Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have now exceeded Rs. 25,000 crore which has come to the banks as low cost deposits. The accounts that can be opened under PMJDY are Basic Savings Bank Deposit Accounts (BSBDA) which can be with zero balance as per Reserve Bank of India…
DetailsThe draft business processes on GST registration, GST refunds and GST payments have been put-up on https://mygov.in/group/department-revenue/ for inviting comments. Comments and views are invited on these business processes by 31st October, 2015. The draft Model CGST, SGST and IGST laws, along with GST business processes for filing of returns, shall also be put-up for…
DetailsWhat is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts of…
DetailsThere have been some reports in the media yesterday and today that the Income tax Department has issued fresh demand notice to Nokia India. These reports are erroneous. An assessment order was passed in the case of Nokia India Pvt Ltd for Assessment Year 2010-11 in August 2015. The tax demand raised by this…
DetailsNPS has been implemented for all Government Employees (except armed forces) joining Central Govt. on or after 01 January 2004. Most of the State/UT Governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian Citizen from 01st May 2009 on a voluntary basis. Further,…
DetailsCircular No. 17/2015 F.No.279/Misc./140/2615-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 6th October, 2015 Subject:- Measurement of the distance for the purpose of section 2(14)(iii)(h) of the Income-tax Act for the period prior to Assessment year 2014-15 “Agricultural Land” is excluded from the definition of…
DetailsF. No. 354 / 98 /20015-TRU Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Excise & Customs ***** New Delhi, dated 5th October, 2015 The All India Transport Welfare Association (AITWA) has represented regarding the difficulties being faced by the Goods Transport Agencies (GTAs) in respect of service tax levy on the services…
DetailsThe Union Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved the protocol amending the Convention and the Protocol between India and Israel, for avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income and on capital.The Protocol provides for internationally accepted standards for effective exchange of…
DetailsGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 6th of October, 2015 Order under section 119(1) of Income-tax Act, 1961 Subject: Validation of tax-returns through Electronic Verification Code-reg.- The Central Board of Direct Taxes (CBDT’) vide Notification No. 41/2015 dated 15.04.2015 in cases of…
DetailsThe Government has received very good response with the recently launched simplified Aadhaar based registration system for MSME sector. Within a short period 800 registrations have been received under the scheme. This was stated by Shri Kalraj Mishra, Minister of MSME while addressing media persons here today. The minister said that under the Prime Minister’s…
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