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CLR Urgent :: DVAT Filing of online returns for March, 2013 and Fourth Quarter 2012-13.
The date of filing of DVAT online returns for March, 2013 and Fourth Quarter 2012-13 has been extended for various categories of tax payers. The circular is provided below: GOVERNMENT OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, NEW DELHI No.F.7(420)/VAT/Policy/2011 /117-123 Dated:25/04/2013 CIRCULAR NO. 3 OF 2013-14 Sub: Filing of online returns… Read More
National Water Policy – Need for Augmentation, conservation and efficient management
The National Water Resources Council (NWRC) at its sixth meeting held on 28th December, 2012 based on the broader consensus that emerged, adopted the National Water Policy (2012) containing recommendation for setting up of an independent Statutory Water Regulatory Authority by each State to fix and regulate the water tariff system. Several steps for augmentation,… Read More
Income Tax Overseas Units
Income Tax Overseas Units have been set up in Indian Missions abroad as part of efforts to unearth black money. Tax Officers at the level of First Secretary are being posted to Income-tax Overseas Units (ITOUs) in Indian Missions abroad to maintain effective coordination and liaison between Indian tax authorities and the tax authorities of… Read More
Salient features of the Tax Forgone Statement
The salient features of the Tax Forgone Statement issued by the Government are as under: ¢ This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. ¢ This Statement attempts to estimate some of the major tax expenditure under… Read More
Agricultural Credit to Drought Prone Areas
RBI information on Agricultural Credit to Drought Prone Areas The credit flow to agriculture during 2012-13, by the Commercial Banks, Cooperative Banks and Regional Rural Banks (RRBs) has been Rs. 4,12, 064 crore (provisional) upto January 2013. During 2011-12, the credit flow to agriculture by these institutions was Rs. 5,11, 029 crore (provisional). The Government is… Read More
Inclusion of Ayurveda/Homoeopathy in Mediclaim Insurance
Insurance Regulatory and Development Authority (IRDA) has informed that the insurance coverage to AYUSH treatments has been facilitated through the Regulation 5 (1) of the IRDA (Health Insurance) Regulations, 2013 which are published in the official gazette and came into force with effect from 18.02.2013. As per this regulation the insurers may provide coverage to… Read More
RBI Information on Estimated Outflow of Funds
Remittance of dividend and profit amount and interest payment on external borrowings to the residents outside India are computed as current account transactions under Balance of Payments (BoP) statistics periodically prepared by RBI. As per BoP Statistics, details of profit and dividend paid by FDI enterprises and interest paid by Indian corporate on account of external commercial… Read More
Government sets up Inclusive Innovation Fund
The Government has set up an Innovation Fund for inclusive economic growth. National Innovation Council in collaboration with Ministry of Micro, Small and Medium Enterprises (MSME) has proposed to set up a dedicated fund in the name of ˜India Inclusive Innovation Fund™ for promoting grass root innovations with social returns as well as modest economic… Read More
Proposal for setting up of new Development Bank for BRICS Countries
The BRICS - Brazil, Russia, India, China and South Africa. There is a proposal for setting up of a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. In March 2012, BRICS Leaders directed their Finance Ministers to consider the possibility of setting… Read More
RBI says – No Restrictions on Issue of Number of Cheques
Reserve Bank of India (RBI) has issued a Master Circular dated 02.07.2012 on ˜Customer Service in Banks™ which, inter-alia, provides that banks may issue cheque books with larger number of leaves (20 or 25) if a customer demands the same and also ensure that adequate stocks of such cheque books (20/25 leaves) are maintained with… Read More
CLR Snippets :: Amendment in Money Laundering Act
The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle the new evolving threats. Bullion traders have expressed that Germs and jewellery sector… Read More
IRDA prescribes Ceiling of 15% for payment of Insurance Agents’ Commission
The Insurance Regulatory and Development Authority (IRDA) prescribes ceiling of 15% for payment of agents™ commission. The exact rate of commission payable in a particular policy is to be decided by the insurer, which shall not exceed the ceiling prescribed by the IRDA. The Public Sector Undertaking insurers, in order to encourage younger population to… Read More
Kisan Credit Card (KCC) Norms Simplified
Kisan Credit Card (KCC) Norms Simplified The procedure for determining validity/renewal of Kisan Credit Card (KCC) has been simplified under the revised KCC Scheme issued by the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) in 2012. As per the revised Scheme, the KCC is valid for five years… Read More
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