Daily Archives: November 18, 2016

Currency Demonetisation- Boon for the Real Estate and Housing

Currency Demonetisation- Boon for the Real Estate and Housing Demonetisation move to bring correction in property prices This will help realize the dream of ‘Housing for All’  *Vinod  Behl The Modi government’s surgical strike against black money by way of demonetisation of high value currency notes, is set to shake up the real estate sector,… Read More »

Circulation of fake Rs. 10 coin , How to Check genuineness

Reports of circulation of fake Rs. 10 coin Government is aware of the reports of circulation of fake Rs. 10 coin in a number of States/UTs. Two factories were unearthed in Bawana and a case was registered vide FIR No. 816/16 dated 01/10/2016 u/s 243/232/234/235/344/120B IPC P.S. K.N. Katju Marg, Delhi. Fake coins of Rs.… Read More »

Revised DTAA between India and Cyprus Signed

Revised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) Agreement signed today between India and Cyprus A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed today in Nicosia, which will… Read More »

Unaccounted / unexplained income -Section 115BBE Income Tax Applicability

Unaccounted / unexplained income -Section 115BBE of Income Tax Act – Applicability The provisions of section 115BBE of Income Tax Act (India) are as under: ♦             The Finance Act, 2012 inserted section 115BBE in the Income-Tax Act (‘the Act’) to tax unaccounted money represented by the additions covered by sections 68, 69, 69A, 69B,… Read More »

Intangible assets, relevant Indian Accounting Standards (Ind AS) shall apply

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 17th November, 2016 G.S.R. 1075(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to amend Schedule II to the said Act, namely:- 1. In the Companies Act,… Read More »

Revised Draft Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill 2016

Comments / inputs / suggestions on the Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016 invited up to 17th December 2016. The revised Draft “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0), has been uploaded on the website of the Department of… Read More »

PF members Death Claims to be Processed within 07 Days & Retirement Claims to be Settled on Day of Retirement

Death Claims to be Processed within 07 Days and Retirement Claims to be Settled on the Day of Retirement Payment of Statutory Contributions Henceforth only through Internet Banking The Prime Minister of India during the PRAGATI review meeting held on 26th October desired that claims related to death cases be prioritized and expedited and retirement… Read More »

Intermediaries can verify PAN of FPIs online from Income Tax website

CIRCULAR CIR/IMD/FPIC/123/2016 November 17, 2016 To, 1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities. 2. The Depositories (NSDL and CDSL) 3. All Recognized Stock Exchanges 4. KYC Registration Agencies (KRAs) Sir/ Madam, Subject: Review of requirement for copy of PAN Card to open accounts of FPIs 1. Please… Read More »

SEBI clarify trading in securities by employees of AMC(s) & Trustees of Mutual Funds

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2016/124 November 17, 2016 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds   Sir/ Madam, Subject: Investment/trading in securities by employees of AMC(s) and Trustees of Mutual Funds A. Please refer to SEBI circulars dated May 08, 2001, June 20, 2002, July 11, 2003, December 15, 2009 and May… Read More »

DVAT due date extended for online return for second quarter of 2016-17

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH) VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110 002 No.F.7(420)/VAT/Policy/2011/PF/893-98 Dated: 12/11/2016 CIRCULAR NO. 18 of 2016-17 Sub: Filing of online return for second quarter of 2016-17 – extension of period thereof. In partial modification to this department’s Circular No.17 of 2016-17 on the… Read More »

Government unlikely to bring GST bills soon

Government unlikely to bring GST bills soon With the united opposition attacking the ruling dispensation in Parliament over the demonetisation issue, the government is unlikely to bring three bills related to GST in the coming days and hopeful of pushing them in latter half of the Winter session which began today. The government is keen… Read More »

Category: GST

No rates in draft GST Bills that Centre circulates with states

The Centre has circulated the draft goods and services tax (GST) Bills with the states, but it does not contain the four-slab rates agreed to by the GST Council earlier. The Union government has also circulated the draft compensation Bill with states. With a heated debate on in Parliament over the government’s demonetisation move, the… Read More »

Category: GST

Government shares 3 draft GST Bills with states for consultation

The Central government has circulated three draft Bills relating to the Goods and Services Tax (GST) with states for consultation, a senior government official said adding that these will be taken up for discussion in next GST Council meeting on November 24-25. The GST Council will have to clear Central GST (CGST), Integrated GST (IGST)… Read More »

Category: GST

GST FAQ’s in Kannada

GST FAQ’s in Kannada Download GST FAQ’s in Kannada State /India GST Material     GST Enrolment Plan State Wise : Announced by Indian Govt Steps to enrol on GST Common Portal (India) India How to login to GST Common Portal (India) FAQ on GSTN Migration (English) GST-Video Tutorial FAQ on Migration to GST Portal in Hindi… Read More »

Withdrawal for Marriage Max. Rs Limit 2.5 Lakh : Govt Notification

Withdrawal for Marriage Salient Features of Cash Withdrawal for Marriage  From Bank account For wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India. ( As per below Notification of Govt of India dated 18.11.2016… Read More »

Old Bank Note Exchange Limit Rs 2000 w.e.f 18.11.2016 -Govt Notification

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th November, 2016 S.O. 3479(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of… Read More »

Notification No S.O. 3418(E) CORRIGENDUM

MINISTRY OF FINANCE (Department of Economic Affairs) CORRIGENDUM New Delhi, the 9th November, 2016 S.O. 3418(E).—In the notification of the Government of India, Ministry of Finance, Department of Economic Affairs, published vide number S.O. 3407(E), dated the 8th November, 2016, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) — (i) in… Read More »

Bank Notes Exchange over upto Rs 2000 only once per person w.e.f 18.11.2016 : RBI

RBI/2016-17/139 DCM (Plg) No.1302/10.27.00/2016-17 November 17, 2016 The Chairman / Managing Director/Chief Executive Officer, Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign Banks Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks Dear Sir, Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Exchange… Read More »