63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve the reach of Gold Monetisation Scheme (GMS) The Prime Minister Shri Narendra Modi had launched three Gold related Schemes i.e. Sovereign Gold Bond Scheme (SGB), Gold Monetisation Scheme…
DetailsIt has been the endeavor of the Government to foster an environment of co-operation in matters of taxation through predictability of laws and reduced litigation. In a major push towards providing certainty to foreign investors in the arena of transfer pricing, the Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance…
DetailsStake Holders and General Public requested to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS) Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head “Profits and…
DetailsThe Government has decided to provide further indirect tax incentives for domestic shipbuilding industry. Accordingly, the Central Government has issued Notification Nos. 44/2015-Central Excise, 45/2015-Central Excise, 54/2015-Customs and 55/2015-Customs all dated 24.11.2015 so as to provide the following indirect tax incentives to the aforesaid industry: 1) Exemption from customs and central excise duties on all…
DetailsGovernment extends RuPay Card usage condition to 90 days for a claim under an inbuilt accident insurance cover in case of RuPay Classic cardholders with effect from 25th November 2015; As on 20.11.2015, out of 697 claims lodged under Accidental Insurance under RuPay Debit Card in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, 644 claims…
DetailsLarge number of applications have been received by the banks and post offices for Sovereign Gold Bonds, 2015-16. To enable smooth uploading of applications into RBI’s E-kuber system, particularly by the post offices, it has since been decided to shift the issue date of the Sovereign Gold Bonds from November 26, 2015 to November 30,…
DetailsThe Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS. The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment…
DetailsThe Union Finance Minister Shri Arun Jaitley said that the Public Sector Banks (PSBs) have made great contribution in rebuilding the economy of the country. However, the Finance Minister asked the bankers to get rid of their past scars of Non Performing Assets (NPAs) and clean-up their balance sheet at the earliest .The Finance Minister…
DetailsThe Finance Minister in his Budget Speech, 2015 has indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. This is a step towards simplification of tax laws, which is expected to bring about transparency and clarity.…
DetailsRecommended Date of implementation: 01.01.2016 Minimum Pay: Based on the Aykroyd formula, the minimum pay in government is recommended to be set at ₹18,000 per month. Maximum Pay: ₹2,25,000 per month for Apex Scale and ₹2,50,000 per month for Cabinet Secretary and others presently at the same pay level. Financial Implications: The total financial impact…
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