[TO BE PUBLISHED IN THE GAZETTE OF INDIA , EXTRAORDINARY, PART III, SECTION 4] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 23rd January, 2015 No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the Chartered Accountants … [Read more...]
Key Highlights Of Maharashtra Budget 2017-18
HIGHLIGHTS OF THE BUDGET SPEECH DATED 18TH MARCH, 2017 BY HONOURABLE MINISTER (FINANCE, PLANNING & FOREST) SHRI SUDHIR MUNGANTIWAR Tax Concessions Sugarcane Purchase Tax for the year 2016-17 exempted to give fair and remunerative price to the farmers. The condition … [Read more...]
Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 FAQ
1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri … [Read more...]
Transitional Provisions-Part-IV
Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This is a new provision added in the act aiming to cover such assessees who are engaged in manufacture of both taxable and exempted goods or are providing both taxable and exempted services. … [Read more...]
Changes in NAP norms for small borrowers due to demonetization
RBI/2016-17/198 DBR.No.BP.BC.49/21.04.048/2016-17 December 28, 2016 All Regulated Entities Madam / Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Please refer to circular DBR.No.BP.BC.37/21.04.048/2016-17 dated November 21, … [Read more...]
Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR, CIB and … [Read more...]
Reporting Cash Transactions under Rule 114E of Income tax
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd December, 2016. Press Release Reporting Cash Transactions under Rule 114E of Income –tax Rules, 1962. Rule 114E of Income-tax Rules, 1962, for furnishing statement of … [Read more...]
The benefit of lower rate of Income-tax on digital turnover for small businesses
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 20th December, 2016. Press Release Sub: Measures for Promoting Digital Payments & Creation of Less-Cash Economy. The benefit of lower rate of Income-tax on digital … [Read more...]
Jan Dhan account holder can withdraw only Rs.10000 in a month – RBI
RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative … [Read more...]
Government has exempted POS devices from Central Excise Duty, CVD and SAD
The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments. Point of Sale (POS) devices are used for cashless transactions, both for … [Read more...]
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