Message from the New Chairperson of CBDT
My Dear Members of the Aayakar Family, On my elevation as Chairperson of CBDT, I take the first opportunity to greet you all and thank you for your good wishes I received during these days. I feel greatly humbled by the confidence reposed in me for leading this great Service. I am conscious of the fact that standards… Read More
FM Launches Maiden infrastructure Debt Fund Scheme
Finance Minister Launches Maiden infrastructure Debt fund (IDF) Scheme of IIFCL Mutual Fund for Catalysing Investment in Infrastructure Sector; FM for Mobilsation of Resources From Insurance and Pension Sector for IDFs The Union Finance Minister Shri P. Chidambaram said that for Infrastructure Debt Funds (IDFs), we should try to mobilise resources from insurance and pension… Read More
Government Approves 16 FDI Proposals
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the Central Government has approved sixteen (16) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1646.875 crore approximately. Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 10th May, 2013 are as follows: Following sixteen (16) proposals have been approved: Sl. No. Name of the applicant Particulars of the proposal FDI/NRIinflows(Rs. In crore) 1 M/s BTI Payments Private Limited, Bangalore To set-up… Read More
RBI Clarificaiton on Prudential Norms for Off-balance Sheet Exposures of Banks Deferment of Option Premium
RBI/2012-13/535 DBOD.No.BP.BC.102/21.04.157/2012-13 June 18, 2013 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs and LABs) & All India Term-Lending & Refinancing Institutions Madam / Sir, Prudential Norms for Off-balance Sheet Exposures of Banks Deferment of Option Premium Banks are permitted to defer, at their discretion, the premium on… Read More
Impact of Euro Area Crisis on South Asia
(Paper presented by Shri Deepak Mohanty, Executive Director, Reserve Bank of India at the SAARC FINANCE Group Meeting on 18th June, 2013 at Islamabad, Pakistan) The global financial crisis originated in the US and then spread to Europe. While the global growth has recovered from the trough of 2009, Europe has lapsed into recession again.… Read More
RBI announces Scholarship Scheme for Central Bankers/Finance Ministry Officials of SAARC Countries
Governor Dr. D. Subbarao, today announced the Reserve Bank of India scholarship scheme for higher studies in Economics for officials of central banks/ministries of finance of South Asian Association for Regional Cooperation (SAARC) member countries. He announced the scholarship scheme in the 26th SAARCFINANCE Group Meeting being held today in Islamabad. Members of SAARC are: Afghanistan,… Read More
How to Pay TDS on Sale of immovable property
Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More
List of Penalties under IT Act 1961
The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults. PENALTIES UNDER INCOME TAX ACT Section Nature of Default Quantum of penalty NON PAYMENT 221(1) Tax payments including SelfAssessment Tax Amount of tax in arrears Failure to comply 271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of… Read More
Appointment of New Chairperson for CBDT
F. No. A. 12026/2/2013 -Ad.I Government of India Ministry of Finance Department of Revenue New Delhi, the 14th June, 2013 OFFICE ORDER No. 127/ 2013 The President of India is pleased to appoint Ms. Sudha Sharma, Member, Central Board of Direct Taxes as Chairperson of the Central Board of Direct Taxes (CBDT) in the Department of… Read More
Ruling under section 85 of DVAT Act, 2004 in respect of Sun Glasses
(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY), GOVERNMENT OF NATIONAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES, COMMISSIONER, VAT VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110002 No. 337/CDVAT/2013/163 Dated: 11-6-2013 NOTIFICATION Ruling under section 85 of DVAT Act, 2004 in respect of Sun Glasses. VATO (Ward-101), Department of Trade & Taxes, has… Read More
FM Speak – India Continues to Remain a Desired Destination for FDI and FII
Increased Domestic Production of Oil, Coal & Restraining Gold Consumption can Contain CAD; India Continues to Remain a Desired Destination for FDI and FII P. Chidambaram The only way to contain Current Account Deficit (CAD) is to increase the domestic production of oil & coal and restraining the consumption of gold, says the Union Finance Minister… Read More
Auction for Sale (Re-Issue) of Government Stock
Government of India have announced the Sale (re-issue) of (i) 7.28 per cent Government Stock 2019 for a notified amount of Rs. 3,000 crore (nominal) through price based auction, (ii) 7.16 per cent Government Stock 2023 for a notified amount of Rs. 6,000 crore (nominal) through price based auction , (iii) 8.97 percent Government Stock 2030 for a notified amount of Rs. 3,000 crore (nominal) through price based auction and (iv) 8.83… Read More
TRAI Reduces National Roaming Tariff Ceilings
TRAI Reduces National Roaming Tariff Ceilings, Permits Customised Tariffs Through Special Tariff Vouchers for National Roamers and Mandates Free National Roaming Plans TRAI has reduced ceilings for national roaming calls and SMS and instituted a new regime for providing flexibility to telecom service providers to customise tariffs for national roamers through STVs and Combo Vouchers. TRAI… Read More
Subscribe to the Daily Journal
Corporate Law Referencer
India’s Leading Compliance Software
