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By: Vineet | February 25, 2016

Issue opens on 24th Feb-16, closure on 1st March 2016 or earlier

NHAI plans to raise funds through Public Issue of Tax Free, Secured, Redeemable Non-Convertible Bonds with Face Value of Rs 1,000 each for an amount of Rs 500 crore with an option to retain over subscription of upto additional Rs 2800 crore, aggregating upto a total of Rs. 3300 crore.

 


The interest income on bonds is exempted from levy of income tax in the hands of the investors as per the notification no. 59/2015 F. No. 178/27/2015-ITA-I dated July 6, 2015 issued by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India.


The coupon rate for Category I, Category II and Category III investors i.e. Qualified Institutional Buyers, Cor...

By: Vineet | February 24, 2016

With effect from 10 February 2016, amendment has been made to the Provident Fund Scheme placing following restrictions on the Provident Fund withdrawal:


1. An employee may claim withdrawal of the full balance on retirement after attaining the age of 58 years.


2. An employee may claim early withdrawal of the partial balance (consisting of employee’s own share of contribution including interest thereon) on ceasing to be an employee of a covered establishment (employer registered under the Provident Fund). Prior to this amendment, the employee could claim full amount (including employer’s contribution and the interest thereon).

 


However, to claim such early withdrawal, the employee should not be re-employed in any other covered establishmen...

By: Vineet | February 20, 2016

F.No. 504/090/2007-FTD-I
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(Foreign Tax & Tax Research Division)
*****

19th February, 2016

Clarifications for implementation of FATCA and CRS

Currency

For the upcoming reporting in March 2015 and May 2016, all reporting has to be done in INR. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing type of currency

New Fixed Deposit account as Preexisting Account

2.1 In banking system, there are procedures where Fixed Deposit (FD) can be

opened by an existing customer who is having an existing saving bank account with the same financial institution, without any additional documentation. These fixed ...

Category: Uncategorized 

Tags: Income Tax 

By: Vineet | February 18, 2016

In light of Prime Minister’s “Digital India” campaign on promoting e-governance for providing last mile connectivity through extensive use of ICT (Information and Communications Technology) platforms, Pension Fund Regulatory and Development Authority (PFRDA) has been pursuing the development and operationalization of online transaction facilities for the prospective as well as existing subscribers of NPS.
PFRDA introduced eNPS online portal whereby PAN (Permanent Account Number) and savings bank account of new subscribers to NPS who are already customers of the banks are accepted as KYC with active participation of the banks acting as POPs for opening of accounts under NPS.


PFRDA has received feedback from prospective subscribers and other ...

By: Vineet | February 18, 2016

The Government of India has announced the repurchase of “1.44 per cent Inflation Indexed Government Stock-2023” through reverse auction for an aggregate amount of Rs. 3,990.72 crore (face value).


The repurchase by the Government of India will be undertaken to redeem the Government Stocks prematurely by utilizing surplus cash balances. The above repurchase of the Government Stocks is purely ad hoc in nature.


Auction for securities will be on price based auction format. The auctions will be conducted using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 22, 2016 (Monday) between 10.30 a.m. and 12.00 noon. The result of the auc...