"24 July 2018" Archive

Govt attaches Benami Properties valued over Rs. 4,300 crores

As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores....

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Posted Under: Income Tax |

SEZ Rules to be aligned with GST laws by July end

Centre will come out with amendments to Special Economic Zones (SEZ) Rules, 2006 synchronised with Goods and Services Tax (GST) laws by end of this month, a top official in the Union Ministry of Commerce and Industry said at an ASSOCHAM event held in New Delhi today....

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Posted Under: Income Tax |

Income Tax Department added 1.06 crore new taxpayers in FY 2017-18

This last year ie FY 2017-18 has been a year of several firsts for the Department. For the first time ever, we achieved a revenue collection target of Rs. 10.03 lakh crore at a net growth rate of 18%, a task which was fraught with challenges. It was also for the first time that the Department was able to add 1.06 crore new taxpayers,...

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Posted Under: Income Tax |

Steps for Curbing Black Money stashed abroad Lead Positive Results

The Government of India has taken various steps for curbing the black money stashed abroad, which have led to positive results. These steps include, inter alia, the following: 1. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Infor...

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Posted Under: Income Tax |

Several ATMs shown no-cash boards- Government aware of situation

Regular monitoring of cash availability and ATM functionality has been done by the Government to ensure that sufficient currency notes are made available so that ATMs do not run dry in any eventuality and people do not face any problems....

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Posted Under: Income Tax |

Bankwise Gross NPA ratio of Public Sector Banks as on 31.03.2018

The gross NPA ratio for Public Sector Banks (PSBs) as a category is 14.6% in the financial year (FY) 2017-18, as per Reserve Bank of India (RBI) data. In the last 25 financial years, the gross NPA ratio for PSBs was highest in FY 1993-94 at 24.8% and was also higher in six other financial years....

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Posted Under: Income Tax |

Split of position of Chairperson & MD in listed companies

The first proviso to section 203(1) of Companies Act, 2013 provides that an individual shall not be appointed/reappointed as the chairperson of a company as well as its MD/CEO at the same time unless the articles of such company provide otherwise or the company does not undertake multiple businesses....

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Posted Under: Income Tax |

IBC: Financial Creditors realized claims of approx Rs. 47426 crore

The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment....

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Posted Under: Income Tax |

Bringing workers to factory from homes cannot be treated as input service

Andhra Organics Ltd Vs CCT (CESTAT Hyderabad)

Once the workers come into the factory their services are used in relation to the manufacture of final products. But bringing workers to the factory or providing accommodation to them outside the factory or providing any other welfare measures for the workers or their families have no nexus with the manufacture of the final products, alth...

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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was introduced in Lok Sabha to to repeal and replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018  Notes on Clauses of Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 Clause 1 of the Bill provides for the short title and commencement. Clause 2 of ...

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Posted Under: Income Tax | ,

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