Daily Archives: December 21, 2016

CBDT Clarifications on Indirect Transfer provisions under lncome Tax Act 1961

By | December 21, 2016

Circular No. 41 of 2016 F.no. 500/43/2012-FT&TR Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (FT&TR-Division) Dated 21.12.2016 Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961 Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (‘Act’), all income accruing or… Read More »

Minutes of RBI Monetary Policy Committee Meeting December 6-7, 2016

By | December 21, 2016

Date : Dec 21, 2016 Minutes of the Monetary Policy Committee Meeting December 6-7, 2016 [Under Section 45ZL of the Reserve Bank of India Act, 1934] The second meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the amended Reserve Bank of India Act, 1934, was held on December 6 and 7,… Read More »

Public Sector Banks not to charge fees for IMPS & UPI in excess of NEFT Rates for Transactions > Rs 1000

By | December 21, 2016

In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all Public Sector Banks(PSBs) not to charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions… Read More »

Doubling of Rajpura-Bhatinda railway line in Punjab approved by Indian Govt

By | December 21, 2016

Cabinet approves doubling of Rajpura-Bhatinda railway line The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for doubling of Rajpura-Bhatinda railway line at an estimated cost of Rs.1,251.25 crore and expected completion cost of Rs.1,465.59 crore. The 172.64 km long railway line is expected to be… Read More »

Crediting wages in bank account of employees : Indian Govt Clarify

By | December 21, 2016

Government Clarification on Amendment to Payment of Wages Act It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers.… Read More »