Daily Archives: July 8, 2016

Tax defaulter information for Income Declaration Scheme 2016

DIRECTORATE OF INCOME TAX (SYSTEMS) ARA CENTRE, GROUND FLOOR, E-2, JHANDEWALAN EXTENSION, NEW DELHI-110 055 F. No. DGIT(S)/ADG(S)-2/IDS/128/2016-17/ Dated 5.07.2016 To The Pr. Chief Commissioner of Income Tax (CCA), Ahmedabad/Bangalore/Bhopal/Bhubaneswar/Chandigarh/Chennai/Delhi /Guwahati/ Hyderabad/ Jaipur/Kochi/Kolkata/Kanpur/Lucknow/Nagpur/Mumbai/Patna/Pune The Commissioner of Income tax (Computer Operations & Admn) Sir/Madam, Subject: Useful information for Income Declaration Scheme, 2016 Kindly recall the video… Read More »

FASTag on fast track: Crosses 10,000

FASTag on fast track: Crosses 10,000 The sale of FASTag, cashless payment mechanism on toll plazas on National highways has crossed 10,000 mark in the month of June 2016. The monthly transaction through Electronic Toll Collection during the month has crossed Rs.1.0 crore. NHAI has rolled out cashless payment mechanism (FASTag) on toll plazas on… Read More »

24.79% growth in Direct Tax Collections for Q1 FY 2016-17

Direct Tax Collections upto June, 2016 indicate net revenue collections of Rs.1.24 lakh crore; registering an increase of 24.79% over the corresponding period last year. The direct tax collections upto June, 2016 indicate net revenue collection of Rs.1.24 lakh crore which is a growth of 24.79% over the corresponding period last year. The main reason… Read More »

Empanelment of Artists/Events with Ministry for Festivals of India Abroad

M/O Culture Invites Proposal /Application for Empanelment of Artists/Events with Ministry for Festivals of India Abroad Ministry of Culture (MoC) is responsible for conducting Festivals of India (FoIs) abroad as part of focused strategy for strengthening international cultural relations and enhancing India’s soft power. This scheme was revived by the Ministry in 2013. The events… Read More »

RBI amended Master Direction on KYC – Operationalisation of Central KYC Registry (CKYCR) and KYC norms for Foreign Portfolio Investors (FPIs)

RBI/2016-2017/11 DBR.AML.BC.No.1/14.01.001/2016-17 July 8, 2016 All Regulated Entities (REs) Dear Sir/Madam, Amendment to Master Direction on KYC – Operationalisation of Central KYC Registry (CKYCR) and KYC norms for Foreign Portfolio Investors (FPIs) In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that… Read More »

Entry of foreign law firms in India :in-principal agreement

The government has set the ball rolling to liberalise legal services, and allow entry of foreign law firms in India. In a meeting chaired by secretary, ministry of law and justice, on Tuesday, there was in-principal agreement among various stakeholders that included representatives of The Bar Council of India, the legal fraternity, and the sector,… Read More »

Green body proposes 22% tax on diesel cars

JULY 5:   Vehicle buyers may face a truly prohibitive tax, going up to 22 per cent of the vehicle cost, on diesel cars if the recommendations of the Environment Pollution (Prevention and Control) Authority (EPCA) are implemented. Taking into consideration the health and environmental concerns, complicated by the lucrative lower taxes on the fuel, EPCA… Read More »

RBI Master Direction – Priority Sector Lending – Targets and Classification

RBI/FIDD/2016-17/33 Master Direction FIDD.CO.Plan.1/04.09.01/2016-17 July 7, 2016 The Chairman / Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks, (excluding Regional Rural Banks)] Dear Sir/ Madam, MASTER DIRECTION-PRIORITY SECTOR LENDING-TARGETS AND CLASSIFICATION The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions/directives to banks on Priority Sector Lending. The Master… Read More »

Regional Rural Banks – Priority Sector Lending – Targets and Classification

RBI/FIDD/2016-17/34 Master Direction FIDD.CO.Plan.2/04.09.01/2016-17 July 7, 2016 The Chairman All Regional Rural Banks Dear Sir/ Madam, MASTER DIRECTION-REGIONAL RURAL BANKS-PRIORITY SECTOR LENDING-TARGETS AND CLASSIFICATION The guidelines for priority sector lending by Regional Rural Banks were revised by the Reserve Bank of India vide circular dated December 3, 2015. The Master Direction enclosed incorporates the updated… Read More »

Understatement of Revenue by Telecom Service Providers

Understatement of Revenue by Telecom Service Providers The Department of Telecommunication has clarified the following information on understatement of revenue by telecom service providers in 2006-07 to 2009-10:- CAG Report on understatement of revenue by six Telecom Service Providers by Rs 46000 crores was received in February 2016. The Report pertains to four years i.e.… Read More »

Subsidy incentives in Northeast for employment generating units

DoNER Ministry to offer subsidy incentives in Northeast for employment generating units: Dr Jitendra Singh Ministry of Development of North-Eastern Region (DoNER) will offer subsidy incentives in Northeast for industrial and other units generating employment. Announcing this on the conclusion of a meeting of the Ministry here this morning, Union Minister of State (Independent Charge)… Read More »