Daily Archives: December 16, 2016

RBI Caped Maximum Charges for Transactions upto Rs 2000 with debit cards

Special measures upto March 31, 2017: Rationalisation of Merchant Discount Rate (MDR) for transactions upto ₹ 2000/- RBI/2016-17/184 DPSS.CO.PD.No.1515/02.14.003/2016-17 December 16, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks and Small… Read More »

No charges for Transactions settled upto Rs 1000 through IMPS,USSD, UPI : RBI

Special Measures upto March 31, 2017 : Rationalisation of customer charges for Immediate Payment Service (IMPS), Unified Payment Interface (UPI) & Unstructured Supplementary Service Data (USSD) RBI/2016-17/185 DPSS CO.PD.No.1516/02.12.004/2016-17 December 16, 2016 The Chairman and Managing Director / Chief Executive Officers All participants in Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and Unstructured Supplementary… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 December 16, 2016 The Chairman & Managing Director All Authorised Banks Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the “Pradhan Mantri Garib Kalyan Deposit Scheme… Read More »

PMGKDS 2016 – Operational Guidelines by RBI

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines RBI/2016-17/188 IDMD.CDD.No.1454/14.04.050/2016-17 December 16, 2016 The Chairman & Managing Director Authorised Banks Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines This has reference to the Central Government notification S.O. 4061 (E) and RBI circular IDMD.CDD.No. 1453/14.04.050/2016-17 dated December 16,… Read More »

FAQ’s on PMGKDS- Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Pradhan Mantri Garib Kalyan Deposit Scheme 2016 1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib… Read More »

Filing Declaration under PMGKY for declaring black Money – Three Options Opened by Govt of India

Pradhan Mantri Garib Kalyan Yojana (‘PMGKY The Government has given around 3.5 month’s period for filing declaration under Pradhan Mantri Garib Kalyan Yojana (‘PMGKY’) from December 17, 2016 till March 31, 2017. All declarations under PMGKY shall be furnished to Principal Commissioner or the Commissioner, in any of the following modes: i) Electronically under digital signature, or ii)… Read More »

Jurisdiction for declation filed under PMGKY Notified

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 16th December, 2016 NOTIFICATION S.O.4060(E).— In exercise of the powers conferred by section 199G of the Finance Act, 2016 (28 of 2016), the Central Government hereby— (i) notifies… Read More »

PMGKY Rules 2016 -Notification

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION New Delhi, the 16th December, 2016 THE TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA RULES, 2016 S.O.4059(E).—In exercise of the powers conferred by sub-section (1) and sub-section… Read More »

PMGKY Start Date 17.12.2016 and End Date 31.03.2017 – Notification

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 16th December, 2016 NOTIFICATION S.O. 4058(E).— In exercise of the powers conferred by sub-section (2) of section 199A and sub-section (1) of section 199C of the Finance Act,… Read More »

PMGKY 2016 to commence w.e.f 17 December 2016

Taxation Laws (Second Amendment) Act, 2016 came into force yesterday i.e. 15th December, 2016 and rules notified today and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from tomorrow i.e.17th December, 2016 and to remain open for declarations up to… Read More »

Form IV Cancellation of Nomination under Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Pradhan Mantri Garib Kalyan Deposit Scheme  2016 shall come into force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017.This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.  An application for the deposit under this… Read More »

Download Form III Nomination- Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Form III Nomination- Pradhan Mantri Garib Kalyan Deposit Scheme Pradhan Mantri Garib Kalyan Deposit Scheme  2016 shall come into force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017.This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan… Read More »

Download Application form for Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Pradhan Mantri Garib Kalyan Deposit Scheme  2016 shall come into force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017.This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.  An application for the deposit under this… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme 2016 Notified by Govt w.e.f 17.12.2016

Pradhan Mantri Garib Kalyan Deposit Scheme  2016. MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 16th December , 2016 S.O. 4061(E).—In exercise of the powers conferred by clause (c) of section 199B of the Finance Act, 2016 (28 of 2016) (hereinafter referred to as the Act), the Central Government in consultation with… Read More »

Rights of Persons with Disabilities Bill 2016 Passed by Parliament

Rights of Persons with Disabilities Bill – 2016 Passed by Parliament The Lok Sabha today passed ” The Rights of Persons with Disabilities Bill – 2016″. The Bill will replace the existing PwD Act, 1995, which was enacted 21 years back. The Rajya Sabha has already passed the Bill on 14.12.2016. 2.         The salient features… Read More »

Quick Guide to Indian Accounting Standards (Ind AS) (3rd Edition 2017) -New Book

A Quick Guide To Indian Accounting Standards (Ind AS) (3rd Edition 2017) Quick Guide to Indian Accounting Standards book contains Amendement as per by Companies (Indian Accounting Standards)(Amendment) Rules 2016 Link to Buy A Quick Guide To Indian Accounting Standards (Ind AS) Paperback: 478 pages Publisher: Taxmann Publications Pvt. Ltd.; 3rd Edition edition (2016) Language: English… Read More »

Guide to Insolvency and Bankruptcy Code 2016 (2017 Edition) -New Book

Guide to Insolvency and Bankruptcy Code 2016 (2017 Edition) Paperback – 2016 Book on Insolvency and Bankruptcy Code 2016 (2017 Edition)  Incorporating: Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations,2016 Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations,2016 Insolvency and Bankruptcy Board of India (Insolvency… Read More »

Revised Double Taxation Avoidance Agreement between India and Cyprus notified

Completion of Internal Procedures for the Revised Double Taxation Avoidance Agreement (DTAA) between India and Cyprus notified; Revised DTAA to come into effect in India in the fiscal year beginning on or after 1st April, 2017; Will enable source based taxation of capital gains on shares, except in respect of investments made prior to 1st… Read More »

IBB (Liquidation Process) Regulations 2016

GAZETTE OF INDIA EXTRAORDINARY PART III, SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, THURSDAY, DECEMBER 15, 2016 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, 15th December, 2016 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATIONS, 2016 IBBI/2016-17/GN/REG005.-In exercise of the powers conferred by sections 5, 33, 34, 35, 37, 38, 39, 40,… Read More »

Regulations relating to Liquidation Process Notified by IBBI

Regulations relating to Liquidation Process INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 15th December, 2016 Subject: Regulations relating to Liquidation Process The Insolvency and Bankruptcy Board of India (Board), in exercise of its powers conferred under section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified today the Insolvency and Bankruptcy Board of India… Read More »

Guide to BANK AUDIT -Book -2016 Edition

Guide to BANK AUDIT 3rd Edition 2016 by C.A.Kamal Garg Guide to Bank Audit Covering *Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to advances *Loans and Advances *Guarantees and Co-acceptances *Guidelines on Wilful defaulters *Housing Finance *KYC norms *Guidelines for Concurrent Audit System in Commercial Banks *LFAR *Format of Audit reports for… Read More »

Airtel Payments Bank rolls out pilot services in Karnataka

Airtel Payments Bank rolls out pilot services in Karnataka Over 12,000 neighborhood Airtel retail outlets in towns and villages across Karnataka will also act as banking points and offer convenient banking services to customers Interest rate of 7.25% p.a. on savings account deposits; Personal Accidental Insurance of Rs. 1 Lac with every Savings Account Customers to… Read More »

Export warehousing-Extension of facility in Ahmedabad District of Gujarat

Circular No. 1051/39/2016-CX F. NO. 209/10/2013-CX.6 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS North Block, New Delhi Dated the 15th of December, 2016 To, The Principal Chief Commissioners/ Chief Commissioners of Central Excise (All) The Director General (All) Sub: Export warehousing-Extension of facility in Ahmedabad District of… Read More »

Section 115BBE of Income tax Act after Taxation Law Amendment Act 2016

Section 115BBE of Income tax Act after Taxation Law Amendment Act 2016 115BBE. of Income Tax Act after Taxation Laws (Second Amendment) Act, 2016 received the Assent of President on 15.12.2016 [ Note-1 ] [Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section… Read More »

Processing of Income Tax Returns having Refund claim -CBDT enabled Functionality

Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) AST INSTRUCTION NO.142 DATED 9-12-2016 Functionality for processing of returns for AY 2007-08 to 2011-12 having refund claims which were not processed within the time allowed u/s 143(1) due to certain technical or other reasons Consequent to CBDT Instruction No. 18/2013… Read More »

New Taxation Bill to Tax undisclosed Income received assent of President , Notified 15.12.2016

Taxation Laws (Second Amendment) Act 2016 The following Act of Parliament received the assent of the President on the 15th December, 2016, and is hereby published for general information:—  This Act may be called the Taxation Laws (Second Amendment) Act, 2016. [‘CHAPTER IXA covers TAXATION AND INVESTMENT REGIME FOR PRADHAN MANTRI GARIB KALYAN YOJANA, 2016 ]