ministry of finance - Page 5

Mutual Agreement Procedure (MAP) Guidance – Regarding

Notification No. 500/09/2016-APA-I 07/08/2020

India has a large network of Double Taxation Avoidance Agreements (‘DTAAs’ or ‘Tax Treaties’, hereinafter) with various countries. The DTAAs, inter-alia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in a...

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Year End Review – 2018- Ministry of Finance 

The Indian Government has made significant strides in the last 4 years in taking India to new heights in terms of the welfare of the citizenry, the overall structure& growth of the economy, and creating a strong presence as an emerging global power. To fuel such achievements, the Government has worked tirelessly for shouldering a [&he...

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Posted Under: Finance |

The Fiction of Loan Waiver to Capitalists: FM Clarifies

Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard....

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Posted Under: 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...

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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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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;...

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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...

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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...

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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 ...

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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. ...

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Posted Under: Finance |

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September 2021