tax regime in the winter session to meet… Read More »

Category: GST

Govt. notified offences under Customs , Excise and Service tax for SEZ

By | August 11, 2016

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 5th August, 2016 S.O. 2665(E).—In exercise of the powers conferred by sub-section (1) of section 21 of the Special Economic Zones Act, 2005 (28 of 2005) (hereinafter referred as the Act), the Central Government hereby, notifies the offences contained in the under-mentioned sections… Read More »

Taxable Event in GST

By | August 11, 2016

Taxable Event in GST Key Points about Taxable Event in GST As per proposed Article 366 (12A) of Constitution of India,  Goods and Services Tax means a tax on supply of goods or services, or both, except taxes on supply of alcoholic liquor for human consumption Note that the word used is ‘supply’ and not ‘sale’. Thus two separate legal… Read More »

New Pension Scheme and Post-Retirement Medical Schemes for Employees of Food Corporation of India

By | August 11, 2016

Cabinet approves introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of… Read More »

The Factories (Amendment) Bill 2016 approved by Govt.

By | August 11, 2016

The Factories (Amendment) Bill, 2016 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its ex-post facto approval for amendment of Section 64 and section 65 and consequential amendment of section 115 of the Factories Act, 1948 by introducing the Factories (Amendment) Bill, 2016 in the Parliament. The approved amendments will… Read More »

Maternity Benefit Act 1961 Amendment approved by Govt

By | August 11, 2016

Amendments to the Maternity Benefit Act, 1961 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its ex-post facto approval for amendments to the Maternity Benefit Act, 1961 by introducing the Maternity Benefit (Amendment) Bill, 2016 in Parliament. The maternity benefit Act 1961 protects the employment of women during the time… Read More »

e-Return Intermediary :Company Secretaries, Cost Accountants and TRP also allowed

By | August 10, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th August, 2016 S.O. 2670(E).—In exercise of the powers conferred by sub-section (1B) of section 139 of the Income tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of… Read More »

PAN of founder/trustee made Compuslory for registration of charitable or religious trust or institution

By | August 10, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 9th August, 2016 INCOME-TAX S.O. 2671(E).— In exercise of the powers conferred by section 295 read with clause (aa) of subsection (1) of section 12A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby… Read More »

Cong, BJP states to both ratify GST speedily

By | August 10, 2016

Congress party leader Veerappa Moily said the party’s eight state governments would try to ratify the Constitutional amendment to enable a national goods and services tax (GST) as soon as possible. “Our governments will not be an obstacle. It is a win-win situation for all states,” he said. The Lok Sabha on Monday cleared the amendment as passed… Read More »

Category: GST

GST will spare the poor : Modi

By | August 9, 2016

Prime Minister Narendra Modi on Monday tried to sell the goods and services tax (GST) as one that would help small businesses, spare the poor, generate additional jobs and help in regional development. Parliament cleared the Constitution (122nd Amendment) Bill, shifting the focus to states. The government had moved six amendments, including scrapping of 1… Read More »

Category: GST

Know Your Customer Guidelines

By | August 9, 2016

Source : RBI Know Your Customer Guidelines (updated up to December 22, 2014) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines. For further details, please refer to the links which are provided below.) Q 1. What is KYC? Why is it required? Response: KYC means “Know… Read More »