GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No. 4/2017–Central Tax New Delhi, the 19th June, 2017 G.S.R…. (E).- In exercise of the powers conferred by section 146 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government hereby notifies www.gst.gov.in as the Common Goods and Services T...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1232

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No. 2/2017 – Integrated Tax New Delhi, the 19th June, 2017 G.S.R . (E). – In exercise of the powers conferred by sub-section (2) of section 14 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) (hereinafter referred to as the said Act), read with sub-rule (2) of rule 14 of the Central Goods and Services Tax Rules, 2017, the Central Govern...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1665

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No. 1/2017 – Integrated Tax New Delhi, the 19th June, 2017 G.S.R. …..(E).— In exercise of the powers conferred by sub-section (3) of section 1 of the CentralGoods and Services Tax Act, 2017 (13 of 2017), the Central Government hereby appoints the 22nd day of June, 2017, as the date on which the provisions of sections 1, 2, 3, 14, 20 and 22 of t...

Continue Reading...

Category : GST | Comments : 0 | Hits : 2222

In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:- 1. (1) These rules may be called the CENVAT Credit (Third Amendment) Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the CENVAT Credit Rules, 2004, in rule 4, in sub-rule (7), ...

Continue Reading...

Category : Excise | Comments : 0 | Hits : 1333

1. This has reference to SEBI Circular No. CIR/MIRSD/2/2015 dated August 26, 2015 on implementation of the Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act. 2. In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:- (i) the total gross amount of interest, the total gross amount of di...

Continue Reading...

Category : SEBI | Comments : 0 | Hits : 1126

1. Regulations 111A and 111B of ICDR Regulations inter alia specify liability of a listed entity or any other person for contravention and actions which can be taken by the respective stock exchange and the revocation of such actions, in the manner specified by SEBI. 2. Stock exchanges shall impose fines on the companies for non-compliance with certain provisions of ICDR Regulations as under: Regulation Violation Fine 95(1) Delay in completion of bonus issue. ₹ 20,000 per day of non-complianc...

Continue Reading...

Category : SEBI | Comments : 0 | Hits : 1041

The Government of West Bengal vide Gazette Notification dated February 07, 2017 notified the creation of a new district “Kalimpong” by redefining the limits of Darjeeling District of West Bengal. It has been decided to assign the lead bank responsibility of this new district to State Bank of India as detailed below:- Sr No Newly carved district Erstwhile District Sub-division under the newly created district Lead Bank Responsibility assigned to District Working Code allot...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 940

RBI/2016-17/322 DGBA.GBD.No.3262/31.02.007/2016-17 June 15, 2017 All Agency Banks Dear Sir Period for Submission of Agency Commission Claims Please refer to circular No.DGBA.GAD.1031/31.12.010/98-99 dated May 6, 1999 wherein all agency banks were advised to submit their eligible agency commission claims to the Reserve Bank of India within two quarters from the end of the quarter during which the transactions have been conducted. 2. On a review, it has now been decided to reduc...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1026

Please refer to theMaster Circular DBR.No.BP.BC.4./21.06.001/2015-16 dated July 1, 2015on 'Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF)'. 2. In terms of para 6 of the circular, six domestic credit rating agencies viz. CARE, CRISIL, FITCH India, ICRA, Brickwork Ratings and SMERA have been accredited for the purpose of risk weighting the banks' claims for capital adequacy purposes. The long term and short term ratings issued by these dome...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1068

Under the existing provisions contained in section 194-1 of the Income Tax Act, 1961 ('the Act'), tax is required to be deducted at source on payment of rent. The term "rent" is defined in the Explanation to the said section to mean any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any (a) land; or (b) building (including factory building); or (c) land appurtenant to a b...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1189

Section 132B of the Income Tax Act 1961, provides for adjustment of seized assets/requisitioned assets against the amount of any existing liability under the Income Tax Act, 1961, (the Act), the Wealth-tax Act, 1957, the Expenditure-tax Act, 1987, the Gift-tax Act, 1958 and the Interest-tax Act, 1974, and the amount of the liability determined on completion of the assessment under section 153A of the Act and the assessment of the year relevant to the previous year in which search is initiated or...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1099

Section 2(22) clause (e) of the Income Tax Act, 1961 (the Act) provides that “dividend” includes any payment by a company, not being a company in which the public are substantially interested, of any sum by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits holding not less than ten per cent of the voting power, or to any concern ...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1115

IGST Exemption under GST [As per discussions in the 16th GST Council Meeting held on 11th June, 2017 I . Bilateral Commitments – Imports under Agreement between India and Pakistan / Bangladesh for regulation of Bus Service...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1207

REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY [As per discussions in the 16th GST Council Meeting held on 11th June, 2017] 1. Sub section (1) of section 10 read with sub-section (2) of the same section of the Central Goods and Services Tax Act, 2017 [CGST Act] provides that an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed Rs.50 lakh, may opt to pay, in lieu of the tax payable by him, an amount calculated at the rate of: 1. 1% of tur...

Continue Reading...

Category : GST | Comments : 0 | Hits : 1336

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2017 New Delhi, the 9th June, 2017 G.S.R. 569(E).—In exercise of the powers conferred by section 139A and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:‑ 1. (1) These rules may be called the Income –tax (14th Amendme...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1210

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 9th June, 2017 [Income-tax] S.O. 1866(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the ‘Act’), read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm’s length price determine...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1345

RBI/2016-17/320 FIDD.CO.LBS.BC.No 31/02.01.001/2016-17 June 8, 2017 The Chairman and Managing Director/ Chief Executive Officer SLBC Convenor Banks Dear Sir, Aligning roadmap for unbanked villages having population more than 5000 with revised guidelines on Branch Authorisation Policy Please refer to thecircular FIDD.CO.LBS.BC.No.82/02.01.001/2015-16 dated December 31, 2015wherein SLBCs were advised to identify villages with population above 5000 without a bank branch of a schedu...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 937

RBI/2016-17/319 DGBA.GBD.No.3235/45.01.001/2016-17 June 8, 2017 All Agency Banks Dear Sir / Madam Recording of PPO Number in the passbook of Pensioners / Family Pensioners As you are aware, it has been decided to record the PPO number in all the pension passbooks of the pensioners/family pensioners issued to them. This is to alleviate the difficulties reported by pensioners/family pensioners to get ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 961

S.O. 1683(E).—Whereas, the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the said Code) received the assent of the President on 28th May, 2016 and was published in the official Gazette on the same date; And, whereas, section 252 of the said Code amended the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004) in the manner specified in the Eighth Schedule to the said Code;...

Continue Reading...

Category : Corporate Laws | Comments : 0 | Hits : 1130

Please refer to ourcircular DBR.No.Ret.BC.64/12.01.001/2015-16 dated December 10, 2015, on maintenance of Statutory Liquidity Ratio under Section 24 and Section 56 of the Banking Regulation Act, 1949. 2. As announced in theSecond Bi-Monthly Monetary Policy Statement 2017-18of the Reserve Bank of India today, it has been decided to reduce the Statutory Liquidity Ratio (SLR) of commercial banks, primary (urban) co-operative banks (UCBs), state co-operative banks and central co-operative banks fro...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1045

Please refer to theSecond Bi-monthly Monetary Policy Statement for 2017-18, announced today. 2. As a countercyclical measure, the LTV ratios, risk weights and standard asset provisioning rate for individual housing loanssanctioned on or after the date of this circularshall be as under: Outstanding loan LTV ratio (%) Risk Weight (%) Standard Asset Provision (%) Up to Rs.30 lakh <80 35 0.25 > 80 and<90 50 Above Rs.30 lakh and up to Rs.75 lakh <80 35 ...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1027

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to Sr. No. 3, 4 and 5 of Annex toA.P.(DIR Series) Circular No.17 dated September 29, 2015, paragraph No. 2, 3, 4 and 5 ofA.P. (DIR Series) Circular No. 60 dated April 13, 2016, paragraph No. 2 ofA.P. (DIR Series) Circular No. 31 dated February 16, 2017andparagraph No. 3.2,3.3.1,3.3.3and3.3.4of Master Direction No.5 dated January 1, 2016 on ‘External Commercial Borrowings, Trade Credit, Borrowing and Lending in F...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 955

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TEXES) NOTIFICATION NO. 44/2017 New Delhi, the 5th June, 2017 INCOME-TAX S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Cost Inflation Index as mentioned in column (3) of the Table for the Financial Years mentioned in the corresponding entry in column (2) of the said Table, ...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 2809

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th June, 2017 INCOME-TAX S.O. 1789(E).—In exercise of the powers conferred by third proviso to the clause (38) of section 10 of the Income-tax Act, 1961 (43 of 1961) hereinafter referred to as the Income-tax Act, the Central Government hereby notifies all transactions of acquisition of equity share entered into on or after the 1st day of October, 2004 which are not chargeable to...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1662

Clarification regarding transmission of Securities by Operation of Law - Circular 07/2017, Dated 05/06/2017....

Continue Reading...

Category : Companies Act | Comments : 0 | Hits : 1069

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 42/2017 New Delhi, dated the, 2nd June 2017 INCOME-TAX G.S.R 546(E).—In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (10th Amendmen...

Continue Reading...

Category : Income Tax | Comments : 0 | Hits : 1197

RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17 June 01, 2017 To All eligible participants in the OTC derivatives markets Dear Sir/Madam Introduction of Legal Entity Identifier for OTC derivatives markets The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who a...

Continue Reading...

Category : RBI | Comments : 0 | Hits : 1003

- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 73/2006-Customs dated 10th July, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G. S. R. 4...

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1191

Delcaration in form 15G/15H to be furnished to the deductor / payer for each financial year - notification no. 06/2017, dated 30/05/2017...

Continue Reading...

Category : CBDT | Comments : 0 | Hits : 1536

The present system for allotment of'Rotation Number' for vessels has been reviewed. Under the present process for the allotment of 'Rotation Number' for a vessel that calls on a port, the concerned Shipping Line or Shipping Agent (SL/SA) must file an application with the designated section in the Custom House, along with the desired particulars in the prescribed format. After confirmation of the particulars, the designated official who is assigned the appropriate role on the Indi...

Continue Reading...

Category : Custom | Comments : 0 | Hits : 1228