Daily Archives: August 29, 2016

Government may advance Parliament session to get GST laws approved

Eager to meet the April 1 target to roll out the landmark Goods and Services Tax+ (GST), the government may advance Winter Session of Parliament by a fortnight to get supporting legislations passed, leaving sufficient time for implementation of the new indirect tax regime. Winter Session of Parliament is normally convened in the third or… Read More »

Category: GST

Amended DTAA between India and Mauritius ; Protocol notified

Notification of Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains, and for the encouragement of mutual trade and investment between India and Mauritius The Protocol for amendment of the Convention for the avoidance of double taxation… Read More »

RBI Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism

RBI/2016-17/50 DBR.BP.BC.No.8/21.01.003/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Guidelines on Enhancing Credit Supply for Large Borrowers through Market Mechanism Please refer to the Discussion Paper on the captioned subject issued on May 12, 2016 for comments of the stakeholders. The Discussion Paper proposed a framework for addressing the concentration risk of the… Read More »

Category: RBI

RBI allowed retired officials for assisting in internal audit

RBI/2016-17/46 DBS.CO.PPD.05/11.01.005/2016-17 August 25, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Risk- based Internal Audit Please refer to our circular DBS.CO.PP.BC.10/11.01.005/2002-03 dated December 27, 2002 on Risk-based Internal Audit setting out the scope and coverage of Risk-based Internal Audit (RBIA) system in commercial banks. In this connection some banks have represented to… Read More »

Category: RBI

RBI withdraw Master Circular – Collection of Direct Taxes – OLTAS

Master Circular – Collection of Direct Taxes – OLTAS RBI/2016-17/47 DGBA.GAD.No.458/42.01.034/2016-17 August 25, 2016 To All agency Banks Dear Sir / Madam Master Circular – Collection of Direct Taxes – OLTAS Please refer to our Master Circular DGBA.GAD.No.3/42.01.034/2015-16 dated July 1, 2015 on the above subject. 2. Instructions regarding Online Tax Accounting System (OLTAS) and… Read More »

Category: RBI

5th FAQ on Income Declaration Scheme 2016

INCOME DECLARATION SCHEME, 2016 – CLARIFICATIONS ISSUED TO FURTHER QUERIES RECEIVED FROM PUBLIC RELATING TO SAID SCHEME CIRCULAR NO.29 OF 2016 [F.NO.142/8/2016-TPL], DATED 18-8-2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued three… Read More »