ministry of finance

Challenges for Success of Goods and Service Tax (GST) In India

Fema / RBI - The 122nd Constructional Amendment Bill seeks to introduce the Goods and Service Tax (GST Bill) was tabled in the Lok Sabha on 19th December 2014. Touting it as the single biggest tax reform since independence, Finance Minister Arun Jaitley (FM) while introducing the Bill had said that the GST law will subsume all indirect levies from Apr...

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Float – A Useful Tool for cash management

Fema / RBI - The cash balance shown in the company's Ledger may not be the same as the available balance in its bank account. The difference is the net float. When the firm has written large number of cheques awaiting clearance, the available balance will be larger than the ledger balance. ...

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Revised listing norms as amended by 2nd amendment to SCRR, 1957

Fema / RBI - All companies, other than PSC, may issue at least 10 % of the shares or convertible debentures to the public in terms of offer document, if the post issue capital of the company, calculated at the offer price, is more than INR 4,000 Cr. Such companies shall bring the public shareholding to the level of at least 25% by increasing its publi...

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Service Tax on Legal Services – Some Controversial Issues

Fema / RBI - services provided by Chartered Accountants, Cost Accountants and Company Secretaries as well as by engineering and management consultants are presently charged to Service Tax. Although there is a school of thought that legal consultants do not provide any service to their client, I hold my distinguished predecessor in high esteem and disa...

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RBI circular on embossing of bank / branch name on locker keys

Fema / RBI - Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to facilitate Authorities in identifying the ownership of the locker keys....

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NPAs slowed down in Q4 of Current Financial Year: FM

Fema / RBI - FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year; Government is taking sector specific measures to deal with the problem of NPAs;...

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Foreign Bank Accounts Held By 1195 Indians – Govt. will take action

Fema / RBI - Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessar...

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FM to Inaugurate biggest office building of Income tax Department in India tomorrow

Fema / RBI - Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 Officers and 1500 staff. It will...

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India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Fema / RBI - India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Secretary-General of OECD, Mr. Rintaro Tamaki....

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FM to Inaugurate Economic Editors’ Conference Tomorrow

Fema / RBI - Press Information Bureau is organizing its two-day Annual Economic Editors’ Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow....

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Service Tax on Renting of Immovable Properties- AP High Court stays retrospective amendment

Trent Limited Vs. DDIT (High Court of Andhra Pradesh) - TRENT Ltd and Future Value Retail Ltd have challenged before the AP High Court, the service tax with retrospective effect on renting of immovable property, brought in by the Finance Act, 2010....

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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) - (12/05/2017) - Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nat...

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Govt mandates Aadhaar for Atal Pension Yojana

S.O. 1512(E) - (11/05/2017) - An individual eligible for receiving the benefits under the Scheme of Atal Pension Yojana (APY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication....

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CBDT releases Explanatory Notes on Finance Act, 2013

Circular No. 03/2014 - Income Tax - (24/01/2014) - CBDT CIRCULAR NO.03/2014 Section 10 Change in the definition of keyman insurance policy, exemption to income of investor Protection Fund of depositors, pass through status to certain Alternative Investment Funds exemption of income received in India in Indian currency by a foreign company exemption...

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Secretary, Financial Services Launches Integrated Grievance Management System (IGMS); asks Insurance Companies to Focus on Increasing Insurance Literacy

NA - (03/06/2011) - Emphasizes on Putting Proper Regulatory Mechanism in Place to Protect the Interest of Policy Holders - Shri S.K. Sharma, Secretary, Department of Financial Services, Ministry of Finance launched the online grievance portal i.e. Integrated Grievance Management System (IGMS) of Insurance Regulatory & ...

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India’s External Debt – A Status Report 2009-10

NA - (10/09/2010) - The Department of Economic Affairs, Ministry of Finance is coming out with the sixteenth edition of the annual publication titled ‘India’s External Debt: A Status Report 2009-10’ that analyses India’s latest external debt position (at end-March 2010) based on the data released at end-June 20...

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Recent Posts in "ministry of finance"

RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) (12/05/2017)

Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nationalised bank designated by the Reserve...

Read More

Govt mandates Aadhaar for Atal Pension Yojana

S.O. 1512(E) (11/05/2017)

An individual eligible for receiving the benefits under the Scheme of Atal Pension Yojana (APY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication....

Read More

NPAs slowed down in Q4 of Current Financial Year: FM

FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year; Government is taking sector specific measures to deal with the problem of NPAs;...

Read More
Posted Under: Finance |

Challenges for Success of Goods and Service Tax (GST) In India

The 122nd Constructional Amendment Bill seeks to introduce the Goods and Service Tax (GST Bill) was tabled in the Lok Sabha on 19th December 2014. Touting it as the single biggest tax reform since independence, Finance Minister Arun Jaitley (FM) while introducing the Bill had said that the GST law will subsume all indirect levies from Apr...

Read More
Posted Under: Finance |

Foreign Bank Accounts Held By 1195 Indians – Govt. will take action

Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessar...

Read More
Posted Under: Finance |

CBDT releases Explanatory Notes on Finance Act, 2013

Circular No. 03/2014 - Income Tax (24/01/2014)

CBDT CIRCULAR NO.03/2014 Section 10 Change in the definition of keyman insurance policy, exemption to income of investor Protection Fund of depositors, pass through status to certain Alternative Investment Funds exemption of income received in India in Indian currency by a foreign company exemption to National Financial Holdings company ...

Read More

Float – A Useful Tool for cash management

The cash balance shown in the company's Ledger may not be the same as the available balance in its bank account. The difference is the net float. When the firm has written large number of cheques awaiting clearance, the available balance will be larger than the ledger balance. ...

Read More
Posted Under: Finance |

FM to Inaugurate biggest office building of Income tax Department in India tomorrow

Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 Officers and 1500 staff. It will...

Read More
Posted Under: Finance |

India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Secretary-General of OECD, Mr. Rintaro Tamaki....

Read More
Posted Under: Finance |

FM to Inaugurate Economic Editors’ Conference Tomorrow

Press Information Bureau is organizing its two-day Annual Economic Editors’ Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow....

Read More
Posted Under: Finance |
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