Third Tranche of the Sovereign Gold Bond Scheme to remain open from 8th March 2016 (Tuesday) to 14th March, 2016 (Monday) The Third Tranche of the Sovereign Gold Bonds will be kept open from 8th March 2016 (Tuesday) to 14th March, 2016 (Monday). The Bonds will be issued on 29th March, 2016. Shri Shaktikanta Das,… Read More »
Extending Support to Farmers in Case of Crop Failure Farmers are indebted to both institutional and non-institutional sources of credit. However, borrowing from non-institutional sources is the major reason for debt-related farmers’ distress which is one of the reported reasons for farmers’ suicide in the country. In order to reduce the dependence of farmers on… Read More »
Reforms in Agricultural Marketing To address the demands for marketing of increased and diversified agricultural marketable surplus there is a need to strengthen the network of regulated markets and augment it with alternative marketing channels. As per the recommendation of the National Farmers Commission (2004), that a regulated market should be available to farmers within… Read More »
Subsidy for Purchasing Combine Harvester Under the Sub-Mission on Agricultural Mechanization being implemented by the Department of Agriculture, Cooperation & Farmers Welfare, subsidy @ 40% of the project cost limited to a maximum of Rs. 24 lakhs, whichever is less, is extended to the rural entrepreneurs, progressive farmer and self help groups for establishment of… Read More »
Finance Minister Shri Arun Jaitley: Experts’ Group Would Be Set-Up Immediately to Look Into All Issues Related to Consolidation of Public Sector Banks To Have Strong Banks; Second Edition of Two Day Bankers’ Retreat ‘Gyan Sangam 2.0’ Concludes The Union Finance Minister Shri Arun Jaitley said that the bankers’ themselves have supported the proposal of… Read More »
Finance Bill 2016 Payment of interest on refund Section 244A inter alia provides that an assessee is entitled to interest on refund arising out of excess payment of advance tax, tax deducted or collected at source. It also provides that the period for which the interest is paid on such excess payment of tax begins from the… Read More »
Finance Bill 2016 Rationalisation of advance tax payment schedule under section 211 and charging of interest under section 234C As per the existing provisions of sub-section (1) of section 211, the advance tax payment schedule for a company is fifteen per cent, forty-five per cent, seventy-five per cent and hundred per cent of tax payable… Read More »
Finance Bill 2016 Rationalisation of time limit for assessment in search cases It is proposed to amend the time limit for completion of assessments made under section 153A or section 153C cases to bring it in sync with the new time limits provided for other cases. In order to simplify the provisions of existing section 153B… Read More »
Finance Bill 2016 Rationalisation of time limit for assessment, reassessment and recomputation The existing statutory time limit for completion of assessment proceedings is two years from the end of the assessment year in which the income was first assessable. It is desirable that proceedings under the Act are finalised more expeditiously as digitisation of processes within the… Read More »
Finance Bill 2016 Defective Return Finance Bill 2016 has ommited Clause (aa) in section 139(9) as a result income tax return will not be treated as defective if self assessement tax and interest payable in accordance with the provisions of section 140A has not been paid on or before the date of furnishing of the… Read More »