Daily Archives: September 1, 2016

Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016

By | September 1, 2016

RBI/DNBR/2016-17/44 Master Direction DNBR.PD.007/03.10.119/2016-17 September 01, 2016 Master Direction – Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the financial system to the… Read More »

Category: RBI

Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016

By | September 1, 2016

RBI/DNBR/2016-17/45 Master Direction DNBR. PD. 008/03.10.119/2016-17 September 01, 2016 Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 The Reserve Bank of India (the Bank), having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank… Read More »

Category: RBI

Priority Sector Lending – Targets and Classification: Lending to non-corporate farmers – System wide average of last three years

By | September 1, 2016

RBI/2016-17/55 FIDD.CO.Plan.BC.14/ 04.09.01/2016-17 September 1, 2016 The Chairman/ Managing Director Chief Executive Officer [All Domestic Scheduled Commercial Banks (excluding Regional Rural Banks)] Dear Sir/ Madam, Priority Sector Lending – Targets and Classification: Lending to non-corporate farmers – System wide average of last three years It was communicated vide our Circular No. FIDD.CO.Plan.BC.08/04.09.01/2015-16 dated July 16,… Read More »

Category: RBI

RBI Guidelines on Sale of Stressed Assets by Banks

By | September 1, 2016

RBI/2016-17/56 DBR.No.BP.BC.9/21.04.048/2016-17 September 1, 2016 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir, Guidelines on Sale of Stressed Assets by Banks The Reserve Bank of India, as part of the Framework for Revitalising Distressed Assets in the Economy, had amended certain guidelines relating to sale of non-performing assets (NPAs) by banks to Securitisation… Read More »

Category: RBI

Advances against Term Deposits of Non-members

By | September 1, 2016

RBI/2016-17/57 DCBR.BPD (PCB).BC.No.3/12.05.001/2016-17 September 1, 2016 The Chief Executive Officers Salary Earners Primary (Urban) Co-operative Banks Dear Sir/Madam, Advances against Term Deposits of Non-members In terms of our circular UBD.No.BL.(SEB)5A/07.01.00-2001/02 dated August 8, 2001, Salary Earners’ Primary (Urban) Co-operative Banks (SEBs) applying for permission to open branches should ensure, inter alia, that their byelaws do… Read More »

Category: RBI

Free Annual Credit Report to Individuals

By | September 1, 2016

RBI/2016-17/58 DBR.CID.BC.No.11/20.16.042/2016-17 September 1, 2016 All Credit Information Companies Dear Sir/Madam Free Annual Credit Report to Individuals As you are aware, the Committee to Recommend Data Format for Furnishing of Credit Information to Credit Information Companies (Chairman: Shri Aditya Puri) constituted by the Reserve Bank of India (RBI) had recommended that each customer of a… Read More »

Category: RBI

Merchant Discount Rates (MDR) structure – unbundling of charges

By | September 1, 2016

RBI/2016-17/59 DPSS.CO.PD No.639/02.14.003/2016-17 September 1, 2016 All Scheduled Commercial Banks including RRBs/ Co-operative Banks/ State Co-operative Banks/ Central Co-operative Banks/ Authorised Card Payment Networks Dear Madam / Sir, Merchant Discount Rates (MDR) structure – unbundling of charges A reference is invited to our circulars DPSS.CO.PD.No.2361/02.14.003/2011-12 dated June 28, 2012 and DPSS.CO.PD.No.27/02.14.003/2012-13 dated July 04, 2012… Read More »

Category: RBI

Rebate of State Levies on Export of Garments

By | September 1, 2016

Circular No. 43/2016 – Customs F.No.605/42/2016-DBK (Pt.II) Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Drawback Division New Delhi, dated 31st August 2016 To All Pr. Chief Commissioners / Pr. Directors Generals of CBEC All Chief Commissioners / Directors General of CBEC All Pr. Commissioners / Commissioners of… Read More »

Income tax Notices to contain e-mail Ids and Phone numbers : CBDT

By | September 1, 2016

F. No. 225/214/2016/ITA.II. Government of India Ministry of Finance Department of Revenue (CBDT) North-Block, New Delhi, Dated:  30th of August, 2016 To All Pr. Chief Commissioners of Income-tax/ Pr.CCIT (International-tax) All Directors General of lncome-tax/CCIT (Exemptions) Sir/Madam Subject: Step to facilitate taxpayers electronic interface with the income-tax department- regd.- This has reference to CBDT letter in F.No.Dir… Read More »

No penalty for failure to furnish AIR Information in Time :ITAT

By | September 1, 2016

Held It is an acknowledged and judicially recognized fact that the tax laws of this country are complex and complicated and often require for compliance, therewith the assistance of tax practitioners specialising in this field, is a well known fact, and it is equally well known fact that the legislation in this field undergoes so… Read More »

TDS Provisions under GST

By | September 1, 2016

Tax deduction at source under GST Clause 37 of GST Model Law, 2016 make provisions for GST TDS. GST TDS provisions can apply where total value of such supply, under a contract, exceeds rupees ten lakh. The Central or a State Government may mandate following persons to deduct GST TDS @ 1% of taxable goods… Read More »

Category: GST

Government notifies National Apprenticeship Promotion Scheme

By | September 1, 2016

Government notifies National Apprenticeship Promotion Scheme Government has notified National Apprenticeship Promotion Scheme. It is for the first time a scheme has been notified to offer financial incentives to employers. The Scheme has an outlay of Rs. 10,000 crore with a target of 50 Lakh apprentices to be trained by 2019-20.Apprenticeship Training is considered to… Read More »

Returns under GST

By | September 1, 2016

Returns under GST Return is very important aspect of GST as all control over tax paid and input tax credit availed is on the basis of return filed by taxable person. The returns are to be filed electronically. Taxable person has to first furnish details of outward supplies within 10 days from close of month… Read More »

Category: GST

Special Advance Authorisation Scheme for export of Articles of Apparel and Clothing Accessories

By | September 1, 2016

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi-110011. Trade Notice No. 15/2016, dated 31.8.2016 To, All Regional Authorities of DOFT Members of Trade Sub: Special Advance Authorisation Scheme for export of Articles of Apparel and Clothing Accessories -reg. Attention is invited to Notification… Read More »

CPC Bengaluru to exercise concurrent powers for declaration u/s 183

By | September 1, 2016

F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** Circular No. 31 of 2016-Income Tax New Delhi, dated 30th August, 2016 In continuation to Circular No. 19 of 2016 dated 25th May, 2016, the Commissioner of Income-tax, Centralized Processing Centre, Bengaluru, headquartered at Bengaluru, Karnataka shall exercise the… Read More »

Extension of due date for quarterly furnishing of 15G/15H declarations

By | September 1, 2016

F.No. DGIT(S)/CPC(TDS)/DCIT/15GH /2016-17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax(Systems) New Delhi. Notification No. 10/2016-Income Tax New Delhi,  31st August, 2016 Subject: Extension of due date for quarterly furnishing of 15G/15H declarations –reg 1. The due date for quarterly furnishing of 15G/15H declarations received by the payer from… Read More »

Tax invoice and credit/debit notes under GST

By | September 1, 2016

Tax invoice and credit/debit notes under GST A registered taxable person supplying- (i) taxable goods shall issue, at the time of supply, a tax invoice showing the description, quantity and value of goods, the tax charged thereon and such other particulars as may be prescribed (ii) taxable services shall issue a tax invoice, within the… Read More »

Registration under GST

By | September 1, 2016

REGISTRATION UNDER GST Transitional provisions for existing taxable persons Existing taxable persons will be given provisional registration certificate. It will be valid for six months. They will submit required details. Then final registration certificate under GST will be issued – clause 142 of GST Model Law, 2016. Person liable to be registered under GST  As… Read More »

Category: GST