Daily Archives: June 28, 2016

Indirect Tax Ombudsman – a Tool for resolution of Complaints

By | June 28, 2016

The CBEC has taken several initiatives to improve and facilitate trade and business in the ‘year of tax payers’ services. One of such initiatives had been setting up the post of Indirect Tax Ombudsman. The Central Government has created 7 posts of Indirect Tax Ombudsman at 7 stations with the objective of enabling the resolution… Read More »

Monetary Policy Committee (MPC) under RBI ACT 1934 Constituted

By | June 28, 2016

Government initiates process to constitute Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934 Government decides to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that statutory basis of MPC is made effective;  Rules governing the procedure for Selection of Members of… Read More »

New Stevedoring and Shore Handling Policy for all Major Ports

By | June 28, 2016

New Stevedoring and Shore Handling Policy in Place for all Major Ports from 31st July, 2016 Ministry of Shipping will implement a new Stevedoring and Shore Handling Policy for all Major Ports from 31st July, 2016. The existing Stevedoring Agents will have to switch over to the new Stevedoring and Shore Handling Scheme from that… Read More »

Non Resident not having PAN ,Relaxation from Higher TDS by Govt

By | June 28, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24 th June, 2016 INCOME-TAX S.O. 2196 (E).— In exercise of the powers conferred by clause (ii) of sub-section (7) of section 206AA,… Read More »

Income Declaration Scheme 2016 Clarification by CBDT via FAQ

By | June 28, 2016

Circular No. 24 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 27th of June, 2016 Clarifications on the Income Declaration Scheme, 2016 The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides… Read More »

Factors that constitute failure to achieve the inflation target notified by govt

By | June 28, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 27th June, 2016 S.O. 2215(E).—In exercise of the powers conferred by section 45ZN of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby notifies the following as factors that constitute… Read More »