New Delhi, November 28, 2016
With the ban on 500 and 1,000-rupee notes now more than two weeks old, the government has proposed new rules to tax black money that is being unearthed. The bill was submitted today for parliament's review by Finance Minister Arun Jaitley as the government is being attacked by a united opposition over its sudden withdrawal of 86 per cent of the notes in circulation to check black money and corruption. The move has plunged the country, especially rural India, into a major cash shortage.
New Delhi, November 27, 2016
Amid economic and geopolitical headwinds and challenges to the IT sector, Nasscom has asked the finance ministry to defer applicability of Place of Effective Management norms to maintain India’s competitive edge and pitched for tax sops in R&D.
The association has been “disappointed” by the draft goods and services tax (GST) law made public on Saturday, with Nasscom President R Chandrashekhar saying “serious concerns remain over intangibles (like software) not being clearly mentioned as service and also on issues like place of provisioning of service, and taxation of intra-corporate transactions”.
New Delhi,November 24, 2016
The Supreme Court today sought a response on the plea of market regulator SEBI that it has been dragged as a party in a PIL seeking a court-monitored CBI probe against Indians whose names have figured in Panama papers for allegedly holding bank accounts in foreign countries.
"We will require the petitioner to file an affidavit within four weeks showing as to how SEBI is connected with the present PIL," a bench of Justices Dipak Misra and Amitava Roy said.
Mumbai, April 13, 2017
You need to have a leave & license agreement, proof of money paid and proof of owner's tax status
When submitting house rent allowance (HRA) receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
Mumbai, April 6, 2017
There is no ban on giving loans, but it would cost higher provisions for the bank
Effective April 1, banks have to set aside higher provisions for loans given to highly indebted companies, the system-wide limit for which is set at Rs 25,000 crore for the financial year 2017-18.
Banks are not comfortable with this move, and some of them have asked the Reserve Bank of India (RBI) to go easy on the provisioning part.
New Delhi, April 5, 2017
The Comptroller & Auditor General (CAG) has found several lapses in implementation of corporate governance norms by central PSUs, including absence of woman directors.
The CAG’s compliance audit report for the year ended March 31, 2016 tabled in Parliament today revealed that in as many as 16 central public sector enterprises, non-executive directors constituted less than 50 per cent of the total board strength.
New Delhi, April 5, 2017
Non-residents need not quote Aadhaar number in their income tax returns otherwise
Non-residents need not quote Aadhaar number in their income tax returns and for applying to permanent account numbers (PAN), the Income Tax Department clarified on Wednesday. This, however, may increase trouble for some of the assessees who have left the country.
In terms of Aadhaar Act, 2016, those who have stayed in India for more than 182 days (almost six months) in a year preceding to application for Aadhaar are considered non-residents.