"17 December 2015" Archive

Correction in Form 26QB Challan (TDS on Sale of Property)

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Sell...

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Posted Under: Income Tax | ,

Quick tips to improve your CIBIL score

Your CIBIL score is a three digit number, in the range 300-900. In today’s date this number has assumed immense significance with banks unwilling to lend to anyone who does not have a score above 750. It is a good financial practice for you to make a constant effort to improve CIBIL score, as the […]...

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Posted Under: Income Tax | ,

Decoding GST Act, 2016: Input Tax Credit, Returns, Matching of ITC

In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/cha...

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Posted Under: Income Tax |

Section 43B: CBDT clarifies Due date for payment of Employee Provident fund

Circular No. 22/2015-Income Tax (17/12/2015)

Income Tax Circular No. 22/2015 W.c.f. 1.4.1988, the settled position is that if the assessee deposits any sum payable by it by way of tax, duty, ecss or fee by whatever name called under any law for the time being in force, or any sum payable by the assesse as an employer by way of contribution to any provident fund or superannuation fun...

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Mobile Banking Transactions in India – Operative Guidelines for Banks – Customer Registration for Mobile Banking

RBI/2015-16/269 DPSS.CO.PD.No./1265/02.23.001/2015-2016 (17/12/2015)

A reference is invited to para 7 of the Master Circular on Mobile Banking transactions in India – Operative Guidelines for Banks dated July 1, 2015. Given the high mobile density in the country, the policy focus of RBI has been to encourage banks to leverage on the mobile channel for widening the access to banking services. ...

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RBI announces Marginal Cost of Funds Methodology for Interest Rate on Advances

RBI/2015-16/273 DBR.No.Dir.BC.67/13.03.00/2015-16 (17/12/2015)

DBR.No.Dir.BC.67/13.03.00/2015-16 The Reserve Bank of India today released the final guidelines on computing interest rates on advances based on the marginal cost of funds. The guidelines come into effect from April 1, 2016. Apart from helping improve the transmission of policy rates into the lending rates of banks, these measures are exp...

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CBEC increase Monetary Limit for appeal before CESTAT & HC

F. No. 390/Misc./163/2010-JC (17/12/2015)

CBEC increase monetary limits for filing appeals by Department before CESTAT to Rs. 10 Lakh from Earlier 5 Lakh and to Rs. 15 Lakh for Appeal before High Court from Earlier Limit of Rs. 10 Lakh. Limit of Rs. 25 Lakh for Filing Appeal before Supreme Court remains unchanged. ...

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Black Money : CBDT declares designated Income-tax authority

F.No. 225/322/2015/ITA.II (17/12/2015)

In exercise of powers conferred under section 119 of the Income-tax Act, 1961 read with section 6 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ('Act'), the Central Board of Direct Taxes, with effect from 18th December, 2015 and until further orders, hereby directs that for the p...

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SEBI distributes disgorgement amount to investors affected by IPO Irregularities

PR No. 295/2015 (17/12/2015)

SEBI has initiated the second tranche of distribution of amount to 4.63 lakh investors from the disgorged amount in the matter of Initial Public Offerings (IPOs) irregularities. An amount of Rs.18.06 crore, which includes Rs.7.35 crore recovered by SEBI in exercise of the newly conferred recovery powers under the Securities Laws (Amendmen...

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Review Committee of Commissioners of Central Excise, Service Tax and Customs

Office Order No. 24/2015 (17/12/2015)

Office Order No. 24/2015 Instances have been noticed wherein the Principal Commissioners a-e acting as Chief Commissioner of their respective Zones as well as the members of the Committee of the Commissioners formed for the purpose of reviewing the orders of the Commissioner (Appeals) within their jurisdiction under Section 35B(2) of the ...

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