FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world; Hope that it will deliver the desired results; Hands-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies. The Union Minister of Finance and Corporate Affairs Shri Arun Jaitley said… Read More »
Date : Nov 28, 2016 Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000: Activity at Banks during November 10-27, 2016 Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of… Read More »
Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS RBI/2016-17/162 DCM (Plg) No.1438/10.27.00/2016-17 November 28, 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 Dear Sir, Chest Guarantee Scheme for Specified Bank Notes (SBNs) –… Read More »
RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 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 Banks Dear Sir, Withdrawal of cash from bank deposit accounts – Relaxation It has been reported that certain depositors… Read More »
Modi government allays fears of ‘inspector raj’ under GST NEW DELHI: Addressing fears that an “anti-profiteering” clause in the draft goods and services tax (GST) law may spell the return of inspector raj, the Centre stressed that the provision is an enabling element and will be invoked only in the event of significant violations. “The… Read More »
E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST NEW DELHI: E-commerce operators like Flipkart and Snapdeal will have to deduct TCS -1.02 % (tax collected at source) while making payments to their suppliers, according to the new model GST law, which has done away with the definition of ‘aggregator’. Explaining the changes… Read More »
NOTIFICATION New Delhi, the 25th November, 2016 S.O. 3569(E).— In exercise of powers conferred by clause (b) of section 4 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004), the Central Government hereby notifies the 1st day of December, 2016, as the date for the purposes of clause (b) of section… Read More »
Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 28, 2016) (Updated as on November 28, 2016) (Updated as on November 25, 2016) (Updated as on November 23, 2016) (Updated as on November 22, 2016) (Updated as on November 21, 2016)… Read More »
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha on 28.11.2016 by Govt of India ; A scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) has bee proposed in the Bill ‘CHAPTER IXA’ . Scheme is as… Read More »
AS INTRODUCED IN LOK SABHA on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL 2016 Bill No. 299 of 2016 FINANCIAL MEMORANDUM This Bill seeks to impose a higher rate of tax and levy of penalty in respect of certain incomes. It also provides for a scheme for payment of tax, penalty and surcharge on the… Read More »