Daily Archives: March 3, 2016

Govt increased rebate of Income tax under section 87A

Finance Bill 2016 Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an… Read More »

Rationalization of section 56 of the Income-tax Act

Finance Bill 2016 Rationalization of section 56 of the Income-tax Act The existing provisions of clause(vii) of sub-section 2 of section 56 of the Act provide for chargeability of income from other sources in case any money, immovable property or other property with or without consideration in excess of Rs 50,000 is received by an… Read More »

RBI Master Directions 2016 on Interest Rate on Deposits

RBI/DBR/2015-16/19 Master Direction DBR. Dir. No.84/13.03.00/2015-16 March 03, 2016 Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 In exercise of the powers conferred by conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient… Read More »

Category: RBI

RBI Master Direction 2016 on Interest Rate on Advances

RBI/DBR/2015-16/20 Master Direction DBR.Dir.No.85/13.03.00/2015-16 March 03, 2016 Master Direction – Reserve Bank of India (Interest Rate on Advances) Directions, 2016 In exercise of the powers conferred by conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the… Read More »

Highlights of Railway Budget 2016-17 in Q & A Format

Highlights of Railway Budget 2016-17 in Questions and Answers Format (Q & A Format) For the Convenience, the Highlights of Railway Budget, 2016-17 have been complied in questions and answers format which is given below : –  Rail Budget 2016-17 What is the theme of this Budget? To Reorganise, Restructure and Rejuvenate Indian Railways. A… Read More »

Govt abolished Interview for Group C and D Services

Abolition of Interview for Group C and D Services The Central Government has decided to dispense with the interview for all Group C (including Group D) and non-gazetted Group B category in Central Government by 31.12.2015. Accordingly, instructions have been issued to the Staff Selection Commission mandated with the recruitment of mainly Group B (Non-Gazetted)… Read More »

CBDT clarifies provisions of the Income tax for reducing litigation and easing burden of compliance

CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance   The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation. It has… Read More »

ITAT can rectify mistake apparent from record within 6 months

 Mistake apparent from record Finance Bill 2016 proposed to amend Section 254(2) to provide that the Appellate Tribunal may rectify any mistake apparent from record in its order at any time within 6 months (before Finance Bill 2016 this period was 4 years ) from the end of month in which order was passed Amendment… Read More »

CUSTOMS Amendments Proposed by Budget 2016

CUSTOMS Amendments Proposed by Budget 2016 Section 2(43) has been amended so as to include Special Warehouse licensed under Section 58A for enabling storage of specific goods under physical control of the department, as control over the other types of warehouses would be only record based. Section 25 is being amended so as to omit… Read More »

Amendment in Service Tax by Budget 2016

Amendment in Service Tax Amendments effective from 01.03.2016 Exemption withdrawn Exemption with respect to construction, erection, commissioning or installation of original works pertaining to monorail or metro in respect of contracts entered into on/after 01.03.2016, has been withdrawn. New Exemptions Following services have been exempted: Services by way of construction, erection, commissioning, etc. in respect… Read More »

Amendments in Central Excise as per Budget 2016

Central Excise Act, Amendments made effective immediately  The Clean Energy cess is to be renamed as Clean Environment cess. The effective rate of Clean Energy cess proposed to be increased from Rs.200 per tonne to Rs.400 per tonne. Infrastructure cess is to belevied on motor vehicles under heading 8703 subject to certain exceptions. Further, this… Read More »

RBI Master Circular on Basel III Capital Regulations – Revision

Source Reserve Bank of India RBI/2015-16/331 DBR.No.BP.BC.83/21.06.201/2015-16 March 1, 2016 All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam / Sir, Master Circular – Basel III Capital Regulations – Revision Please refer to Master Circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’. The treatment of certain balance sheet… Read More »

New website of National Commission for Scheduled Tribes

Jual Oram Launches New Website of NCST Union Minister for Tribal Affairs Shri Jual Oram launched the revamped website “http://www.ncst.gov.in” of National Commission for Scheduled Tribes (NCST) in New Delhi today. Speaking on the occasion the Minister appreciated the efforts put in by NCST officials in the preparation of the new website. The Minister said… Read More »

Govt Online Initiative for LPG Distribution

Online Initiative for LPG Distribution The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that online services to LPG consumers are provided through www.Mylpg.in which provides various services under single umbrella such as Web Booking with online payments, Online application for New… Read More »

Govt steps for Monitoring of Grievances of Public

Monitoring of Grievances The total number of grievances received on the online Centralized PublicGrievance Redress and Monitoring System(CPGRAMS) in respect of Central GovernmentMinistries/ Departments during the last four years are as under:- _ Year No. of Grievances received 2012 176126 2013 209637 2014 270255 2015 881132   The increase is due to a number of… Read More »

Reservation in Promotion

Reservation in Promotion The instructions issued by Department of Personnel & Training provide for reservation in promotion to persons belonging to Scheduled Castes (SCs) and Scheduled Tribes (STs) in posts in the Central Government upto the lowest rung of Group ‘A’. These instructions are also being implemented by Central Public Sector Undertakings, wherever reservation in… Read More »

Time Taken to Dispose Appeal under RTI Act

Time Taken to Dispose Appeal As per the Right to Information Act, 2005 it is mandatory on the part of Public Information Officer either to provide the information or reject the request for any of the reasons specified by the RTI Act within 30 days of receipt of the request. However, information concerning life or… Read More »

Laser Walls along riverine stretches of India-Pakistan Border

Laser Walls along riverine stretches of India-Pakistan Border Border Security Force (BSF) has taken various measures to check the infiltration of the terrorists along Indo-Pakistan border. Installing laser walls is one of the integrated measures taken by BSF. The laser technology developed by BSF has been designed to cover all the shortcomings experienced in the… Read More »

Passports to Children

Passports to Children The Government has already put in place a liberal policy for issue of passports to children of single parents whereby they can obtain passports for their minor children by furnishing an affidavit in the form of Annexure ‘C’ in case of children disowned by other parent or children born out of wedlock;… Read More »

Emigration clearances granted during last 3 years

Migration of Indians Data about global migration of Indian nationals is not maintained / available in this Ministry. Data about the number of Indian workers who emigrated through Emigration Clearance to 18 notified Emigration Clearance Required (ECR) countries is available with this Ministry. Data for emigration clearances granted during the last three years is as… Read More »

Indo-Iran Ties

Indo-Iran Ties India welcomed the announcement of lifting of nuclear-related sanctions against Iran in January 2016. External Affairs Minister, in a letter to her Iranian counterpart, stated that the milestone represented triumph of diplomacy and signalled a new chapter of peace, progress and prosperity for Iran and our region opening up vast opportunities for our… Read More »

Adoption of Monuments by Corporate Houses

Adoption of Monuments by Corporate Houses The Government of India encourages Public Private Partnership (PPP) for conservation, restoration and environmental development of protected monuments and sites under the aegis of National Culture Fund (NCF), a Trust under the Ministry of Culture. A few Corporate Houses and public sector units have come forward for the maintenance… Read More »

Conversion of Heritage Sites into Tourist Spots in Maharashtra

Conversion of Heritage Sites into Tourist Spots in Maharashtra The Archaeological Survey of India (ASI) is responsible for protection, conservation and maintenance of monuments/sites in the country which have been declared as of National importance. Besides this, providing basic facilities/amenities (e.g. drinking water, toilet blocks, facilities for physically challenged, pathways, cultural notice boards/signage, vehicle parking,… Read More »

Govt Steps to remove Obstacles of startup India Mission

Steps to Address Obstacles Under’startup India’ Mission   Local Circles is a social media site which keeps conducting informal surveys on various issues.  Government policies cannot be framed on the basis of such informal surveys.  The Government, however, has identified regulatory reforms which aim at reducing inefficiencies and corruption as its top most priority. A number… Read More »

India to be developed as MRO hub of Asia

Civil Aviation Minister says Budget 2016-17 has paved the way for developing India the MRO hub of Asia. The Minister of Civil Aviation Shri P Ashok Gajapathi Raju has said that the Budget 2016-17 has paved the way for developing India as a Maintenance, Repair and Overhauling (MRO) hub of Asia. Speaking to media persons … Read More »

India signs MOU with Japan and Russia for Railway Projects

MoUs with Japan and Russia in the various fields of Railways The Union Cabinet chaired by the Prime Minister Shri Narendra Modi was today apprised of the following Memorandum of Cooperation (MoC) and Memorandum of Understanding (MoUs):- (i)      The MoC signed between   Ministry of Railways (MoR) and Ministry of Land, Infrastructure, Transport and Tourism… Read More »