RBI/DBR/2015-16/22 Master Direction DBR.PSBD.No. 96/16.13.100/2015-16 April 21, 2016 Master Direction – Amalgamation of Private Sector Banks, Directions, 2016 In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and pursuant to the Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is… Read More »
RBI/2015-16/378 DBR.No.Leg.BC.93/09.07.005/2015-16 April 21, 2016 The Chairman/Chief Executives of All Scheduled Commercial Banks including Regional Rural Banks/ Local Area Banks Dear Sir, Publicity in the bank branches cautioning public against placing deposits in dubious schemes You may be aware that in the recent years there have been several incidents of unscrupulous entities duping general public… Read More »
Action-plan towards creating a movement for change in India, based on 8 identified priority areas by the Prime Minister Click here to see Release :
Government Decides to withdraw the 10th February 2016 Notification with Immediate Effect Government had issued a notification dated 10th February 2016 regarding rules for withdrawal from EPF Funds by the members. Under the revised rules, the employee was permitted to withdraw the employees’ share from the fund (which is 12% of the wages). However, it… Read More »
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs (CBEC) No.48/2016-CUSTOMS (N.T.), dated 07th April, 2016, except as respects… Read More »
Performance of Domestic Airlines for the Year 2016 Traffic data submitted by various domestic airlines has been analysed for the month of March 2016. Following are the salient features: Passengers carried by domestic airlines during Jan-Mar 2016 were 230.03 lakhs as against 185.46 lakhs during the corresponding period of previous year thereby registering a growth… Read More »
FAQ on TDS on Purchase of Property If I buy any land/building then is there any requirement to deduct tax from the sale proceeds to be paid by me to the seller? Yes, Finance Act, 2013 has introduced section 194-IA which provides for deduction of tax at source in case of payment of sale… Read More »
DRAFT RULES FOR GRANTING RELIEF OR DEDUCTION UNDER SECTION 90/90A/91 OF THE INCOME-TAX ACT, 1961 LETTER [F.NO.142/24/2015-TPL], DATED 18-4-2016 Clause (ha) of sub-section (2) of section 295 of the Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes (CBDT) may prescribe rules specifying the procedure for the granting of relief or… Read More »
Issue Whether 50% of the sale consideration received by the assessee with respect to the matrimonial house situated at 25, Mandeville Gardens, Calcutta was taxable in the hands of the assessee despite the fact that the Tribunal arrived at a finding that the said amount was paid on account of alimony?” Held It was on… Read More »
GUIDELINES FOR GRANT OF REWARDS TO INFORMANTS LEADING TO RECOVERY OF IRRECOVERABLE TAXES, 2015 INSTRUCTION NO.7/2015 [F.NO.385/21/2015-IT(B)], DATED 26-8-2015 In supersession of the guidelines for Grant of Reward to Informants, 2007, I am directed to say that the following guidelines will regulate the grant of reward to informants leading to recovery of taxes of tax… Read More »