Description of goods/items as per the DVAT Schedules as well as the goods/items which are largely traded in Delhi but are not covered by any of the schedules has been prepared after wide consultation with stakeholders.
Dealers, whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the Central Sales Tax Act. 1956) during the financial year 2015-16 exceeded one crore rupees, shall furnish their returns in Form DVAT 16 or in Form DVAT 17, as the case may be, with digital signatures in accordance with the provisions of the Information Technology Act, 2000 for the tax period 1st April, 2016 to 30th June, 2016 and subsequent tax periods; and
Processes of uploading manual/paper Form 1 received by PCIT/CIT, generation of Form 2 for efiled/paper Form 1, viewing of Form 3 submitted online and generation of Form 4 for efiled/paper Form 1 have been implemented on the efiling portal of the Income Tax Department.
In the Employees’ Pension Scheme, 1995, in paragraph II, in sub-paragraph (4), after the words on salary exceeding fifteen thousand rupees per month occurring at the end. the words and the pensionable salary for the existing members who prefer such fresh option shall he based on the higher salary, shall he inserted
Mobile phones, as a medium for extending banking services, have attained greater significance because of their ubiquitous nature. The rapid growth of mobile users in India, through wider coverage of mobile phone networks, have made this medium an important platform for extending banking services to every segment of banking clientele in general and the unbanked segment in particular.
All pre-paid payment instrument issuers shall disclose all important terms and conditions in clear and simple language (preferably in English, Hindi and the local language) comprehensible to the holders while issuing the instruments.
In this connection, trade has requested that a procedure be prescribed for supply of bunker fuel for such use from bonded stocks of bunker fuel being maintained by the Oil Manufacturing Companies (OMCs) at the ports located in the coastal areas where the specified ships/ vessels operate.
Time limit for taking central excise registration of an establishment by a jeweller is being extended up to 31.07.2016. However, assessee jewellers may make the payment of excise duty for the months of March, 2016; April, 2016 and May. 2016 along with the payment of excise duty for the month of June, 2016 upto the extended date of 31.07.2016.
The rules and regulations applicable to Relief/Savings Bonds have been updated with instructions issued up to June 30, 2016 in the Master Directions on Relief/Savings Bonds.
In 1995, the Reserve Bank of India (RBI) introduced the system of Primary Dealers (PDs) in the Government Securities (G-Sec) Market. The objectives of the PD system are to strengthen the infrastructure in G-Sec market, development of underwriting and market making capabilities for G-Sec, improve secondary market trading system and to make PDs an effective conduit for open market operations (OMO). As on June 30, 2015, there are seven standalone PDs and thirteen banks authorized to undertake PD business departmentally.
