Daily Archives: November 29, 2016

Various Loan Schemes for Minorities Self-Employment

By | November 29, 2016

Various Loan Schemes for Minorities Self-Employment National Minorities Development and Finance Corporation (NMDFC), a Central Public Sector Enterprise under this Ministry provides concessional loans to minorities for self-employment and income generating ventures, through the State Channelising Agencies (SCAs) nominated by the respective State Governments/UT Administration.For availing assistance under NMDFC schemes, the annual family income eligibility… Read More »

UPSC declared Result of Engineering Services Examination 2016

By | November 29, 2016

Result of Engineering Services Examination, 2016 Held by UPSC Declared Based on the results of the written part of the Engineering Services Examination, 2016 held by the UNION PUBLIC SERVICE COMMISSION in May 2016 and the interviews for Personality Test held in September-November, 2016, the following are the lists, in order of merit, of candidates… Read More »

ICAI Suggestions Invited for Revised Draft Model GST, IGST & Compensation Law.

By | November 29, 2016

Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us. CBEC has now released revised draft Model GST Law in the public domain. The same has been hosted at the below link: http://idtc-icai.s3.amazonaws.com/download/draft-model-gst-law-25-11-2016.pdf In this regard, we… Read More »

Category: GST

Registration Form for Insolvency Professional made live

By | November 29, 2016

Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI – (29-11-2016) The Indian Institute of Insolvency professionals of ICAI (IIIPI), a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and… Read More »

Lok Sabha Passed Bill to Tax Black Money / Undisclosed Income

By | November 29, 2016

Lok Sabha Passed Bill to Tax Black Money / Undisclosed Income Download The Taxation Laws (Second Amendment) Bill, 2016 as passed by Lok Sabha on 29.11.2016 Related Post The Taxation Laws (Second Amendment) Bill, 2016 Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 New Taxation Bill to tax undisclosed income introduced in Lok… Read More »

Point of Sale (POS) Devices exempted from Central Excise Duty till March 31, 2017.

By | November 29, 2016

Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31, 2017. The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments.… Read More »

Permanent residency status for foreigners in India

By | November 29, 2016

Permanent residency status for foreigners The Government has decided to grant Permanent Residency Status (PRS) for 10 years with multiple entry to foreign investors making investment of minimum of Rs. 10 crores to be brought within 18 months or Rs. 25 crores to be brought within 36 months. PRS will also be granted to the… Read More »

RBI releases ‘Quarterly Statistics on Deposits & Credit of Scheduled Commercial Banks:

By | November 29, 2016

RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2016’ Date : Nov 29, 2016 The Reserve Bank of India released today Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) as on September 30, 2016. The data for this quarterly survey has been collected from all SCBs including… Read More »

Category: RBI

FIRs in public domain by CBI

By | November 29, 2016

CBI starts to file FIRs in public domain New Delhi: CBI has started publishing FIRs on its website, a step which comes in compliance with the Supreme Court order directing every police force to publish FIR records within 24 hours of registration. CBI Director Anil Sinha The agency, which had been citing exemption from RTI Act, whenever asked… Read More »

Guidelines for functioning of Stock Exchanges & Clearing Corporations in IFSC ( International Financial Services Centre )

By | November 29, 2016

CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2016/125 November 28, 2016 All Stock Exchanges and Clearing Corporations in International Financial Services Centre Dear Sir/Madam Guidelines for functioning of Stock Exchanges and Clearing Corporations in International Financial Services Centre (IFSC) 1. Pursuant to announcement in the Union Budget 2015-16 on Gujarat International Finance Tec-City (GIFT), SEBI (International Financial Services Centre) Guidelines, 2015… Read More »

Secretarial Standards on Dividend -Exposure Draft

By | November 29, 2016

Exposure Draft SECRETARIAL STANDARD ON DIVIDEND The following is the text of the Secretarial Standard-3 (SS-3) on “Dividend”, issued by the Council of the Institute of Company Secretaries of India. Adherence to this Secretarial Standard is recommendatory for all companies to facilitate uniform practices in distribution of profits by way of “Dividend”. (In this Secretarial… Read More »

Secretarial Standard on Report of Board of Directors -Exposure Draft

By | November 29, 2016

Exposure Draft SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS The following is the text of Secretarial Standard on “Report of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India. Adherence by a company to this Secretarial Standard is recommendatory. (In this Secretarial Standard, the Standard portions… Read More »

Point of Sale (POS) devices exempted from central excise duty till 31st March 2017

By | November 29, 2016

Seeks to exempt Point of Sale (POS) devices and goods required for its manufacature from central excise duty till 31st March, 2017 TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 35/2016 – Central Excise New Delhi, the… Read More »

Key Points -Pradhan Mantri Garib Kalyan Yojana 2016 -Tax on Black money

By | November 29, 2016

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 Key Points about Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 Disclosure of black money held in banks or cash Background of  Pradhan Mantri Garib Kalyan Yojana 2016 :In the wake of declaring specified bank notes of Rs 500/ Rs 1000 “as… Read More »

Guide to New Model GST Law (November 2016 Edition ) – Book

By | November 29, 2016

Guide to New Model GST Law (November 2016 Edition) Paperback – 2016 The ultimate updated ” Guide to New Model GST Law ” as on 26/11/2016. On basis various suggestions received, fresh model laws have been released by GST Council secretariat on 26-11-2016.Following three drafts have been released-Model GST Law, Model IGST Law, Draft Goods… Read More »

Downloading videos, books etc from foreign websites will attract tax in GST (India)

By | November 29, 2016

Online and digital transactions, including those such as hailing cabs through an online aggregators are likely to fall under goods and services tax (GST). Though the draft model GST law is silent on aggregators, tax experts say the relief may be short-lived. Aggregators, who are already liable to pay service tax, may subsequently be included… Read More »

Category: GST

Brief summary of new Taxation Laws to Tax undisclosed Income

By | November 29, 2016

FM tables The Taxation Laws (Second Amendment) Bill, 2016  in Lok Sabha on 28.11.2016 introducing stringent penalties and PM Garib Kalyan Deposit Scheme 2016. Important features includes: Any income assessed u/s 68/69/69A/69/69C/69D (including share capital, unsecured loans, etc) to be taxed u/s 115BBE, which is to be increased from 30% to 60% plus 25% surcharge… Read More »

Steel Manufacturers to ensure all business transaction are done in digital mode

By | November 29, 2016

Press Note Moving systematically towards a cashless society as visualized by Prime Minister Shri Narendra Modi, the Minister of Steel Shri Chaudhary Birender Singh had a detailed meeting with the officials of Steel Ministry on 25.11.2016. It has been decided to have time bound approach to ensure a smooth, effective and sustainable shift to a… Read More »

New National Steel Policy

By | November 29, 2016

New National Steel Policy The Government proposes to revisit the existing National Steel Policy. It is at conceptual stage. Based on the decision taken in the meeting of High Level Committee on Manufacturing held on 09.07.2013 to achieve the ambitious target of 300 Million Tonne Per Annum (MTPA) steel production capacity by 2025, a concept… Read More »

India’s Share in Global Trade

By | November 29, 2016

India’s Share in Global Trade   India’s performance in World trade based on the WTO database which provides the data calendar year-wise is given as follows:  India’s Trade Performance: Percentage Share in World Trade Years India’s Share in World Merchandise Exports India’s Share in World Commercial Services Exports India’s Share in World Merchandise Plus Services… Read More »

Import Clearance Certificate for food products into India

By | November 29, 2016

Import Clearance Certificate   Import of products like drugs/pharma, food, plant & plant products, livestock & livestock products are governed by their respective legislations and Rules there under. Clearance systems of all these categories of products are in place at ports of entry. The Customs Single Window Interface for Facilitating Trade (SWIFT) enables importers/exporters to… Read More »

ICAI and ICSI allowed to act as Insolvency professional agencies

By | November 29, 2016

FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world; Hope that it will deliver the desired results; Hands-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies. The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said… Read More »

banks operating currency chests allowed to operate Chest Guarantee Scheme for Specified Bank Notes

By | November 29, 2016

Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS RBI/2016-17/162 DCM (Plg) No.1438/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Chest Guarantee Scheme for Specified Bank Notes (SBNs) –… Read More »

Withdrawal of cash from bank deposit accounts – Relaxation by RBI

By | November 29, 2016

RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash from bank deposit accounts – Relaxation It has been reported that certain depositors… Read More »