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90 percent of GST Payers ST under State

New Delhi (ABC Live): The Government has claimed that all decisions of GST Council so far have been taken unanimously. Various states may have different points of view on an issue but the final decisions have been unanimous. The issue regarding treatment of the existing tax incentive schemes of the Central and State Governments was discussed during the 2nd Meeting ... Read More »

Income Tax Department Starts Operation Clean Money

New Delhi (ABC Live): Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been identified in ... Read More »

India Clarifies General Anti Avoidance Rule Provisions

New Delhi (ABC Live):The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of General Anti Avoidance Rule (GAAR) are ... Read More »

World Bank Forecasts Hike in Industrial Commodities Prices

Washington (ABC Live):The World Bank is forecasting strong gains for industrial commodities such as energy and metals in 2017, due to tightening supply and strengthening demand. In its January 2017 Commodity Markets Outlook, the World Bank is holding steady its crude oil price forecast for the year at $55 per barrel, a 29 percent jump from 2016. The energy price ... Read More »

CTBT Issues Guidelines on POEM of Companies

New Delhi (ABC Live): The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards. The guidelines for determining the POEM has been uploaded on website of the Income-tax Department (www.incometaxindia.gov.in). These guidelines of ... Read More »

After BHIM India Gets SEZ India App

New Delhi (ABC Live): SEZ India App : A Mobile app named “SEZ India” has been launched by the Commerce Secretary on 06.1.2017.  SEZ Division, Department of Commerce under its broader e-Governance initiative i.e. SEZ Online System, has developed mobile app for Special Economic Zones (SEZs). Commerce Secretary launched the app and mentioned that the App would help the SEZ ... Read More »

India, Kazakhstan Sign Protocol to Amend DTAC

New Delhi (ABC Live): India and Kazakhstan signed here today in the national capital a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries which was earlier signed on 9th December, 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. Salient features of the Protocol ... Read More »

Corporate Banks Defaulters List to Be Public

New Delhi (ABC Live): Corporate Banks Defaulters List :The Supreme Court of India on Tuesday has directed Government of India to make public the names of entities, who are defaulters in paying their banks loans of Rs 500 crore or above in four weeks. A bench of Chief Justice TS Thakur and Justices A M Khanwilkar and D Y Chandrachud ... Read More »

India Makes Cash Transactions Reporting Mandatory

New Delhi (ABC Live): Cash Transactions Reporting : Reporting Cash Transactions under Rule 114 E of Income Tax Rules, 1962 Rule 114-E of Income-Tax Rules, 1962 for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish ... Read More »

RBI Sets Angel Fund Legal Framework

New Delhi (ABC Live):  Angel Fund Legal Framework:  A framework for registration and regulation of angel pools under a sub-category ”Angel Funds” under Category I-Venture Capital Funds have been provided in SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) on 16.09.2013. Subsequently, in the board meeting held on 23.11.2016, SEBI board approved Angel Fund Legal Framework amendments related to Angel ... Read More »