The Negotiable Instruments (Amendment) Bill, 2015 notified; Focus on clarifying the jurisdiction related issues for filing cases for offence committed under Section 138 of the Act

Bank Accounts, Investment and Savings

The Negotiable Instruments (Amendment) Bill, 2015 was passed by the Parliament in the recently concluded Winter Session of the Parliament. The Negotiable Instruments (Amendment) Act, 2015 received the assent of the President on the 26th December, 2015 and has been published in the Gazette of India, Extraordinary on 29th December, 2015. The provisions of the…

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Calendar for Auction of Government of India Treasury Bills for the Quarter ending March 2016 notified

RBI Notifications/ Circulars/ Press Release

After reviewing the cash position, the Government of India, in consultation with Reserve Bank of India (RBI), has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 2016 as under: Notified Amount for Auction of Treasury Bills (January 1, 2016 to – March 31, 2016) (Rs. in Crore)…

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Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January, 2016

Income Tax, Income Tax Circulars/ Notification

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, it is mandatory under Rule 114B of the Income-tax Rules to quote PAN where the transactions exceed a specified limit. In case of transactions…

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Streamlining scrutiny assessment proceedings and facilitating electronic communication

Income Tax

The Income Tax Department is committed to providing fair and transparent tax administration and continuously improve taxpayer services.Taking another step in this direction, Central Board of Direct Taxes (CBDT) has issued instructions to the assessing officers to be specific in enquires made in the case of tax payers whose returns are under scrutiny. The directions…

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Issuing Questionnaire in cases selected for scrutiny

Income Tax

Instruction No 19/2015 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, dated the 29th of December, 2015 To All Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-tax All Pr. Directors-General of Income-tax/Directors-General of Income-tax Subject – Issuing Questionnaire in cases selected for scrutiny- regarding Sir/Madam Instances have…

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Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year

Misc. Items

At present, there are 16.35 crore LPG consumers in the country. With the implementation of the PAHAL Scheme (DBTL), the subsidy is being transferred directly to the Bank Account of 14.78 crore LPG Consumers. The objective of the scheme was to ensure that the subsidy benefits go to the targeted group. The Government had also…

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