Daily Archives: February 26, 2016

Procedure for Response to Outstanding Tax Demand

By | February 26, 2016

SECTION 143 OF THE INCOME-TAX ACT, 1961 – ASSESSMENT PROCEDURE FOR RESPONSE TO ARREAR DEMAND BY TAXPAYER AND VERIFICATION AND CORRECTION OF DEMAND BY AOs CIRCULAR NO.8/2015 [F.NO.225/151/2014/ITA.II], DATED 14-5-2015 The CBDT vide instruction No.4 of 2014, dated 7th April, 2014, inter alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or… Read More »

CBDT System for identification of duplicate PANs

By | February 26, 2016

ITBA-PAN INSTRUCTION NO.3 [F.NO.PDGIT(S)/ADG(S)-1/ITBA-PAN INSTRUCTIONS/0001/2016], DATED 24-2-2016 As per current process, PAN holder who wants to update core field and address details of the PAN allotted to him/her can file request for update through service providers (NSDL/UTIITSL). Details received from SPs in this regard in text file format are now uploaded in the system automatically… Read More »

Policy for Adequate Autonomy to Companies

By | February 26, 2016

Policy for Adequate Autonomy to Companies In its endeavour to ease the process for FDI applications, Government launched a new secured FIPB website namely http://fipb.gov.in in 2015. Website offers increased portfolio services to applicants in an efficient manner and also allows more transparent way of business to keep applicant informed on the current status of… Read More »

Cases reported under Indecent Representation of Women (Prohibition) Act,

By | February 26, 2016

Cases reported under Indecent Representation of Women (Prohibition) Act, 1986 As per the National Crime Records Bureau (NCRB) data which is available upto 2014, a total of 895, 453, 141, 362 and 47 cases were reported in the country under Indecent Representation of Women (Prohibition) Act, 1986 during last five year i.e 2010, 2011,2012, 2013… Read More »

605 Special Courts set up across the country under POCSO Act

By | February 26, 2016

605 Special Courts set up across the country till date under POCSO Act, 2012 45498 cases registered under POCSO Act,2012, from November,2012 till March,2015 As per information available with the National Commission for Protection of Child Rights (NCPCR), 605 Special Courts have been set up across 654 Districts under the Protection of Children from Sexual… Read More »

More than 22000 cases of violation of women’s rights registered

By | February 26, 2016

More than twenty two thousand cases of violation of women’s rights registered with NCW in the year 2015-16 till date The National Commission for Women has reported that they have registered 16584, 22422, 32118 and 22292 cases of violation of women’s rights in 2012-13, 2013-14, 2014-15 and 2015-16 (till date). The highest number of such… Read More »

Revised creche scheme of the Women & Child Development

By | February 26, 2016

The revised crèche scheme of the M/o Women & Child Development being implemented Honorarium of crèche worker and supplementary nutrition for child increased under the new norms The RGN Crèche Scheme (RGNCS) of the Ministry of Women and Child Development has been revised and the revised scheme is being implemented from 01.01.2016. The scheme focuses… Read More »

Reforms in Tax Rates

By | February 26, 2016

Reforms in Tax Rates The details of the tax rates of the major countries of Asia have been taken from the KPMG Report on Global Rates, 2015 and are mentioned below: Country Corporate Individual Income Afghanistan 20 —– Bangladesh 27.5 30 China 25 45 India 34.61 33.91 Japan 33.06 50.84 Kazakhstan 20 10 Malaysia 25… Read More »

Per Capital Income in the Country

By | February 26, 2016

Per Capital Income in the Country As per the estimates of the Central Statistics Office (CSO), the per capita net national income of the country at current prices for the year 2015-16 is estimated to attain the level of Rs. 93231/-. The per capita net national income at constant (2011-12) prices for the year 2015-16… Read More »

Cyber Security measures by Armed Forces

By | February 26, 2016

Cyber Security It is common practice for hackers / spies of Intelligence agencies to hack computer systems to gain intelligence about target countries. There have been cyber attacks on some isolated internet connections of Defence Personnel. However, all computers employed for official work by the Defence forces are comprehensively isolated from the internet to obviate… Read More »

Govt approved Women Fighter Pilots

By | February 26, 2016

Women Fighter Pilots Government has accorded approval for women to join as Short Service Commission Officers in the fighter stream of the Indian Air Force on experimental basis for a period of five years. Three women trainees have volunteered and have been inducted in the Fighter Stream and are undergoing training. This information was given… Read More »

Cases Reported to Competition Commission of India in last 3 years

By | February 26, 2016

Assessment and Functioning of CCI   Competition Commission of India (CCI) is a Statutory Body established under the Competition Act, 2002 to prevent practices having adverse effect on competition, to promote and sustain competition in markets while protecting the interests of the consumers.  The Commission prepares and forwards to the Central Government an annual report… Read More »

Govt Steps to curb Corporate Frauds

By | February 26, 2016

Corporate Frauds From 2012-13 up to 31-01-2016 the Ministry has ordered investigations through Serious Fraud Investigation Office (SFIO) of this Ministry into the affairs of 258 companies allegedly indulging in fraudulent/ illegal activities. Of these, 116 investigations have been completed and reports submitted to the Ministry, while in 08 cases, investigations have been stayed by… Read More »

Activities by Companies Under CSR

By | February 26, 2016

Activities by Companies Under CSR   The provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules made thereunder have been notified on 27.02.2014. These notifications are available on the Ministry’s website (www.mca.gov.in). The salient features of CSR provision inter-alia, are as follows: companies above the specified threshold of … Read More »

Companies Registered Under Companies Act

By | February 26, 2016

Companies Registered Under Companies Act The Number of Companies registered under the Companies Act during the year 2014-15 is 64,395. The number of Companies listed  in stock exchange during the year 2014-15 is 66. The total authorised capital of public and private limited companies registered during the year 2014-15 is Rs.8,826.80 crore and 22,953.93 crore… Read More »

KPMG Survey on CSR

By | February 26, 2016

KPMG Survey on CSR The KPMG report available in public domain regarding a survey of Corporate Responsibility (CR) Reporting by 4500 companies across 45 countries in 2015, places India as the leading country in terms of reporting Corporate Responsibility. The key findings of the survey suggest inter alia, (a) India has the highest CR reporting… Read More »

Competition Commission of India may impose penalties

By | February 26, 2016

Institutional Guidelines Adopted by CCI As mandated under the Competition Act, 2002, the Competition Commission of India may impose penalties, and/or issue cease & desist order in appropriate cases. However, while imposing penalties under section 27 of the Act, the Commission takes into account the aggravating and mitigating factors before arriving at the fair and… Read More »

Spreading JAM across India’s Economy :The Economic Survey 2015-16

By | February 26, 2016

Spreading Jam across India’s Economy The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that JAM Trinity –Jan dhan, Aadhaar, Mobile- can help government to implement large-scale, technology-enabled and real-time Direct Benefit Transfers (DBTs) to improve economic lives of India’s poor. First variety of JAM-… Read More »

Reform Package of the Fertilizer Sector :The Economic Survey 2015-16

By | February 26, 2016

Reform Package of the Fertilizer Sector The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that the Government budgeted Rs. 73,000 crore- about 0.5 per cent of GDP- on fertilizer subsidies in 2015-16. Nearly 70 per cent of this amount was allocated to urea, the… Read More »

Outlook of Multilateral Institutions positive for India :Economic Survey 2015-16

By | February 26, 2016

Economy will continue to Weather Global Sluggishness with Resilience; Outlook of Multilateral Institutions positive for India Multilateral Institutions in their latest assessments have underlined that in the short run, Indian growth may fall short of its growth potential of 8-9 per cent, but the economy could continue weathering the global sluggishness with resilience and consolidate… Read More »

More crop per drop motto to improve Agriculture Sector :Economic Survey 2015-16

By | February 26, 2016

Agriculture Sector needs a Transformation to ensure Sustainable Livelihoods for the Farmers and Food Security Economic Survey Emphasizes to Improved Productivity in Agriculture  Disbursal of Subsidy on Fertilizers should Shift to DBT Fixed Amount of Subsidy in the case of P And K Fertilizer Subsidy There needs to be a Shift to Demand-Driven Agricultural Advisory… Read More »

Leading cause of Infant death is low birth weight. :The Economic Survey 2015-16

By | February 26, 2016

Making Investments in Maternal Nutrition and Sanitation and Changing Social Norms to Enhance their Effectiveness can help to Exploit India’s Demographic Dividend The National Food Security Act and Swachh Bharat are part of the Government’s Policy Agenda to Improve Maternal and Early Life Health The Economic Survey 2015-16 presented today in the Parliament by the… Read More »

Economy to clock more than 7 % growth this fiscal : Economic Survey 2015-16

By | February 26, 2016

Economy to clock more than 7 per cent growth this fiscal; Economic Survey 2015-16 predicts over 8 per cent growth in next couple of years. The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that Indian economy will continue to grow more than 7 percent… Read More »

Sweeping changes made in the power sector :The Economic Survey

By | February 26, 2016

Impressive strides made in the power sector in the last two years: addition of record generation capacity, moves towards one market in power, reform of discoms and development of renewable energy Time is ripe for industries to absorb excess generation capacity through “Open Access” to energize “Make in India”  A progressive tariff structure can reduce… Read More »

India require 4R’s to resolve twin balance sheet challenge of Public Sector Banks:Economic Survey 2015-16

By | February 26, 2016

 Twin balance sheet Challange of Public Sector Banks and Corporate Houses Economic Survey 2015-16  cautions that one of the most critical short term challenges confronting the Indian economy is the twin balance sheet problem – the impaired financial positions of the Public Sector Banks (PSBs) and some corporate houses. The twin balance sheet challenge is… Read More »

India has 2nd Highest Number of Undernourished People : Economic Survey 2015-16

By | February 26, 2016

In order to provide Food Security, in the current Agriculture Scenario, India has to Focus on Supplies which are timely and Uninterrupted and Affordable for the Poor 57 % of Households had Calorie intake below 2160 KCal/Consumer unit/day Average Protein intake Per Capita per day Rises Steadily India Has the Second Highest Number of Undernourished… Read More »

Indian Economy needs to create well-paying Jobs :Economic Survey 2015-2016

By | February 26, 2016

Indian Economy needs to create enough “good” Safe Productive well-paying Jobs The Economic Survey 2015-2016 stresses that India being in the midway through its demographic dividend is providing an economic growth in terms of the working age share of the population. Hence to exploit this dividend and meet the growing aspiration of those entering the… Read More »