"30 March 2017" Archive

PMGKY 2017: Income Tax Offices open till midnight on 31.03.2017

F.No.225/233/2016/ITA.II (30/03/2017)

The last date for making declaration under the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) is 31st March, 2017. Therefore, in order to facilitate the filing of declarations even after the office hours on the last date...

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It’s Not Too Late To Save tax!

The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. This article discusses some tax investment avenues which can be utilized before 31 March to lower one’s overall tax liability....

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Posted Under: Income Tax |

Merchant Discount Rate for Debit Card Transactions to continue

RBI/2016-17/264 DPSS.CO.PD No.2737/02.14.003/2016-17 (30/03/2017)

Till the issuance of final instructions on MDR for debit card transactions, the extant instructions issued vide our circular dated December 16, 2016 shall continue....

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RBI advisory on E-wallets

Press Release : 2016-2017/2624 (30/03/2017)

RBI has today advised users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. ...

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Purchase of foreign exchange from foreign citizens and others

RBI/2016-17/263 A.P. (DIR Series) Circular No. 42 (30/03/2017)

Attention of Authorized Persons is invited to the A.P. (DIR Series) Circulars No. 20, 22 and 24 dated November 25, 2016, December 16, 2016 and January 3, 2017 respectively, permitting foreign citizens (i.e. foreign passport holders) to exchange foreign exchange for Indian currency notes up to a limit of Rs. 5000/- per week till January 31...

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Assignment of Lead Bank Responsibility of Associate Banks to SBI

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 (30/03/2017)

It has been decided to assign the lead bank responsibility of districts hitherto held by the Associate banks to State Bank of India. Accordingly, lead bank responsibility is assigned as follows:...

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Assignment of SLBC Convenorship – Telangana

RBI/2016-17/261 FIDD.CO.LBS.BC. No. 25/02.01.001/2016-17 (30/03/2017)

As per the Gazette of India Notification G.S.R. 157 (E) dated February 22, 2017, the merger of State Bank of Hyderabad with State Bank of India has been notified. The Order called the Acquisition of State Bank of Hyderabad Order, 2017 comes into effect on April 1, 2017....

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Launch of Income Tax Business Application ITR Processing Module

ITBA-ITR Processing Instruction No. 1 (30/03/2017)

Functionality for processing Paper ITRs filed for AY 2016-17 in Forms ITR-1, 2, 2A and 4S will be available w.e.f. 04.2017 in Income Tax Business Application (ITBA)....

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TDS not deductible on Severance package U/s. Section 10(10B) given to workmen as compensation by Govt Company

Hindustan Photo Film Workers' Welfare Centre (CITU) Vs. Government of India (Madras High Court)

It is held that the receipts in the hands of the employees of the HPF, pursuant to the severance package announced by the Central Government and intimated vide proceedings/circular is held to be a special privilege/protection granted to the employees of the HPF Ltd and therefore, the provisions of the Section 10(10B) of the Income Tax Act...

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GST Bills passed in Lok Sabha– Significant step towards July 1 rollout

Clearing the decks for the July 1 rollout of the ambitious Goods and Services Tax (GST) that will subsume 17 major Central and State taxes for a unified tax regime, the Lok Sabha on March 29, 2017 night cleared four crucial GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill. ...

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Posted Under: Income Tax | ,
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