Daily Archives: June 21, 2016

HDFC Bank launches SME e-bank

HDFC Bank, the country’s second largest private sector lender, has launched a digital bank for its small andmedium enterprises  (SME) customers. It aims to grow its market share in the hinterlands with this. “It takes away the hassle of physical availability of a relationship manager and makes banking process faster. We expect this service to… Read More »

Top advance taxpayer charts for Q1 for FY 2016-17

Top advance taxpayer  charts for Q1 for FY 2016-17 The advance tax payments by a sample of the top companies, excluding banks and finance companies based in Mumbai, have seen good growth for the first instalment on Wednesday. However, overall advance tax payment for the quarter remained flat, due to dip in public sector banks’… Read More »

Buy-one-get-one-free deals to come under GST

The model GST law, unveiled by the government last week for stakeholder comments, says that any supply sans any consideration will attract tax. Free samples and gifts offered with purchases as well as popular ‘buy-one-get-one-free’ deals may attract the proposed Goods and Services Tax (GST) levy which government plans to roll out from April 2017.… Read More »

Category: GST

Govt Clarify news report of Arrest of Tax Defaulters

Ministry of Finance 21-June, 2016 Clarification regarding News Report of Arrest of Tax Defaulters Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though… Read More »

ICAI website for help on Income Declaration Scheme 2016

Income Declaration scheme 2016 The Institute of Chartered Accountants of India has started a new website  http://idshelpline.icai.org/ to help on Income Declaration scheme 2016 You can also post your Query on Income Declaration scheme 2016 Related Post Form 1 efiling steps -Income declaration scheme 2016 Form for Declaration under Income Declaration Scheme 2016 Income Declaration Scheme 2016 analysis… Read More »

ICAI Advisory for Members & Students in respect of a fake website

June 20th, 2016 Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and Public at Large This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to the official website of… Read More »

Tariff concessions for goods imported from Malaysia under IMCECA

Seeks to further amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 30.06.2016 40/2016-Cus,dt. 21-06-2016

PPF Withdrawal Rules

PPF Withdrawal Rules Section – 6 of Public Provident Fund Act 1968 Withdrawals. (1) A subscriber shall be entitled to make withdrawals from the amount standing to his credit in the Fund (including any interest accrued thereon) to such extent and subject to such terms and conditions as may be specified in the Scheme :… Read More »

14 Lakh Antiquities Documented Uploaded on NMMA Website

14,00,740 Antiquities Documented & Data of 3.15 Lakhs of BH&S and Antiquities Uploaded on NMMA Website  A total of 14,00,740 antiquities have been documented and Data of 3.15 lakhs of Built Heritage & Sites (BH&S) and antiquities has been uploaded on National Mission on Monuments and Antiquities (NMMA) website. NMMA has documented 61,132 antiquities so… Read More »

Download TDS Certificates from Traces within due Date

TDS Certificates It is mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal). Penalty for not issuing TDS Certificates downloaded from Traces within Due Date Failure to comply with the provisions of the Act will attract… Read More »

Tax Audit limit of Rs 2 Crore apply only to presumptive taxation scheme

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to… Read More »

Non furnishing of return in case of Foreign Contribution , Officer competent to Compound

MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 16th June, 2016 S.O. 2133(E).—In exercise of the powers conferred by sub-section (1) of Section 41 read with section 35 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010) and rule 17 of the Foreign Contribution (Regulation) Rules, 2011 and in supersession of the notification of… Read More »

Reduction in Port Charges for Coastal Ro-Ro Service by Mumbai Port

Mumbai Port Announces Reduction in Port Charges for Coastal Ro-Ro Service In order to encourage the coastal movement of cargo specially automobiles by Ro-Ro ships and to meet the demand of the Auto Original Equipment Manufacture and Ro-Ro vessels operators, Mumbai Port Trust has reduced vessel related charges by about 10% on the applicable Scale… Read More »

Indian Economic Service/Indian Statistical Service Examination 2016

Indian Economic Service/Indian Statistical Service Examination 2016   On the basis of the result of the written part of the Indian Economic Service/Indian Statistical Service Examination 2016 held by the U.P.S.C. in May, 2016, the candidates with the under mentioned Roll Numbers have qualified for Interview/Personality Test. The candidature of all these candidates who have qualified… Read More »

No Fee for MSME Registration

No Fee for MSME Registration Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has been clarified in view of some complaints received by the ministry, regarding fee charged by certain agencies for facilitating the… Read More »

e-auction of 266 Private FM Radio Channels in 92 Cities

Ministry of I&B issues Notice Inviting Applications (NIA) for e-auction of 266 Private FM Radio Channels in 92 Cities in Second Batch of FM Phase III Ministry of Information and Broadcasting, Government of India today issued the Notice Inviting Applications (NIA) for e-auction of 266 FM Radio channels in 92 cities in the second batch… Read More »

100% FDI in E commerce, Defence, Aviation allowed

Major impetus to job creation and infrastructure: Radical changes in FDI policy regime; Most sectors on automatic route for FDI 20.06.2016 The Union Government has radically liberalized the FDI regime today, with the objective of providing major impetus to employment and job creation in India. The decision was taken at a high-level meeting chaired by… Read More »