Daily Archives: July 19, 2016

Contract for Project Insight signed by Income Tax Department

Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked on an ambitious computerization plan which developed voluminous databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return (AIR) etc. The large volumes of data necessitated development of a… Read More »

Opening of Bank branches in rural areas in India

Opening of Bank branches in rural areas To promote financial inclusion and to extend the banking network in unbanked areas, general permission has been granted by Reserve Bank of India (RBI) to domestic Scheduled Commercial Banks including Public Sector Banks (excluding Regional Rural Banks) to open branches at any place in the country, without seeking… Read More »

Decline in amount of black money in foreign banks

Decline in amount of black money in foreign banks While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the… Read More »

Detection of black money by Indian Government

Detection of black money by Government Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to specifically and effectively tackle the issue of black money stashed away abroad. This has, inter… Read More »

NPAs in Public Sector Banks From FY 2014 to FY 2016

NPAs IN PSBs The details of Gross Advances, Gross Non-Performing Assets (GNPA) and Gross NPA ratio of Scheduled Commercials Banks (SCBs) and Public Sector Banks (PSBs) for last three years are as under: SCHEDULED COMMERCIAL BANKS (Rs. In crore)   GROSS ADVANCES GNPA GNPA RATIO FY 2014 61,01,775 2,51,060 4.11% FY 2015 66,92,522 3,09,408 4.62%… Read More »

Synchronisation of financial accounting year with calendar year : Govt constituted committee

Synchronisation of financial accounting year with calendar year Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016. The terms of reference (ToR) of the Committee are as under: Examine the merits and demerits of various dates for the commencement… Read More »

Merger of Nationalised banks in India

Merger of Nationalised banks The guiding principle for the consolidation process of banking in India was suggested by Narasimham Committee. According to which any initiative with respect to merger of public sector banks has to come from the Boards of the banks concerned, the extant legal framework, keeping in view the synergies and benefits of… Read More »

Foreign funded NGOs

Foreign funded NGOs Government has cancelled the FCRA registration of NGOs based on the violation of provisions of FCRA, 2010. Government has taken action only in those cases where violations of FCRA have come to notice, specifically if they are reported. Ministry of External Affairs has communicated a write up containing certain views of UN… Read More »

Book on Transfer Pricing [2016 Edition]

Guide To Transfer Pricing With Transfer Pricing Audit (ENGLISH) BUY Specifications of Guide To Transfer Pricing With Transfer Pricing Audit (ENGLISH) (Paperback) BOOK DETAILS Publisher TAXMANN ISBN-10 9350719126 Edition 2016 Publication Year 2016 MAY Language ENGLISH ISBN-13 9789350719121 Binding Paperback

Book on TDS , Advance Tax and Refunds (2016 Edition)

Deduction of Tax at Source with Advance Tax and Refunds as Amended by Finance Act 2016 (English) BUY Specifications of Deduction of Tax at Source with Advance Tax and Refunds as Amended by Finance Act 2016 (English) (Hardcover) BOOK DETAILS Publisher Taxmann Publications (P.) Ltd. ISBN-10 9350719142 Edition Twenty Ninth Publication Year 2016 Language English… Read More »

Section 80QQB of Income-tax Act :Deduction of royalty income, etc., of authors of certain books other than text-books.

Section – 80QQB, Income-tax Act, 1961 ( Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.) Deduction in respect of royalty income, etc., of authors of certain books other than text-books. 80QQB. (1) Where, in the case of an individual resident in India, being an author, the gross total income includes any income, derived by him… Read More »

Competent Authority for Gujarat under Petroleum and Minerals Pipelines (Acquisition of Right of User in Land) Act, 1962

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF PETROLEUM AND NATURAL GAS NOTIFICATION New Delhi, the 13th July, 2016 S.O. 2441(E).—In pursuance of Clause (a) of Section 2 of the Petroleum and Minerals Pipelines (Acquisition of Right of User in Land) Act, 1962 (50 of 1962), the Central Government hereby authorizes the… Read More »

Passport (Entry into India) Amendment Rules 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 18th July, 2016 G.S.R. 702(E).—In exercise of the powers conferred by section 3 of the Passport (Entry into India) Act, 1920 (34 of 1920), the Central Government hereby makes the following rules further to amend the Passport (Entry… Read More »

IRDAI conditions for reinsurance cessions to “Indian Reinsurer”

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 13th July, 2016 F. No IRDAI/RI/18/130/2016.—In exercise of the powers conferred by Sub-section (2) of the Section 101A of the Insurance Act 1938, the Authority, after consultation with the Advisory Committee constituted under section 101B of… Read More »

Health Insurance Scheme for Economically Weaker People

Health Insurance Scheme for Economically Weaker People The Hon’ble Finance Minister in his Budget Speech for 2016-17 on 29.02.2016 announced that “Government will launch a new health protection scheme which will provide health cover up to Rs. One lakh per family belonging to poor and economically weak families”. A proposal in this regard is under… Read More »

Levy of taxes on large Airlines

Levy of taxes on large Airlines As per the National Civil Aviation Policy, 2016, to ensure uniformity and level playing field across various airport operators, future tariffs at all airports will be calculated on a ‘hybrid till’ basis, unless otherwise specified for any project being bid out in future. It is also provided that 30%… Read More »

Section 54F relief allowed even in caseof belated return under sec. 139(4)

IN THE ITAT CHENNAI BENCH ‘A’ G. Ramesh v. Income-tax Officer, Non-Corporate Ward -17(1), Chennai CHANDRA POOJARI, ACCOUNTANT MEMBER AND G. PAVAN KUMAR, JUDICIAL MEMBER IT APPEAL NO. 180/MDS/2016 [ASSESSMENT YEAR 2011-12] JUNE  22, 2016 Related post Section 54F can’t be denied even if house construction Incomplete Cancellation of agreement did not affect Section 54F… Read More »

CA Final Results from May 2003 to May 2016

CA Final Results: May 2003 – May 2016  CA Final Results of MAY 2016 1. Passing percentage of students appearing in Both Group is 11.36%.[Highest in last 7 terms][As per available data].4565 students has successfully passed both groups the numbers are highest among last 9 terms and also 4th Highest in last 27 terms / 14 years. 2. Passing percentage of students only… Read More »

Rs.22,915 crore allocated for Public Sector Banks

Rs.22, 915 crore allocated for the capitalization needs of Public Sector Banks during the year 2016-17 In line with the announcements made under Indradhanush and the Union Budget, Government has undertaken an exercise to assess the capitalization needs of Public Sector Banks during the year 2016-17.  The capital infusion exercise for the current year is… Read More »

Arm’s length price for Assessment Year 2016-2017

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 14th July, 2016 [INCOME TAX] S. O. 2425(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act,1961 (43 of 1961), read with proviso to sub-rule (7)… Read More »

Licensing and Registration of Food Business First Amendment Regulations 2016.

THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] MINISTRY OF HEALTH AND FAMILY WELFARE (FOOD SAFETY AND STANDARDS AUTHORITY OF INDIA) NOTIFICATION New Delhi, the 13th July, 2016 F. No. 2-15015/30/2012.—Whereas the draft of the Food Safety and Standards (Licensing and Registration of Food Businesses) Amendment Regulations, 2015, were published as required under sub-section… Read More »

Facility for Exchange of Notes and Coins-RBI Master Circular

RBI/2016-17/21 DCM (NE) No.G-1/08.07.18/2016-17 July 18, 2016 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir Master Circular – Facility for Exchange of Notes and Coins Please refer to the Master Circular DCM (NE) No.G-2/08.07.18/2015-16 dated July 01, 2015 containing instructions on the facility for… Read More »