Revised Threshold for Composition Scheme under GST
Posted Date : 12-Jun-2017 , 07:35:31 am | Posted By: CASANSAAR
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...
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GST |
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Form 60 can be filed in Paper or Electronic form - CBDT
Posted Date : 12-Jun-2017 , 07:27:49 am | Posted By: CASANSAAR
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...
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CBDT |
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CBDT notifies TP tolerance limit for A.Y. 2017-18 and 2018-19
Posted Date : 12-Jun-2017 , 07:25:46 am | Posted By: CASANSAAR
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...
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CBDT |
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Aligning roadmap for unbanked villages having population more than 5000 with revised guidelines on Branch Authorisation Policy
Posted Date : 09-Jun-2017 , 09:22:40 am | Posted By: CASANSAAR
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...
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RBI |
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Recording of PPO Number in the passbook of Pensioners / Family Pensioners
Posted Date : 09-Jun-2017 , 09:21:54 am | Posted By: CASANSAAR
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 ...
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RBI |
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Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017
Posted Date : 09-Jun-2017 , 09:19:32 am | Posted By: CASANSAAR
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;...
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Corporate Laws |
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Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
Posted Date : 07-Jun-2017 , 05:02:52 pm | Posted By: Md Irsad Alam
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...
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RBI |
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Individual Housing Loans: Rationalisation of Risk-Weights and Loan to Value (LTV) Ratios
Posted Date : 07-Jun-2017 , 05:01:05 pm | Posted By: Md Irsad Alam
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
...
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RBI |
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Issuance of Rupee denominated bonds overseas
Posted Date : 07-Jun-2017 , 05:00:00 pm | Posted By: Md Irsad Alam
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...
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RBI |
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CBDT notifies Cost Inflation indexes with Base Year as 2001-02
Posted Date : 07-Jun-2017 , 08:05:04 am | Posted By: CASANSAAR
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, ...
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CBDT |
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CBDT Notification on Tax on Shares Transaction & Sec. 10(38) Exemption
Posted Date : 06-Jun-2017 , 09:57:50 pm | Posted By: CASANSAAR
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...
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CBDT |
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Clarification regarding transmission of Securities by Operation of Law
Posted Date : 06-Jun-2017 , 07:49:11 am | Posted By: CASANSAAR
Clarification regarding transmission of Securities by Operation of Law - Circular 07/2017, Dated 05/06/2017....
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Companies Act |
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Due date to furnish form 16 (Salary Certificate) extended to 15th June
Posted Date : 06-Jun-2017 , 07:45:42 am | Posted By: CASANSAAR
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...
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Income Tax |
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Introduction of Legal Entity Identifier for OTC derivatives markets
Posted Date : 02-Jun-2017 , 07:13:41 am | Posted By: CASANSAAR
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...
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RBI |
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Seek to further amend Notification No. 73/2006-Customs dated 10th July, 2006
Posted Date : 01-Jun-2017 , 11:34:06 am | Posted By: Md Irsad Alam
- 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...
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Custom |
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CBDT clarifies form 15G/15H to be filed once in a year and not every time when payment is due
Posted Date : 01-Jun-2017 , 07:28:27 am | Posted By: CASANSAAR
Delcaration in form 15G/15H to be furnished to the deductor / payer for each financial year - notification no. 06/2017, dated 30/05/2017...
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CBDT |
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Facility for Online Generation of Rotation Number by Shipping Lines/ Agents
Posted Date : 31-May-2017 , 10:09:59 pm | Posted By: CASANSAAR
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...
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Custom |
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Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof
Posted Date : 31-May-2017 , 10:59:01 am | Posted By: Md Irsad Alam
A reference is invited to ourcircular IDMD.CDD.No. 3031/13.01.299/2016-17 dated May 25, 2017on the captioned subject.
2. It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI. As RBI too, consolidates and submits this information to IT Department, and in order to avoid the duplication of data relating to Savings Bonds, Agency banks/SHCIL may henceforth ensure that the re...
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RBI |
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Clarification regarding due date of transfer of shares to IEPF Authority - MCA
Posted Date : 30-May-2017 , 10:35:46 am | Posted By: CASANSAAR
General Circular No. 06/2017
No.11/06/2017-IEPF
Government of India
Ministry of Corporate Affairs
5th Floor, “A” Wing,
Shastri Bhawan, Dr. R.P. Road
New Delhi-110001
Dated: 29.05.2017
To
All Stakeholders,
Nodal Officer’s (IEPF) of Concerned Companies
All Regional Director’s & Registrar of Companies of Min of Corp. Affairs
Subject: Clarification regarding due date of transfer of shares to IEPF Authority
Sir/ Madam,
Pursuant to second provi...
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Companies Act |
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Requirement of TDS in case of entities whose income is exempted under Section 10
Posted Date : 30-May-2017 , 10:33:22 am | Posted By: CASANSAAR
CIRCULAR No. 18/2017
F. No. 385/01/2015-IT (B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi 29th May, 2017
Subject: Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961 – Exemption thereof.
The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 4/2002 dated 16.07.2002 and Circular No. 7/2015 dated ...
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CBDT |
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TDS and filing of ITR in case both the parents are dead of minor - CBDT
Posted Date : 30-May-2017 , 10:25:39 am | Posted By: CASANSAAR
F.No. DGIT(S)/CPC(TDS)/NOTIFICATION/2017-18
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax(Systems)
New Delhi.
Notification No. 5/2017
New Delhi, 29 May, 2017
Subject: – TDS and filing of ITR in case both the parents are dead of minor –reg.
It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/Banks are clubbing the interest income accrued to the min...
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CBDT |
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Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders
Posted Date : 30-May-2017 , 10:23:07 am | Posted By: CASANSAAR
I am directed to invite your attention to Circular No. 5/2017-Cus dated 28.2.2017, wherein exporters who have been accorded Authorized Economic Operator (AEO) certificate (Tier II & Tier III) in terms of Circular No. 33/2016-Customs dated 22.07.2016 have been exempted from the requirements of drawal of samples for the purpose of grant of drawback, except in case of any specific information or intelligence....
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GST |
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Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders.-reg
Posted Date : 29-May-2017 , 02:33:25 pm | Posted By: Md Irsad Alam
I am directed to invite your attention to Circular No. 5/2017-Cus dated 28.2.2017, wherein exporters who have been accorded Authorized Economic Operator (AEO) certificate (Tier II & Tier III) in terms of Circular No. 33/2016-Customs dated 22.07.2016 have been exempted from the requirements of drawal of samples for the purpose of grant of drawback, except in case of any specific information or intelligence.
2. In continuation of above mentioned Circular, and as a measure of further facilitat...
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Custom |
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Listing of Non-Convertible Redeemable Preference Shares (NCRPS) / NonConvertible Debentures (NCDs) through a Scheme of Arrangement
Posted Date : 26-May-2017 , 05:05:38 pm | Posted By: Md Irsad Alam
(1) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “listing regulations”) place obligations with respect to Scheme of Arrangement on Listed Entities and Stock Exchange(s) in Regulation 11, 37 and 94.
(2) Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957 (hereinafter referred to as “the SCRR”) gives power to Securities and Exchange Board of India (SEBI) to relax provision of Rule 19 at its di...
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SEBI |
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Continuation of Interest Subvention Scheme for short-term crop loans on interim basis during the year 2017-18 - regarding
Posted Date : 25-May-2017 , 08:15:19 pm | Posted By: Md Irsad Alam
Please refer to ourCircular FIDD. CO. FSD. BC. No 9/05.02.001/2016-17 dated August 4, 2016on Interest Subvention Scheme for Short-term Crop Loans 2016-17 wherein we had advised the continuation and implementation of the Interest Subvention Scheme for the year 2016-17. As regards the Scheme for the year 2017-18, Ministry of Agriculture & Farmers Welfare, Government of India (GoI) has informed that they have initiated the process for continuation of the Interest Subvention Scheme.
2. In view ...
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RBI |
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Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961 - Change thereof
Posted Date : 25-May-2017 , 08:13:59 pm | Posted By: Md Irsad Alam
Pleaserefer to letter DGBA.CDD.13.01.299/H – 739 – 768/2005-06 dated August 5, 2005on the captioned subject.
2. You have been authorized to issue Savings Bonds Notified by the Government of India on behalf of Reserve Bank of India. In this connection, you may be aware that the offices accepting deposits under these schemes are required to furnish Annual Information Return as contemplated in Section 285 BA of the Income Tax Act, 1961read with Rule 114E of the Income Tax Rules, 1962 t...
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RBI |
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Formation of new districts in the State of Arunachal Pradesh - Assignment of Lead Bank Responsibility
Posted Date : 25-May-2017 , 08:12:34 pm | Posted By: Md Irsad Alam
The Government of Arunachal Pradesh vide Gazette Notification dated March 3, 2014 had notified the creation of four new districts in the State of Arunachal Pradesh. It has been decided to assign the lead bank responsibility of the new districts to State Bank of India as detailed below:-
Sr No
Newly carved district
Erstwhile District
Administrative units under the newly created district
Lead Bank Responsibility assigned to
District Working Code allotted to new district
1
Kurung ...
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RBI |
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Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks
Posted Date : 25-May-2017 , 08:10:49 pm | Posted By: Md Irsad Alam
Please refer to ourcircular UBD.CO.BPD.PCB.Cir.No.65/09.69.000/2013-14 dated May 27, 2014permitting the UCBs which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services upto a limit of Rs.10,000/-.
2. The matter has been revisited and it has now been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs, provided there are no restrictions ...
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RBI |
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Digital mode of payment
Posted Date : 19-May-2017 , 03:03:18 pm | Posted By: Md Irsad Alam
1. SEBI has notified the SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 on March 06, 2017 to enable digital mode of payment (RTGS/NEFT/IMPS etc.) of fees/penalties/remittance/other payments etc.
2. Pursuant to above, SEBI has been receiving direct credit of amounts from various intermediaries / other entities.
3. In order to identify and account such direct credit in the SEBI account, it has been decided that the various intermediaries / other entities shall provide t...
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SEBI |
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Position limits for cross-currency futures and options contracts (not involving Indian Rupee) on exchanges in International Financial Services Centres (IFSC)
Posted Date : 19-May-2017 , 03:00:40 pm | Posted By: Md Irsad Alam
Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 were notified on March 27, 2015, which came into force on April 01, 2015 wherein currency derivatives were specified as permissible securities in which dealing may be permitted by stock exchanges in IFSC.
2. It has been decided that for cross-currency futures and options contracts (not involving Indian Rupee), the position limits for eligible market participants, per currency pair per stock exchan...
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SEBI |
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