No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried

02 December 2016 at 11:30

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016, i

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Posted in Income Tax |    0 comments |   2978 hits


RBI advises banks not to trust guidelines being circulated in social media

02 December 2016 at 11:08

Information from Unauthenticated Sources - Advisory to banksRBI/2016-17/166DCM (Plg) No.1500/10.27.00/2016-17The Chairman / Managing Director/ Chief Executive Officer,Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional RuralBank

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Posted in Others 1 comments |   375 hits


Old 500 Note cannot be used at Petrol Pump and for Air Ticket Purchase wef 03.12.2016

01 December 2016 at 17:41

MINISTRY OF FINANCE(DEPARTMENT OF ECONOMIC AFFAIRS)NOTIFICATIONNew Delhi, the 30th November, 2016S.O. 3598(E).-In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central

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Posted in Others |    0 comments |   320 hits


ICAI President's Message - December 2016

30 November 2016 at 16:32

My dear professional colleagues, Indian accountancy profession has been acting responsibly offering its complete support to the Government of India in its initiatives, particularly those relating to economy. More recently, we played a very crucial ro

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Posted in Professional Resource |    0 comments |   568 hits


Interest rate cut in PPF and KVP by 0.10 percent in this quarter

30 November 2016 at 11:14

Interest rate cut for long term saving schemes The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004, and Sukanya Samriddhi Account (the Girl Child Scheme) were reduced by 0.10 percentage po

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Posted in Others |    0 comments |   597 hits


Procedure for registration as an Insolvency Professional with ICAI

30 November 2016 at 10:42

The Indian Institute of Insolvency professionals of ICAI (IIIPI), a section 8 Company formed by the Institute of Chartered Accountants of India to enroll and regulate insolvency professionals as its members in accordance with the Insolvency and Bankr

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Posted in Professional Resource |    0 comments |   2055 hits


POS Devices exempted from Central Excise Duty till 31st March

30 November 2016 at 10:42

Point of Sale (POS) Devices and Goods required for their manufacture exempted from Central Excise Duty till March 31, 2017. The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016.

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Posted in Excise |    0 comments |   317 hits


Cash withdrawal restriction removed of deposit made in legal tender on or after November 29, 2016

29 November 2016 at 13:40

RBI/2016-17/163DCM.No.1437/10.27.00/2016-17November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer,Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/State Cooperative Banks/

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Posted in Others 5 comments |   5678 hits


Indian Institute of Insolvency Professionals of ICAI granted registration

29 November 2016 at 10:44

FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world; Hope that it will deliver the desired results; Hands-over the Certificates of Registration to these two Insolvency

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Posted in Professional Resource |    0 comments |   443 hits


PM speaks at length on demonetizations in Mann ki baat

29 November 2016 at 10:44

English rendering of the text of PM’s ‘Mann Ki Baat’ address on All India Radio on 27.11.2016 My dear countrymen, Namaskar. Last month, all of us were celebrating Diwali. Like every year, this Diwali too, I had gone to the border, t

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Posted in Professional Resource 1 comments |   359 hits


Bill introduced by govt in Parliament to tax black money

28 November 2016 at 17:12

Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha; A scheme namely, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) proposed in the Bill. Evasion of taxes deprives the nation of crit

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Posted in Others |    0 comments |   5198 hits


IBA directs banks to accept payment of instalments under IDS 2016

28 November 2016 at 10:34

No.RB/CIR/OTC-IDS/1404A November 25, 2016 The Chief Executives of All Member BanksDear Sir/Madam,Income Declaration Scheme 2016 – Grievance regarding non-acceptance by banks of payments under IDS, 2016 through ITNS-286 We have received a commun

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Posted in Income Tax |    0 comments |   462 hits


RBI Announces Measures to Manage Liquidity Conditions

28 November 2016 at 10:34

With the withdrawal of the legal tender status of - 500 and - 1,000 denomination bank notes (hereafter referred to as Specified Bank Notes - SBNs) beginning November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit

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Posted in Others |    0 comments |   374 hits


Revised Model Draft GST Law, IGST Law and GST Compensation Law Released by CBEC

26 November 2016 at 15:12

Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders. The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the

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Posted in GST |    0 comments |   2111 hits


FM pushes banks for major cash less transaction

25 November 2016 at 10:59

The Union Finance Minister Shri Arun Jaitley holds Video Conferencing with Banks for major push to cash less transactions; Banks to now focus on stepping-up Transactions in mission mode through alternate banking channels such as NEFT, mobile wallets,

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Posted in Income Tax 1 comments |   573 hits


No over the counter exchange of old notes from today

25 November 2016 at 10:59

After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the co

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Posted in Income Tax 2 comments |   2558 hits


Steps taken by govt to promote digital payments

24 November 2016 at 11:13

The Central Government takes various decisions for the benefit of farmers in the current Rabi Season and to promote digital payments in the economy. Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of me

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Posted in Others 1 comments |   592 hits


CAs are eligible for registration as insolvency professionals

24 November 2016 at 11:13

Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into

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Posted in Professional Resource |    0 comments |   1133 hits


India signs declaration with Switzerland to retrieve information regarding Swiss bank holders

23 November 2016 at 11:10

India and Switzerland Sign ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two countries Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for t

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Posted in Income Tax 4 comments |   852 hits


PM invites views from the people on demonetisation on his app

22 November 2016 at 16:53

The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a survey consisting of 10 question

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Posted in Income Tax 15 comments |   589 hits






Updated on : 03/12/2016 02:50:00


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