After reviewing the reports of the zones, it is noticed that some of the zones have changed their zone’s figures in respect of number of appeals identified for withdrawal before HC/CESTAT reducing the total number by around 400 Nos. The earlier reported figures were already taken up for presentation in the Chief Commissioners Conference.
Please refer to the paragraph 27 of the first bi-monthly monetary policy statement for 2016-17. It was indicated therein that RBI will issue draft guidelines on Standardised Approach for measuring counterparty credit risk exposures (SA-CCR) by end-May 2016. This revised method will replace the Current Exposure Method (CEM), presently being used by banks for measuring exposure for counterparty credit risk arising from derivative transactions and will be implemented from April 1, 2017.
Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments made before the 1st day of April, 2017 by such person.
It is reiterated again that all out efforts are to be made to ensure that the targeted taxpayers are well-informed about the Scheme and are adequately guided and facilitated for filing declarations so that they can avail maximum benefits under the Scheme. which is under highest consideration of the Government during coming months.
Action Taken on the observations/Recommendations of the Public Accounts Committee contained in their Forty Second Report (16th Lok Sabha) on Non-compliance by the Ministries/Departments in timely submission of Action Taken Notes on the Non-Selected Audit Paragraphs (Civil and other Ministries.
Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively
Additional quantity of 1,146 MTs (One Thousand One Hundred and Forty Six metric tons) of raw cane sugar to be exported to USA under TRQ upto 30.09.2016 has been notified.
With the view to ease trading requirements in the currency derivatives segment, it is clarified that the position limit linked to open interest shall be applicable at the time of opening a position. Such positions shall not be required to be unwound in the event of a drop of total open interest in a currency pair at the stock exchange.
It is obvious that the overall progress on disposal of grievances is unsatisfactory and that in spite of repeated instructions from the Board from time to time, a large number of grievances have not been disposed of within the prescribed timeline of 60 days from the date of their receipt.
The objective of this consultation paper is to seek comments from the public for the purpose of laying down an enabling framework for the registration of Eligible Fund Managers to manage Eligible Investment Funds pursuant to insertion of Section 9A in the Income Tax Act, 1961.
