Daily Archives: December 23, 2016

RBI opens Office of Banking Ombudsman at Ranchi

By | December 23, 2016

Date : Dec 23, 2016 Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Patna, the Reserve Bank of India has set up an Office of the Banking Ombudsman for the State of Jharkhand at Reserve Bank of India,… Read More »

Category: RBI

RBI -Procedural Guidelines for Servicing the Sovereign Gold Bonds

By | December 23, 2016

RBI/2016-17/193 IDMD No.1569/14.04.050/2016-17 December 23, 2016 All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) BSE & NSE Madam/Sir, Procedural Guidelines for Servicing the Sovereign Gold Bonds The Sovereign Gold Bond Scheme was launched by Government of India (GOI) on October 30, 2015. The Sovereign Gold Bonds (henceforth… Read More »

President promulgates Enemy Property (Amendment & Validation) Fifth Ordinance, 2016

By | December 23, 2016

President promulgates the Enemy Property (Amendment and Validation) Fifth Ordinance, 2016 The President of India has promulgated the Enemy Property (Amendment and Validation) Fifth Ordinance, 2016 (8 of 2016) on 22nd December, 2016. After the Indo-China aggression in 1962, specific properties of Chinese nationals in India were vested in the Custodian in terms of Defence… Read More »

Citizenship (Amendment) Rules 2016

By | December 23, 2016

MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 23rd December, 2016 G.S.R.1168(E).— In exercise of the powers conferred by section 18 of the Citizenship Act, 1955 (57 of 1955), the Central Government hereby makes the following rules further to amend the Citizenship Rules, 2009, namely:— 1. (1) These rules may be called the Citizenship (Amendment)… Read More »

Open Bank accounts of milk producers by 30th January 2017 : Govt to Amul

By | December 23, 2016

Government directs GCMMF/Amul to ensure 100% milk producers accounts to be opened by 30th December, 2016. Co-operatives have been directed to ensure the opening of 100% accounts of milk producers/farmers by 30th January, 2017 Consequent upon the Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash… Read More »

Government of India to launch Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana

By | December 23, 2016

Government of India to launch Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana The Government of India seeks to promote digital payment methods to encourage consumers and merchants to increasingly shift to these payment modes. To take this imitative forward, Lucky Grahak Yojana for Consumers and Digi-Dhan Vyapar Yojana for Merchants, will be launched on 25th… Read More »

GST Council 7th meeting -Arun Jaitley briefs media

By | December 23, 2016

Arun Jaitley briefs media on GST Council 7th meeting ( 22nd December  2016 to 23 December 2016 ) Outcome of GST Council 7th meeting 197 Section and 5 schedules approved Draft GST Law Approved by GST Council Legally vetted copy of GST draft to be circulated to the states CGST Law to be approved by Center… Read More »

Why historic Demonetisation decision was taken in India ?

By | December 23, 2016

 Demonetisation in India On 8th November 2016,the Prime Minister Shri Narendra Modi announced demonetisation of Rs. 500 and Rs. 1000 notes that represent 86.4% of the currency in circulation 1. Corruption in India India is the 76 least corrupt nation out of 175 countries, according to the 2015 Corruption Perceptions Index reported by Transparency International.… Read More »

ITO (Exemption) can’t pass order if Assessee not registered u/s 12AA or Claimed Exemption u/s 11

By | December 23, 2016

Issue In the light of the Notification No. 52/14, dated 22.10.2014, issued by the CBDT, the respondent Assessing Officer, i.e., Income Tax Officer (Exemption), Muzaffarpur, has no jurisdiction to make assessment in respect of the petitioner as an assessee under Section 143(3) of the Act on the ground that it is neither registered under Section… Read More »

Tax benefits for digital Sales in India -Key Points

By | December 23, 2016

Tax benefits for digital Sales Key Points about Tax benefits for digital Sales Section 44AD of Income tax Act to be Amended for Digital Sales  :– The Central Board of Direct Taxes (CBDT) has reduced the taxable income under the deemed profit or presumptive income scheme u/s 44AD of Income Tax Act from 8 per cent… Read More »

GST -Horizontal model and Vertical model for administrative control

By | December 23, 2016

GST -Horizontal model and  Vertical model for administrative control So far the Central and state governments of India have been discussing two models to divide the administrative control between the Union and state governments. Two Model of administrative control discussed in India are Horizontal model. Vertical model. Horizontal model of GST Under the horizontal model, the… Read More »

Income Tax ( 35th Amendment) Rules 2016.

By | December 23, 2016

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st December, 2016 S.O.4110(E).— In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules… Read More »

Railway Accidents Compensation for Death and Injuries w.e.f 01.01.2017-Doubled

By | December 23, 2016

MINISTRY OF RAILWAYS (Railway Board) NOTIFICATION New Delhi, the 22nd, December, 2016 G.S.R. 1165(E).—In exercise of the powers conferred by section 129 of the Railways Act, 1989 (24 of 1989), the Central Government hereby makes the following rules further to amend the Railway Accidents and Untoward Incidents (Compensation) Rules, 1990, namely :- 1. Short title… Read More »

PMGKY 2016 -Tax and Penalty in Old Notes allowed only till 30.12.2016

By | December 23, 2016

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016,  the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib KalyanYojana (PMGKY), can be made in Old Bank Notes of Rs. 500 and… Read More »