"27 June 2016" Archive

Government initiates process to constitute Monetary Policy Committee

G.S.R. 633(E) (27/06/2016)

Government decides to bring the provisions of amended RBI Act regarding constitution of MPC into force on 27th June, 2016 so that statutory basis of MPC is made effective; Rules governing the procedure for Selection of Members of Monetary Policy Committee and Terms and Conditions of their Appointment and factors constituting failure to m...

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Trade Discounts Post Issuance of Invoice –Worth the value?

The practice of providing discount is one of the very old and well-established strategies which the business houses have been adopting in order to entice and persuade their customers towards buying more goods from them. At large, there are two types of discounts being offered by the industries i.e. Cash discount and Trade discount. Cash [...

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Posted Under: Fema / RBI |

Exhaustive Analysis of Krishi Kalyan Cess (KKC)

A Cess is a tax which is collected by the government to be used for a specific purpose. Thus collections from levy of cess can be used only for the purpose for which it has been collected and not for any other purpose, Finance Minister has mentioned in his budget speech that proceeds of KKC would be exclusively used for financing initiat...

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Posted Under: Fema / RBI |

Is there REALLY any difference between saving and investing?

I have been witnessing people, especially the younger generation, working really hard and late hours in order to live a luxurious and content life. When I ask them about investments, most of them satisfactorily tell me that they are saving 20-30% from their monthly income. They seem very happy about it. If you are one […]...

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Posted Under: Fema / RBI |

CBDT's Advisory on Canvassing of non-official or other influence

F.No. HRD/CM/104/2/2016-17/ (27/06/2016)

Such submission of representations directly to other authorities by-passing the prescribed channel of communication, has to be viewed seriously and appropriate disciplinary action should be taken against those who violate instructions. This can rightly be treated as an unbecoming conduct attracting the provisions of Rule 3(1)(iii) of the ...

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CG notifies factors that constitute failure to achieve inflation target

S.O. 2215(E) (27/06/2016)

In exercise of the powers conferred by section 45ZN of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby notifies the following as factors that constitute failure to achieve the inflation target, namely:—...

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List of 65 Aayakar Seva Kendras to be set up & Instructions

48/1/2016/ASK/P.VII/DOMS/2470 (27/06/2016)

Based on the recommendations of the Pr. CCsIT, the CBDT has approved setting up of 65 Aayakar Seva Kendras as per the enclosed list at Annexure-A in which the stations and the jurisdictional Pr. CCsIT, CCsIT and Pr. CsIT are mentioned. The advisory regarding setting up of ASK in Y. 2016-17 has already been included in the Annual Central A...

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Part I of Chapter XII of Finance Act, 2016 applicable from 27.06.2016

S.O. 2214(E) (27/06/2016)

In exercise of the powers conferred by section 219 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 27th day of June, 2016, as the date on which the provisions of Part I of Chapter XII of the said Act shall come into force....

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Posting of 4 Officers as Additional/Joint CIT(OSD) in Principal CCIT Region

Order No. 125 of 2016 (27/06/2016)

Posting of Officers as Additional/Joint CIT(OSD) in the Principal CCIT Region – reg. Order No. 125 of 2016 – Dated: 27th June,2016 On return from Deputation, the following officers are, hereby, posted as Additional Commissioner of Income Tax (OSI)(/ Joint Commissioner of Income Tax (OSIDI in the Principal CCIT Region indicated...

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11 New FAQs on Income Declaration Scheme, 2016

Circular No. 24/2016-Income Tax (27/06/2016)

If only part payment of the tax, surcharge and penalty payable on undisclosed income declared under the Scheme is made before 30.11.2016, then whether the entire declaration fails as per section 187(3) of the Finance Act, 2016 or pro-rata declaration on which tax, surcharge and penalty has been paid remains valid?...

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