Daily Archives: December 21, 2016

CBDT Clarifications on Indirect Transfer provisions under lncome Tax Act 1961

Circular No. 41 of 2016 F.no. 500/43/2012-FT&TR Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (FT&TR-Division) Dated 21.12.2016 Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961 Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (‘Act’), all income accruing or… Read More »

Public Sector Banks not to charge fees for IMPS & UPI in excess of NEFT Rates for Transactions > Rs 1000

In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all Public Sector Banks(PSBs) not to charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions… Read More »

Doubling of Rajpura-Bhatinda railway line in Punjab approved by Indian Govt

Cabinet approves doubling of Rajpura-Bhatinda railway line The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for doubling of Rajpura-Bhatinda railway line at an estimated cost of Rs.1,251.25 crore and expected completion cost of Rs.1,465.59 crore. The 172.64 km long railway line is expected to be… Read More »

Crediting wages in bank account of employees : Indian Govt Clarify

Government Clarification on Amendment to Payment of Wages Act It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers.… Read More »

You should Purchase only from Registered Dealer under GST -Explained why

Purchase only from Registered Dealer under GST Consider the following scenario under GST. A registered dealer and an unregistered dealer sell the same goods as follows: Seller Registered Dealer (X) Unregistered Dealer (Y) Value of Goods 100 105 GST @ 12%  12 NIL Total 112 105 The question is whom should a buyer (A) Registered… Read More »

CBSE Board Class X exams to be mandatory from 2018

Board exams for Class X are set to become compulsory for all CBSE students from 2018, three language formula could be extended till Class X and foreign language might be treated as fourth and “elective”, according to decisions taken by the CBSE today. At the meeting of CBSE’s Governing body, its members “unanimously” agreed that… Read More »

CBSE Affiliated School- Extension of Teacher retirement only if National Awardee

CBSE Affiliated School- Extension of Teacher retirement only if National Awardee Earlier the CBSE teacher was required to retire after 65 years if  he/she  was recipient of  National/ State/CBSE teacher award .But now he will be considered for further extension of two years after attaining age of 60 years only if he/she is recipient of… Read More »

Cashless transactions in CBSE affiliated schools w.e.f 01.01.2017

Central Board of Secondary Examination CBSE/SECY/SPS/2016/ December 10, 2016 Subject: Promotion of cashless transactions in the CBSE affiliated schools The benefits of cashless transactions are enormous and the CBSE has introduced e-payment facilities for collection of fee for examination, affiliation and various activities including payments to its examination functionaries. The Board has been directing its… Read More »

Govt may fix threshold criteria for political parties to enjoy tax exemptions

Government plans to set a threshold criteria for political parties to enjoy tax exemptions to check money laundering by outfits that do not contest elections, Finance Minister Arun Jaitley said today. He said the Revenue Secretary has been asked to look into the issue in the wake of Election Commission’s recommendations in this regard. Jaitley’s… Read More »

Tax Benefit Chart if Sales upto Rs 2 Crore made in Digital means -No Tax if Sales Rs 66 lakh

Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnover of Rs.2,00,000,00 (Rupees Two Crore), announced by the Government yesterday under Section 44AD of the… Read More »