Daily Archives: April 20, 2017

FinMin ratifies 8.65% rate on Employee Provident Fund

FinMin ratifies 8.65% rate on Employee Provident Fund Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8.65 per cent interest rate on EPF for 2016-17. The ratification of the 8.65 per cent on EPF will enable the retirement fund body EPFO to credit this rate of return into the accounts of… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 – Amended

Date : Apr 19, 2017 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri… Read More »

Category: RBI

Compliance with Ghosh Committee Recommendations need not be reported to Audit Committee of Board

Compliance with Ghosh Committee Recommendations RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need… Read More »

Category: RBI

3 key legal aid and empowerment initiatives of Govt of India

Legal Aid and Empowerment initiatives launched Ravi Shankar Prasad calls for Expediting Judicial Reforms Minister of Law & Justice and Electronics & IT, Sh. Ravi Shankar Prasad today appealed to all those involved in the delivery of justice to join hands in improving the system to ensure that assistance is available to every citizen irrespective… Read More »

Exchange Rate of Foreign Currency w.e.f 21.04.2017

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.33/2017-CUSTOMS (N.T.), dated 6th April, 2017, except as respects things done or… Read More »

Draft GST Accounts and Records – Rules released by CBEC – April 2017

CHAPTER— ACCOUNTS AND RECORDS 1. Maintenance of accounts by registered persons (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of the goods or services imported or exported or of supplies attracting payment of tax on reverse charge along… Read More »

Draft GST Appeals and Revision Rules – Released by CBEC April 2017

GST Appeals and Revision Rules – Released by CBEC in April 2017 Chapter – Appeals and Revision 1. Appeal to the Appellate Authority (1) An appeal to the Appellate Authorityundersub-section (1) of section 107 of the Act shall be filed in FORMGSTAPL-01,[either] electronically [or otherwise] as may be notified by the Commissioner, and a provisional… Read More »

Section 145 CGST Act 2017- Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence.

CENTRAL GOODS AND SERVICES TAX ACT, 2017 [ Assented by the President of India on 12-4-2017 ] An Act to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto. Admissibility of micro films, facsimile… Read More »

Goods and Service Tax – Ready Reckoner

Goods and Service Tax – A Ready Reckoner Paperback – 2017 by Vineet Sodhani (Author), Deepshikha Sodhani (Author) A Quick and Tabular Guide to the Provisions of GST Law Incorporating : The Central Goods And Services Tax Act, 2017 The Integrated Goods And Services Tax Act , 2017 The Union Territory Goods And Services Tax Act,… Read More »

USA IRS Seeks Applications for Information Reporting Program Advisory Committee

IRS Seeks Applications for Information Reporting Program Advisory Committee WASHINGTON – The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory committee that provides recommendations to the IRS on various tax administration issues. Members are appointed to three-year terms, but terms are staggered so that approximately… Read More »

Govt decides to do away with beacons for all categories of vehicles

Press Information Bureau Government of India Ministry of Road Transport & Highways 19-April-2017 15:56 IST The Government decides to do away with beacons for all categories of vehicles With a view to strengthening healthy democratic values in the country, the Central Government took another historic step today. The Union Cabinet, in its meeting chaired by… Read More »

PMGKY – Date for deposit in Bonds Ledger Account extended

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »