Daily Archives: April 1, 2016

Premature encashment value of KVP Certificates purchased after 01.4.16 declared

By | April 1, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 29th March, 2016 G.S.R. 353(E).–In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules to amend the Kisan… Read More »

Interest on NSC Purchased after 01.4.2016 declared

By | April 1, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 29th March, 2016 G.S.R. 354(E).—In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the… Read More »

Lucknow Metro gets 450 million Euro loan

By | April 1, 2016

Lucknow Metro gets 450 million Euro loan from European Investment Bank Loan agreement signed in the presence of Prime Minister in Brussels Lucknow Metro will get a loan assistance of 450 million Euros (Rs.3,502 cr) from European Investment Bank (EIB) for its Phase-1A project. An agreement in this regard was signed in Brussels on March… Read More »

Gold Monetisation Scheme made more attractive by Govt

By | April 1, 2016

Gold Monetisation Scheme Liberalized to make it more attractive for potential depositors. Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016. Now, for the… Read More »

Entry fee hike for World Heritage Monument

By | April 1, 2016

Enhancement of Entry fee at Centrally Protected Ticketed Monuments under Archaeological Survey of India It has been decided to enhance the entry fee at 116 Centrally protected ticketed monuments under Archaeological Survey of India. The enhancement comes after a period of more than 15 years as the last increase took place in 2000.  The fee… Read More »

VAT deduction at source in respect of works contract by Govt Dept under Delhi VAT

By | April 1, 2016

DELHI VAT  VAT deduction at source in respect of works contract- advisory to Govt. deptt.  All the government departments have been advised to deduct tax at the source and deposit the same with the Trade & Taxes Department. This Circular has been issued considering the fact that some of the Government Departments are carrying out… Read More »

Prevention of use of non-genuine transferable duty credit scrips or DFIA

By | April 1, 2016

CUSTOMS Prevention of use of non-genuine transferable duty credit scrips or DFIA (Duty Free Import Authorizations) In order to maintain a balance between common prudence, trade facilitation and enforcement and to curb the use of non-genuine transferable duty credit scrips or duty free import authorizations by unscrupulous persons, CBEC vide Circular No. 12/2016-CUS, dated March… Read More »

HP Vat : E- Declaration of tax invoices for inter state transactions

By | April 1, 2016

HIMACHAL PRADESH VAT  Electronic Declaration of tax invoices/ bills/ cash memos for intra-State movement of goods –  Amendment in Rule 61B of Himachal Pradesh Value Added Tax Rules, 2005  Himachal Pradesh Government vide Notification No. EXN-F(10)-7/2011- Vol I dated 28thMarch, 2016 has made it mandatory for e-declaration in Form VAT-XXVI by dealers before dispatching  taxable… Read More »

15CA / 15CB Filing Rules W.e.f 01.4.2016

By | April 1, 2016

Form No 15CA/ 15 CB Form No 15CA / 15 CB : -The CBDT has amended Rule 37 BB of the Income-tax Rules and made following changes  relating to form No 15CA and 15CB which are applicable from today itself i.e. 1st April 2016: Sec 195(6) states that The person responsible for paying to a non-resident,… Read More »

Request to Taxpayers to Avail Facility for Online Rectification

By | April 1, 2016

Request to Taxpayers to Avail Facility for Online Rectification   Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectification requests. Taxpayers who are not… Read More »

Tax avoidance and tax evasion Explained

By | April 1, 2016

Tax avoidance V/s Tax evasion Introduction There is a clear-cut difference between tax avoidance and tax evasion. One is legally acceptable and the other is an offense. Unfortunately however many consultants even in this country do not understand the difference between tax avoidance and tax evasion. Most of the planning aspects that have been suggested… Read More »

TDS on Payment to harvester / transporter of Sugarcane from Farmers field

By | April 1, 2016

Facts of the Case The assessee was engaging services of contractor/s for harvesting, cutting and transporting Sugarcane from the Farmers’ fields to its factory. The amount paid to those contractors was bifurcated under different heads namely cane cutting charges, harvesters’ bonus, transportation charges and transportation commission. Payments made on those amounts were booked as expenditure.… Read More »

Banks not required to submit single report on progress in implementation of Risk Management System/ALM, Risk Based Supervision and Risk Based Internal Audit

By | April 1, 2016

RBI/2015-16/352 DBS.CO.PPD.10887/11.01.005/2015-16 March 31, 2016 The Chairman/ The Chief Executive Officer All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Risk Based Supervision – Follow up of Risk Management Systems in Banks We invite your kind attention to the provisions contained in our Circular No. DBS.CO.PPD.BC/14//11.01.005/2003-04 dated June 26, 2004, in terms of which, banks are… Read More »

Category: RBI

FDI in Insurance enhacned from 26 to 49% under automatic route

By | April 1, 2016

RBI/2015-16/350 A.P. (DIR Series) Circular No.58 March 31, 2016 To All Authorised Dealer Category – I Banks Madam/Sir, Foreign Direct Investment (FDI) in India – Review of FDI policy –Insurance sector Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a… Read More »

Gold redemption option by RBI under Gold Monetisation Scheme 2015

By | April 1, 2016

RBI/2015-16/353 DBR.IBD.BC.89/23.67.001/2015-16 March 31, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Gold Monetisation Scheme, 2015 In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby  directs that the Reserve Bank of India (Gold Monetisation Scheme, 2015) Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22,… Read More »

Character verification prior to appointment in Government service

By | April 1, 2016

Attestation form for verification of character and antecedents prior to appointment in Government service The Department of Personnel & Training (DoPT), Ministry of Personnel, Public Grievances and Pensions has examined the matter related to the proposal for making attestation process citizen friendly. In this regard, it has been decided to place a note on the… Read More »

Child Fare Rule Revised by Railway

By | April 1, 2016

Revised Child Fare Rule becomes applicable for train journey from 21st April, 2016 onwards. Advance booking of reserved tickets under this revised child fare rule has already started in December 2015 for journey date 21st April, 2016 onwards.   Ministry of Railways has decided to revise the child fare rule. Under the revised provision, full… Read More »

Indian Intellectual Property Panorama released by Govt

By | April 1, 2016

Government releases Indian Intellectual Property Panorama A single window interface for information on Intellectual Property and guidance on leveraging it for competitive advantage. That is what the Indian IP Panorama, released by the Government of India today, offers. The portal seeks to increase awareness and build sensitivity towards IP, among stakeholders in the SME sector,… Read More »

Startup India Portal and Mobile App Launched

By | April 1, 2016

Startup India Portal and Mobile App Launched The Startup India portal http://startupindia.gov.in, and mobile app have been launched by Secretary, DIPP, Mr. Ramesh Abhishek in New Delhi today. The key features of the portal and app are the following: Information Availability: The portal and mobile app provide up-to- date information on various notifications/ circulars issued… Read More »