At present, only Indian residents are allowed to take Indian currency notes up to Rs. 10,000 out of the country. Non-residents visiting India are not permitted to take out any Indian currency notes while leaving the country. With a view to facilitating travel requirements of non-residents visiting India, it has been decided to allow all residents and non-residents except citizens of Pakistan and Bangladesh to take out Indian currency notes up to Rs. 25,000 while leaving the country. Operating guidelines in this regard are being issued separately.
With a view to rationalize / harmonize different routes for foreign portfolio investments, SEBI had decided to create an unified and simplified regulatory framework. In order to adopt a consultative approach, SEBI had constituted a Committee on Rationalization of Investment Routes and Monitoring of Foreign Portfolio Investments comprising of various stakeholders.
The CBDT has further noted that many taxpayers are committing mistakes while furnishing their tax credit claims in the return of income. Such mistakes include quoting of invalid/incorrect TAN; quoting of only one TAN against more than one TAN tax credit; furnishing information in wrong TDS Schedules in the Return Form; furnishing wrong challan particulars in respect of Advance tax, Self-assessment tax payments etc. As a result of these mistakes, the tax credit cannot be allowed to the taxpayers while processing returns despite the tax credit being there in 26AS statement.
On the basis of an assessment of the current and evolving macroeconomic situation, we have decided today to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent.
The Financial Year 2013-14 closes on 31.3.2014. In view of closer of office on 29th and 30th of March being Saturday and Sunday, and also on 31st March at some stations being Gudi Padava, Ugadi etc., the field Income Tax Offices through-out India shall remain open and the receipts counters shall also work during normal office hours on 29th, 30th and 31st of March, 2014.
SEBI had conducted a preliminary examination, upon noticing certain irregularities with respect to IPO of different companies. A few individuals/ entities (referred to as ‘the key operators’) had opened various demat accounts (referred to as ‘afferent accounts’) in fictitious/ benami names and cornered/ acquired the shares of IPOs in the category of retail investors using these accounts.
As you are aware, the bulk of the revenue is received at the end of the month. However, last week of March 2014 does not have full working days. 29th March is a Saturday, 30th March is a Sunday and 31st March is a public holiday in some parts of the country. Incidentally, this week also happens to be the last week of the financial year.
Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes; Income Tax Department Conducts the Second Round of Data Matching Identifying New 21.75 Lakh Potential Non-Filers and Information About Them Made Available on the ‘Compliance Module’ on E-Filing Portal of the Department
Government of India, Ministry of Finance, Department of Revenue, Tax Research Unit D.O.F. No. 334/03 /2014-TRU , Dated February 17, 2014. Subject: Union Budget 2014(Interim): changes in Service Tax – reg. In the Interim Union Budget, in Service Tax, two amendments have been made in notification number 25/2012-ST dated June 20, 2012: 1.1 Handling, storage […]
Limit of section 80C of the Income Tax Act, 1961, may be enhanced from INR 1 lakh to INR 2 lakh to make mutual funds products (ELSS, MFLRP etc.) as priority for investors among the different investment avenues. RGESS may also be brought under this enhanced limit.
