Daily Archives: March 17, 2017

Amendment in Companies Act

Amendment in Companies Act Amendments in the Companies Act, 2013 have been proposed through Companies (Amendment) Bill, 2016. The said Bill, inter-alia, includes changes in provisions relating to incorporation related matters with regard to name reservation, contents of memorandum and for substitution of requirement of “affidavit” at the incorporation stage with “declaration”. Companies (Amendment) Bill,… Read More »

Impact of Demonetisation- A Preliminary Assessment by RBI

Macroeconomic Impact of Demonetisation- A Preliminary Assessment   Macroeconomic Impact of Demonetisation – A Preliminary Assessment* Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause… Read More »

Resolution of Stressed Assets by Banks

Resolution of Stressed Assets by Banks Total Stressed Assets (Gross Non Performing Assets and Restructured Standard Advances) of Scheduled Commercial Banks (SCBs) was Rs.9.64 lakh crore as on Dec 31, 2016 and Reduction in NPAs- due to actual recoveries (April to Dec) for SCBs are Rs.46,245 crore at the end of Dec 31, 2016 for… Read More »

Reforms to Boost Commodities Trading in India

Reforms to Boost Commodities Trading Regulatory reforms are continuous process and steps are taken continuously to further strengthen and develop commodities derivatives markets. Subsequent to the merger of the erstwhile Forward Markets Commission (FMC) with the Securities and Exchange Board of India (SEBI) in September 2015, SEBI has taken several steps towards reforming and boosting… Read More »

4.21 Cr Income Tax Returns e filing during FY 2016-17

Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017) The number of e-filed Income Tax Returns in Financial Year 2016-17(till 28.02.2017) was 4.21 Cr.… Read More »

Dispensing of fake currency notes through ATMs

Dispensing of fake currency notes through Automated Teller Machines (ATMs) There have been media reports regarding dispensation of Rs 2000 notes resembling a genuine note but bearing the legend “Children Bank of India” in place of “Reserve Bank of India” from Delhi, Meerut (Uttar Pradesh), Sitamarhi (Bihar) and a few other places. State Bank of… Read More »

Small Finance and Payment Banks in India

Small Finance and Payment Banks Reserve Bank of India (RBI) issued guidelines for licensing of small finance banks and payments banks on November 27, 2014 and granted in-principle approvals to 10 applicants to set up small finance banks and to 11 applicants to set up payments banks. The guidelines for small finance banks provide inter-alia… Read More »

Category: RBI

Plastic banknotes – Govt of India conducted field trial

Government to conduct field trial with plastic banknotes at five locations of the country; Approval for procurement of plastic substrate and printing of bank notes of Rs.10 denomination on plastic banknote substrates conveyed to RBI It has been decided to conduct a field trial with plastic banknotes at five locations of the country. Approval for… Read More »

Easy registration of Companies

Easy registration of Companies The Ministry of Corporate Affairs had setup the Central Registration Centre in 2016 for processing “Name Availability” and “Incorporation” applications for starting a new company. In cases where the applications are compliant with the Companies Act/Rules, the same are processed within the next 1-2 working days. The authenticity is ensured by… Read More »

Cybercrime audit on banks to check loopholes

Cybercrime audit on banks to check loopholes To address the issue of cyber resilience, RBI vide circular dated December 9, 2016 had instructed all authorised entities / banks issuing PPIs in the country to: (i)                 Carry out a special audit by the empanelled auditors of Indian Computer Emergency Response Team (CERT-In) on a priority basis… Read More »

Category: RBI

New / Voluntary Registration – GST Credit not available on Input Services / Capital Goods –

Whether input tax credit can be availed on input services and capital goods when there is application for new registration or voluntary registration under section 18 When there is application for new registration or voluntary registration under Section 23(1) or Section 23(3) GST , Input tax credit cannot be availed on the input services and… Read More »

GST -Taxation of Advance Payments

GST on Advance Payment Received Provisions in GST relating to Taxation of Advance Payments for Goods or Services In terms of section 12 (Time of Supply of Goods)  & Section 13 (Time of Supply of Services) of the Revised Model GST Law, , time of supply of goods or services shall be earliest of date of… Read More »

Rollback provision in revised India-Korea DTAA- CBDT Clarify

Clarification by Central Board of Direct Taxes on rollback provision in the revised India-Korea Double Taxation Avoidance Agreement The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA… Read More »

Environmental Clearance in Violation cases- Notification 14.03.2017 ( March 2017)

This is a one-time opportunity for six months to apply for environmental clearance to units which are in violation on date of the notification i.e. 14.03.2017. [ Read 6-Months Window to Get Environmental Clearance of Violation cases  ] MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 14th March, 2017 S.O. 804(E).—Whereas, a draft… Read More »

6-Months Window to Get Environmental Clearance of Violation cases

Environment Ministry Issues Notification, Provides Six-Months Window to Get Environmental Clearance to Deal With Cases of Violation The Ministry of Environment, Forest and Climate Change (MoEF&CC) has provided a six months window, as a one-time opportunityto the units, which have not obtained prior environmental clearance to apply for the same. Ministry of Environment, Forest and… Read More »

EDLI Scheme – No Admin Expenses w.e.f 01.04.2017

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 15th March, 2017 S.O. 828(E).—In exercise of the powers conferred by clause (a) of sub-section (4) of section 6C of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), and in supersession of the notification of the Government of India, in the Ministry of… Read More »

IRDA modified Guidelines on Pont of Sales Person – Non-Life and Health

IRDA Modifies Guidelines on Point of Sales Person: Non-Life & Health INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in Ref: IRDA/INT/GDL/PSP/058/031 2017 16th March, 2017 To all General and Health Insurers Reference is drawn to Guidelines on… Read More »

Section 10(37) Income Tax – Exemption on Transfer of Agricultural Land

Section 10(37) Income Tax Act Section 10(37) Income Tax inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005 Exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits Incomes not included in total income. 10. In computing the total income of a previous year of any person,… Read More »

Sebi asks clearing corps to upload past orders on website

New Delhi, Mar 16  Markets regulator Sebi today asked clearing corporations to post all the past regulatory orders as well as arbitration and appellate awards on their websites within 30 days, while fresh orders need to be uploaded immediately. The move is aimed at improving transparency, the Securities and Exchange Board of India (Sebi) said… Read More »

GST council decision on Suuplies to SEZs

GST council decision on SEZs New Delhi, Mar 16 (PTI) The Export Promotion Council for SEZ and EoUs has welcomed the GST Councils decision to treat supplies to special economic zones at par with exports. Export Promotion Council for SEZ and EoUs (EPCES) said that earlier the supply of goods or services, to an SEZ… Read More »

UTGST -Union Territory GST approved by GST Council

The GST Council  in the 12th GST Council Meeting, approved two draft bills – UTGST (Union Territory GST) and SGST (State GST) . The UTGST law is for the union territories which do not have legislative assemblies.   like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, Now, with all the… Read More »

Category: GST

USA -RR-2017-08: Applicable Federal Rates

Revenue Ruling 2017-08 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »

USA -IRS-Tax Benefits for Higher Education

Check Out Tax Benefits for Higher Education  Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the IRS about tax… Read More »

GST Cess Capped at 15% by GST Council -16.03.2017

GST Cess In November last year, the Council had decided a four-tier rate structure for GST of 5%, 12%, 16% and 28%. A cess over and above the highest rate will be levied on demerit or ‘sin’ goods like tobacco, pan masala and luxury cars. Maximum rate of GST Cess: That cess will be capped… Read More »

Indirect Tax Management Practice Book for CMA Final – 2017 – Mohd Rafi

INDIRECT TAX MANAGEMENT & PRACTICE (For CMA Final) Paperback – 2017 by Mohd Rafi Price Rs 1042. Click to buy online Contents of Book -Indirect Tax Management Practice Book for CMA Final DIVISION I SERVICE TAX LESSON 1           Basic Concepts LESSON 2           Point of Taxation, Valuation and Place of Provision of Services LESSON 3           Negative List,… Read More »

Electronic Voting Machines -EVM of India – Facts you should Know

Credibility of Electronic Voting Machines- regarding. Press Note The Election Commission has observed that after declaration of result of the recently held General Elections to the State Legislative Assemblies of Goa, Manipur, Punjab, Uttar Pradesh and Uttarakhand, some political parties have raised voice against the credibility of the ECI-EVMs, alleging tampering of EVMs during the… Read More »