Finance - Corporate Law Reporter

Govt. takes action to address the problem of Benami Transactions Across India

Benami Transactions Across the Country The Government of India has taken several steps to address the problem of benami transactions across the country. (i) The Benami Transactions (Prohibition) Act, 1988 (the Act) was comprehensively amended through the Benami Transactions (Prohibition) Amended Act, 2016 to provide for an effective regime for prohibition of benami transactions. The… Read More

GST Council forms a Selection Committee for appointment under National Anti-profiteering Authority

GST Council forms a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as the Chairman and Members of the National Anti-profiteering Authority under GST The GST Council has formed a Selection Committee under the Chairmanship of Cabinet Secretary to identify and recommend eligible persons for appointment as… Read More

Union Finance Minister releases a Case Study on GST in India

The Union Finance Minister, Shri Arun Jaitley releases a Case Study on the Birth of the Goods and Services Tax (GST) in India – “The GST Saga: A Story of Extraordinary National Ambition” in national capital today. A Case Study on the birth of the Goods and Services Tax (GST) in India – “The GST… Read More

Finance Act, 2017 amends section 115 JB of IT Act

Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies. Finance Act, 2017 amended the provisions of section 115JB of the Income-tax Act,1961(‘the Act’) so as to provide the framework for computation of book profit for the purposes of levying Minimum Alternate Tax (MAT) in… Read More

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of changes have been made in the scheme: I. Specific changes… Read More

Special Deposit Scheme subscribers to get 7.8% interest per annum

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 17th July, 2017 No. 5(4)-B(PD)/2017.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect from… Read More

SBI creates a wholly owned subsidiary for providing real estate services to them

SBI creates a wholly owned subsidiary “SBI Infra Management Solutions Pvt. Ltd.” for providing real estate services to them. State Bank of India (SBI) has informed that they have created a wholly owned subsidiary “SBI Infra Management Solutions Pvt. Ltd.” for providing real estate services to them. The role of the subsidiary is envisaged as… Read More

Government takes initiatives to improve asset quality of banks

Loan growth of banks and initiatives taken by the Government to improve the asset quality of banks The details on Outstanding Gross Loans & Advances as reported by Scheduled Commercial Banks (SCBs) to Reserve Bank of India (RBI) are as under:- Bank Group 31 Mar-15 31 Mar-16 31 Mar-17 (Prov.) Public Sector Banks (PSBs)… Read More

Demonitization: undisclosed income detected more than Rs. 5400 crore

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore. Disclosure of information regarding law flouters/specific taxpayers is prohibited except as provided under Section… Read More

Centrally Sponsored Schemes -Sunset date for all schemes

Centrally Sponsored Schemes - sunset date for all schemes There are 28 Centrally Sponsored Schemes running across the country. All 28 Centrally Sponsored Schemes have sunset dates except Mahatma Gandhi National Rural Employment Guarantee Scheme of the Ministry of Rural Development, which is under Mahatma Gandhi Rural Employment Guarantee Act. In para-110 of the Budget… Read More

CBDT amends jurisdiction of Principal CITs & CCIT

NOTIFICATION New Delhi, the 19th July, 2017 (INCOME TAX) S.O. 2260(E).—In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notifications of the Government of India, Central Board of Direct Taxes numbers S.O.1612(E), dated the 26th September, 2006… Read More

FM to formally launch Pradhan Mantri Vaya Vandana Yojana tomorrow

FM to formally launch Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow; PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens available from 4th May, 2017 to 3rd May, 2018; The Scheme can be purchased offline as well as online through Life Insurance Corporation of India The Union Minister… Read More

Cabinet approves alternative mechanism for creation and launch of a New ETF

Cabinet approves alternative mechanism for creation and launch of a New Exchange Traded Fund The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has authorized the Alternative Mechanism on the following: i. To take decision for divestment through Exchange Traded Fund (ETF) out of all the listed CPSEs including CPSEs… Read More