Daily Archives: February 2, 2017

FEMA – Powers to compound contraventions delegated by RBI

Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999 RBI/2016-17/220 A.P. (DIR Series) Circular No. 29 February 02, 2017 To All Category- I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules)… Read More »

Category: RBI

RBI Reviewed Guidelines on Pricing of Credit

RBI/2016-17/219 DNBR.CC.PD.No. 084/22.10.038/2016-17 February 02, 2017 To All NBFC-MFIs, Madam/Sir, Review of Guidelines on “Pricing of Credit” As per extant instructions on “Pricing of Credit” issued to NBFC-MFIS under “Master Direction-Non-Banking Financial Company-Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and “Master Direction – Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and Deposit taking… Read More »

RBI cautions users of Bitcoin or any Virtual Currencies

Date : Feb 01, 2017 The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013. The Reserve Bank of India advises… Read More »

New Benefits for National Pension System Subscribers in Union Budget 2017-18

New Benefits announced for NPS Subscribers in Union Budget 2017-18 In a bid to provide further impetus to the National Pension System (NPS), the following provisions have been introduced in the Finance Bill 2017 laid down in the Parliament today. Tax-exemption to partial withdrawal from National Pension System (NPS) The existing provision of section 10(12A)of… Read More »

Exchange Rate of Foreign Currency w.e.f 03.02.2017

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.5/2017-CUSTOMS (N.T.), dated 19thJanuary, 2017, except as respects things done or omitted… Read More »

271J- Penalty on professionals for furnishing incorrect information to income tax dept w.e.f 01.04.2017

Penalty on professionals for furnishing incorrect information in statutory report or certificate -section 271J of Income tax Act Summary: As per Finance Bill 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) , if an accountant or a merchant banker or a registered valuer, furnishes incorrect information in a report or certificate under any provisions of the… Read More »

Disallowance for Non Deduction of TDS of Residents -Income from Other Sources

Disallowance for non-deduction of tax from payment to resident Summary :As per Finance Bill 2017 w.e.f 01.04.2017 FY 2017-18 (AY 2018-19)  Disallowance u/s Section 40(a)(ia) for non-deduction of tax from payment to resident will now also apply under the head “income from other sources”. Existing provisions of section 58 of income tax the Act, specify the amounts… Read More »

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000

Tax on Transfer of Property without/Inadequate consideration w.e.f 01.04.2017 by any person Exceeding Rs 50000 Summary  w.e.f 01.04.2017, Finance Bill 2017 proposed to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of the sum of money or the property by any person without consideration or for… Read More »

TDS u/s 194J @ 2% if Payee is Call Center w.e.f 01.06.2017

TDS u/s 194J @ 2% if Payee is Call Center  w.e.f 01.06.2017 Summary :- section 194J   Amendment – Finance Bill 2017  w.e.f 01.06.2017 reduced the rate of deduction of tax at source to two per cent. from ten per cent. in case of payments received or credited to a payee, being a person engaged only in… Read More »

No Person can receive cash of Rs 3 Lakh or more w.e.f 01.04.2017 – Section 269ST

Restriction on cash transactions in India -Section 269ST of Income Tax Act [ Section 269ST of Income Tax Act  proposed by Finance Bill 2017 w.e.f 01.04.2017] Commentary on Section 269ST – Cash Receipt of Rs 3 Lakh or More  w.e.f 01.04.2017 Effective date: Provision is effective from 01/04/2017 (F.Y.2017-18 onwards) No Cash Receipt of Rs… Read More »

Restrictions on cash Payments w.e.f 01.04.2017 by Businessmen – section 40A(3) Amended

Restrictions on cash Payments w.e.f 01.04.2017 Summary –Amendment in Section 40A(3): As per Finance Act 2017  w.e.f 01.04.2017 i.e FY 2017-18 (AY 2018-19) reduced threshold of cash payment to a person from twenty thousand rupees to ten thousand rupees in a single day; i.e any payment in cash above ten thousand rupees to a person in… Read More »

No notional income for house property held as stock-in-trade w.e.f 01.04.2017

Income for house property held as stock-in-trade Summary : As per Finance Bill 2017 w.e.f 01.04.2017  i.e FY 2017-18 (AY 2018-19) where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part… Read More »

Analysis of Changes in Service tax by Budget 2017-18 – By CA Atul Kumar Gupta

In-Depth Analysis of Changes in Service tax by Budget 2017 (Finance Bill 2017) – By CA Atul Kumar Gupta Published on Feb 1, 2017 Hon’ble Finance Minister Shri Arun Jaitley presented Union Budget for Financial Year 2017-18 on 1st February 2017. In the Budget speech, Hon’ble Finance Minister proposed a number of changes under Direct… Read More »

194IB -TDS on Rent w.e.f 01.06.2017 in case of Individual and HUF not liable for Audit

Section 194IB – of Income Tax Act [ Section 194IB – Deduction of tax at source on Rent in the case of certain Individuals and Hindu undivided family ] Summary of TDS on Rent under Section 194IB : Finance Bill 2017  proposed to insert a new Section 194IB in the Income Tax Act. This amendment of Dedction… Read More »