Information regarding interest earned by individuals and business entities on term deposit is filed with the Income Tax Department by banks including co-operative banks and other financial institutions and State treasuries etc. Form 26AS reflects only those payments on which tax has been deducted and it can be viewed by the individual tax payer by…
DetailsThe Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of Rs.3298.72 crore (face value).The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government Stocks…
DetailsAtal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years…
DetailsIn the General Budget for 2016-17, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery with simplified procedures. Salient features of the simplified procedures for this levy have been explained vide press release issued by the Government on 4th of March,…
DetailsAdditional Interest Rate spreads which the Government allows on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. are being continued and included in the rates notified today. From the year 2012-13, the interest rates on various Small Savings Schemes (SSS) are recalculated and notified in the month…
DetailsThe guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia mandates the initiation of remedial action in…
DetailsSection 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible investment fund does not constitute business…
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Financial services must tie these three factors together – customer experience, best practices and reliability/responsiveness – to have an effective web presence. They can’t go hard into one particular area and ignore the others. They have to understand what’s available versus their competitors, what consumers think of their sites versus competitors’ and how their sites are performing.
DetailsThe Defence Pension Disbursing Offices (DPDOs) functioning under Controller General of Defence Accounts (CGDA) in the Ministry of Defence have released revised pensionary benefits to 2,21,224 Defence pensioners drawing service/disability pension. The amount along with first instalment of arrears had been released and credited by the Defence Ministry to the accounts of these pensioners on…
DetailsThe Government of India has proposed the following tax incentives in the Budget 2016-17 for strengthening and promoting the Indian maritime sector (i) Exclusion of services of transportation of import cargo by ships on voyage charter from Negative List. Freight charged by shipping companies for import of goods into India has been excluded from the…
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