Daily Archives: February 7, 2017

Supreme court judgement on attachment of Aamby Valley property of Sahara

By | February 7, 2017

SUPREME COURT OF INDIA S.E.B.I. v. Sahara India Real Estate Corpn. Ltd. DIPAK MISRA, RANJAN GOGOI, A.K. SIKRI, JJ. I.A. NOS. 83-85,104-106 AND 131 OF 2015 AND OTHERS FEBRUARY  6, 2017 ORDER   On 12th January, 2017, this Court, after referring to the earlier order dated 28th November, 2016, dismissed the application for extension of… Read More »

Demonetization -5100 notices,1100 searches & Rs 610 crore seizured by Income Tax Dept

By | February 7, 2017

Deposits made in Jan Dhan bank accounts after the demonetisation of currency in Nov. 2016 Following demonetization of specified bank notes on 8th November 2016, the Income Tax Department (ITD) has collected information of cash deposits in bank accounts, including Jan Dhan accounts. Such information has been compared with the profile of the persons based… Read More »

Declaration of Black Money by Tax Payers of India

By | February 7, 2017

Declaration of Black Money by Tax Payers There is no official estimation of percentage of black money held in India in cash. In the last financial year (2015-16) 648 disclosures involving undisclosed foreign assets worth Rs.4164 crore were made in the one-time three months’ compliance window ending 30th September 2015, under the Black Money (Undisclosed… Read More »

Tax Notice Issued and Tax recovered by Directorate of Revenue Intelligence in last 3 years

By | February 7, 2017

Tax evading notices by Directorate of Revenue Intelligence (DRI) The details of show cause notices issued to various firms by the Directorate of Revenue Intelligence (DRI) for evading taxes are as under. Year 2013-14 2014-15 2015-16 2016-17 (upto December, 2016) No. of Show Cause Notices issued 862 629 492 478   The follow up action… Read More »

Conversion of Kisan Credit Cards into Rupay Cards

By | February 7, 2017

Conversion of Kisan Credit Cards into Rupay Cards Under revised Kisan Credit Card (KCC) Scheme issued by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD), withdrawal through ATM/Debit Cards has been allowed as one of the delivery channels for the drawal of the drawing limit for the current season/year.… Read More »

Speedy Recovery of Non-Performing Assets (NPAs) of Public Sector Banks

By | February 7, 2017

Speedy Recovery of Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on September, 2016 stands at Rs.5,89,502 Crore (11.82%). During FY 2015 and FY 2016 PSBs made total NPA recoveries of Rs.42,542 Crore and Rs.39,986 Crore, respectively. The bank-wise details of recovery of NPAs due to… Read More »

Make 25% deposits on one or more occasions in the PMGKDS 2016 -Govt Amendment

By | February 7, 2017

Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016 The Government of India, in consultation with the Reserve Bank of India (RBI), had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide Notification No. S.O.4061(E) dated… Read More »

CBDT signs 4 more unilateral Advance Pricing Agreements

By | February 7, 2017

Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing Agreements (APAs) The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs) yesterday. The four APAs signed pertain to the Manufacturing, Financial and Information Technology sectors of the economy. The international… Read More »

India and Austria Signs to amend DTAA

By | February 7, 2017

India and Austria Sign a Protocol amending the India-Austria Double Taxation Avoidance Convention India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income here today. The Protocol was  signed by Shri  Sushil Chandra, Chairman… Read More »