Daily Archives: November 16, 2016

Merger of Rail Budget With Union Budget of India -Key features

By | November 16, 2016

Merger of Rail Budget With Union Budget The Government has decided to merge Rail Budget with the Union Budget from budget year 2017-18. The merger of Railway Budget with General Budget is based on the recommendations of the Committee headed by Shri Bibek Debroy, Member, NITI Aayog and a separate paper on ‘Dispensing with the… Read More »

Insurance Cover For Railway Passengers

By | November 16, 2016

Insurance Cover For Railway Passengers An Optional Travel Insurance Scheme on a pilot basis for one year has been launched w.e.f 01/09/2016 for the railway passengers who book e-ticket through official website of Indian Railway Catering & Tourism Corporation (IRCTC). Under the scheme reserved passengers who expire or are disabled permanently or partially due to… Read More »

Aadhaar Toll-Free Helpline No. 1947 Launched

By | November 16, 2016

Revamped Aadhaar Toll-Free Helpline No. 1947 Launched 1947 to bring convenience to Aadhaar holders, provide solutions anytime, anywhere With the growing use of Aadhaar in transactions related to services like Banking, Government Welfare Schemes, etc., the Unique Identification Authority of India (UIDAI), launched a revamped version of its Toll-free helpline number: 1947, to help residents… Read More »

Rule 114E -Income Tax Rules After Amendment 15.11.2016

By | November 16, 2016

Rule – 114E, Income-tax Rules 1962 (After Amendment vide Notification No G.S.R. 1068(E) dated 15.11.2016) 9 [Furnishing of statement of financial transaction.9a 114E. (1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A… Read More »

Rule 114B of Income Tax Rules after Amendment 15.11.2016

By | November 16, 2016

Rule 114B of Income Tax Rules ( Rule 114B of Income Tax -Amended vide Notification G.S.R. 1068(E) Dated 15.11.2016 and Notification No G.S.R. 14(E) Dated 06.01.2017 ) CBDT has amended Rule 114B making quoting of PAN mandatory for cash deposits exceeding Rs. 50,000 in one day or exceeding Rs. 2.5 Lacs during 9 Nov. 2016 to 30 Dec.… Read More »

Taxman asked details of Cash Deposit Exceeding Rs 2.5 Lakh in Bank A/c -Notification 15.11.2016

By | November 16, 2016

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th November, 2016 G.S.R. 1068(E).—In exercise of the powers conferred by section 285BA, read with section 295 of the Incometax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the… Read More »

RBI asked Regional Rural Banks to follow Census data 2011

By | November 16, 2016

RBI/2016-17/134 DBR.RRB.BC.No.36/31.01.002/2016-17 November 16 , 2016 All Regional Rural Banks Dear Sir / Madam, Section 23 of the Banking Regulation Act, 1949 – Master Circular on Branch Licensing – Census data 2011 Please refer to our Master circular on Branch Licensing DBR.CO.RRB.BL.BC.No.17/31.01.002/2015-16 dated July 1, 2015. As the Census data for 2011 are available in… Read More »

Growing of plants in nursery/Pots is an agricultural activity :HC

By | November 16, 2016

The appellate authority has relied on the decision of CIT v. Green Gold Tree Farmers (P.) Ltd.[2008] 299 ITR 262 (Uttarakhand),wherein it has been held that sale proceeds of plants raised in nursery on land belonging to the assessee constitute agriculture income. The appellate authority has also referred to the decision of a Division Bench… Read More »

Steps for Migration of Uttarakhand VAT dealers to GSTN portal

By | November 16, 2016

Migration of Uttarakhand VAT dealers to GSTN portal By Order number 4340 Dated 09.11.2016, instruction regarding Data Migration of existing registered dealers to GST has been issued by the commissioner. For more information, kindly follow the link below……….   State /India GST Material     GST Enrolment Plan State Wise : Announced by Indian Govt… Read More »

4 Keys Points about Exchange of Old Bank Notes -Demontization

By | November 16, 2016

Demontization- Exchange of Old Bank Notes 1) No charges on multiple withdrawals from ATM: Under existing norms, bank charges fee for more than 3 withdrawal from ATM. However, due to withdrawal limit of Rs 2500 per day, people are forced to do multiple transactions. Thus, in order to provide relief to them, it has been decided… Read More »

Deferred payment of Customs duty

By | November 16, 2016

Circular No. 52/2016-Cus F.No.450181/2016-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs) New Delhi, dated the 15th November, 2016 To All Principal Chief Commissioners/Chief Commissioners of Customs /Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise, All Principal Directors General/ Directors General, All Principal… Read More »

Revised IDS 2016 declaration due to genuine Mistake : CBEC Clarify

By | November 16, 2016

Instruction No.12 of 2016 F.No.370142/8/2016-TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, the 11th November, 2016 To, All Principal Chief Commissioners of Income-tax Subject: – The Income Declaration Scheme, 2016 (the Scheme) -reg. Instances have been reported by the field authorities that… Read More »

Notice from Income Tax to Taxpayers : Intimate Cash in Hand on 08.11.2016

By | November 16, 2016

People are receiving notice u/s 133(6) of Income Tax to intimate them Cash in Hand as on 31st March, 2016 and 8th November, 2016. Extract from Notice: SUB: Request for information u/s 133(6) regd You may be aware that Government of India vide their Notification dated 8 November 2016 have withdrawn the Legal Tender status… Read More »

MVAT Notification on Acceptance of old Rs 500/ 1000 Bank Notes

By | November 16, 2016

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya Mumbai 400 032, dated the 12th November 2016 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2000. No. VAT. 1516/CR-153/Taxation-1.— Whereas, the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005… Read More »

GST Bill and Other legislative agendas of Govt of India for Winter Session

By | November 16, 2016

Ministry of Parliamentary Affairs 15-November, 2016 PM urges Parties to work together to change negative perception of people about politicians   PM calls for discussion on the State funding of elections and the simultaneous polls  Finance Minister says Government was fully prepared for withdrawal of high value notes despite secrecy requirements Government holds All Party… Read More »

PM Modi Key Decision on Exchange of Old Bank Notes 15.11.2016

By | November 16, 2016

The Prime Minister Shri Narendra Modi reviewed the position for the second consecutive day yesterday regarding the smooth supply and availability of currency notes; Among major decisions taken during the Meeting include to continue to give highest importance to ensure convenience for the public; Use of Indelible ink for over the counter exchange against old… Read More »

Inter-Linking of Rivers-Govt Approved constitution of Special Committee

By | November 16, 2016

Cabinet approves Status-cum-Progress Report and constitution of “Special Committee for Inter-Linking of Rivers” in compliance of judgment of Supreme Court The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Status-cum-Progress Report and constitution of “Special Committee for Inter-Linking of Rivers” in compliance of Supreme Court judgment dated… Read More »

A boost to farmers income :MSP for Rabi Crops of 2016-17 Approved

By | November 16, 2016

A boost to farmers income Cabinet approves enhanced MSP for Rabi Crops of 2016-17 season Announces Bonus for Gram, Masur, Rapseed/Mustard and Safflower cultivation The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its approval for the increase in the Minimum Support Prices (MSPs) for all Rabi Crops… Read More »

RBI asks Cooperative Banks to ensure Strict Compliance to its Instructions

By | November 16, 2016

RBI asks Cooperative Banks to ensure Strict Compliance to its Instructions Date : Nov 15, 2016 There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve… Read More »

Procedure for putting indelible ink on finger of customers going to Bank for Exchange of Old Bank Notes

By | November 16, 2016

RBI/2016-17/133 DCM (Plg) No.1280/10.27.00/2016-17 November 15, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir Standard Operating Procedure (SOP) for putting indelible ink on the finger of the customers coming to a bank branch… Read More »