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Archive: 31 March 2017

Posts in 31 March 2017

RBI decides to permit banks to issue Perpetual Debt Instruments

March 31, 2017 2784 Views 0 comment Print

In connection with developing the market for rupee denominated bonds overseas, RBI decides to permit banks to issue Perpetual Debt Instruments (PDI) qualifying for inclusion as Additional Tier 1 capital and debt capital instruments qualifying for inclusion as Tier 2 capital, by way of rupee denominated bonds overseas.

18 Banking Ombudsmen across India to receive complaints related to Loans and Advances

March 31, 2017 681 Views 0 comment Print

Reserve Bank of India (RBI) has informed that 18 Offices of Banking Ombudsmen situated across India, receive complaints with regard to Loans and Advances.

Income Tax Section codes for 26A/27BA

March 31, 2017 10596 Views 0 comment Print

SECTION CODES OF NON DEDUCTION For Non-Deduction File-F.Y 2016-17 Onwards Section under which tax was deductible Form Type 192 24Q & 26Q 193 24Q & 26Q 194 24Q & 26Q 194BB 24Q & 26Q 194EE 24Q & 26Q 194LA 24Q & 26Q 194A 24Q & 26Q 194B 24Q & 26Q 194C 24Q & 26Q 194D […]

IBBI notifies Corporate Voluntary Liquidation Process Regulations

March 31, 2017 1239 Views 0 comment Print

The regulations provide the process from initiation of voluntary liquidation of a corporate person – companies, limited liability partnerships and any other persons incorporated with limited liability – till its dissolution.

Kapol Co-operative Bank under RBI Scanner; Withdrawal restricted to Rs. 3000

March 31, 2017 1203 Views 0 comment Print

The Kapol Co-operative Bank Ltd will, without prior approval in writing from the Reserve Bank, also not able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise,

CBDT notifies new Income Tax Return Forms for AY 2017-18

March 31, 2017 6387 Views 1 comment Print

CBDT has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj).

IBBI (Information Utilities) Regulations, 2017

March 31, 2017 12738 Views 0 comment Print

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. (2) These Regulations shall come into force on 1st April, 2017.

PMGKY deceleration filing due date extended to 10th April 2017

March 31, 2017 2673 Views 1 comment Print

CBDT has decided that if an assessee has made payment of tax, surcharge, penalty and deposit under Scheme, in banks by closing hours of 31st March, 2017, he shall be allowed to file declaration in Form 1 under PMGKY Scheme by 10th of April, 2017.

Revised Statewise GST Enrolment schedule with % Enrolled

March 31, 2017 28192 Views 3 comments Print

In revised migration schedule date for Migration by VAT Dealers all around India registered prior to January 2017, Taxpayers who are registered under Central Excise Act but not registered under State VAT, Enrolment of Taxpayers who are registered under Service Tax Act but not registered under State VAT and for New registration under VAT/Service Tax/Central Excise after January 2017 is extended to 30.04-2017.

Sale of Land of HUF after Death of Karta is assessable in HUF’s hand

March 31, 2017 2370 Views 0 comment Print

What has been sold was ancestral agricultural land which belongs to the HUF and it has been brought to tax in the hands of HUF after the death of Sh. Amarchand. There is no partition of HUF and there is no finding of any partition given by the Assessing Officer u/s 171 of the Act.

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