CA AKN' Post

2nd Drive to be launched by MCA for striking off 2,25,910 Companies due to non-filing of financial statements – Final Opportunity of being heard will be given

During Financial Year 2017-18 ROCs identified and removed from the register of companies the names of 2,26,166 companies & 3,09,619 directors disqualified –

In a drive carried out under the supervision of the Ministry of Corporate Affairs in the Financial Year 2017-18 the Registrars of Companies (ROCs) identified and removed from the register of companies under Section 248 of the Companies Act, 2013 the names of 2,26,166 companies, which had not filed their Financial Statements or Annual Returns for a continuous period of two or more financial years. As many as 3,09,619 directors were also disqualified u/s.164(2)(a) read with Section 167(1) of the Companies Act, 2013 for non-filing of Financial Statements or Annual Returns for a continuous period of immediately preceding 3 financial years (2013-14, 2014-15 & 2015-16).

With the

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Nirav Modi/Mehul Choksi records and documents have not been destroyed in Fire at Mumbai Income Tax Office – CBDT

Central Board of Direct taxes (CBDT) has  issued clarification on 4th June 2018 regarding loss/damage to records and documents related to Nirav Modi and Mehul Choksi investigation case, in the Scindia House fire at Income Tax Office, Mumbai – Clarified that its completely false and misdirected.

A Major fire broke out in Mumbai Scindia House (Commercial) building located in Ballard Estate in south Mumbai on Friday 1st June 2018. The third floor of Scindia House has the office of Director General and Directors of Income Tax Investigation department.

It has been clarified by CBDT that News reports have been appearing in some sections of the media alleging that records & documents relating to investigation into the Nirav Modi/Mehul Choksi case have been destroyed in the Scindia House

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Directorate of Revenue Intelligence have seized 32 Kg of Smuggled Gold having value of Rs. 10.32 Crore

DRI seizes 32 Kg. Of Gold worth Rs 10.32 Crore in one of the biggest seizures of Smuggled Gold in Recent past in East and Northeast India 

Acting on an specific  intelligence, the officers of Directorate of Revenue Intelligence (DRI) have effected a seizure of 32 kgs of foreign origin gold valued at Rs 10.32 Crore, smuggled from China into India through the Indo-China Border in the State of Sikkim.

The DRI received a tip off that a huge quantity of Gold of foreign origin that has been smuggled into India from China through Indo-China Border in the State of Sikkim would find its way to Kolkata via Siliguri and would be carried by three persons who would be travelling by a hired vehicle from Gangtok to Siliguri and would

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Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Investment limit doubled for senior citizens to Rs.15 Lacs with assured return of 8% per annum (Rs.10,000 Per Month)

It would enable upto Rs. 10000 Pension per month for Senior Citizens – Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 – Reflection of Government commitment to financial inclusion and social security.

Background of Pradhan Mantri Vaya Vandana Yojana (PMVVY) 

Government of India has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum

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World bank and India sign loan agreement for “Innovate in India for inclusiveness project” for $125Million

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions:

  1. The International Bank for Reconstruction and Development (IBRD), and
  2. The International Development Association (IDA).

The World Bank’s stated goal is the reduction of poverty which its Articles of Agreement define as commitments to the promotion of foreign investment and international trade and to the facilitation of capital investment.

India signs loan agreement with World Bank for US$ 125 million for “Innovate in India for Inclusiveness Project” 

A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the “Innovate in India for Inclusiveness Project”

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Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum for 10 years. The differential return, i.e. the difference between returngenerated by LIC and the assured return of 8% per annum would be borne by Government

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No Income Tax Return can be filed after 31st March 2018 – Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2018

QWho are required to file Income tax return as per the provisions of Income Tax Act,1961?

A – Following persons are mandatorily required to file their Income tax return within the due date –

1. All companies Registered under Companies Act,1956 or Companies Act,2013

2. All Partnership Firms registered under The Partnership Act,1932

3. All LLPs (Limited Liability Partnership) registered under LLP Act 2008

4. Trust, Associations and Political parties (Whose income prior to claim of exemptions exceeds the minimum amount chargeable to Tax)

5. Individual and Hindu Undivided Family (HUF) having Income more than Rs. 2,50,000 during the relevant financial Year. However for Senior citizen having age of 60 years upto 80 Years its threshold limit is Rs.3,00,000 and senior citizens above 80 Years the base limited for filing of ITR

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For Greater Transparency and to curb Tax Evasion – Revised Tax agreement signed with Kenya

Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified

Revised DTAA to improve transparency in tax matters, help curb tax evasion and tax avoidance, remove double taxation and will stimulate the flow of investment, technology and services between both the countries.

The Double Taxation Avoidance Agreement (DTAA) between India and Kenya was signed and notified in 1985.  Subsequently, the DTAA was renegotiated and a revised DTAA was signed between both countries on 11th July, 2016.  The revised DTAA has been notified in the Official Gazette on 19th February, 2018.

Some of the key features of the revised DTAA are highlighted as under:

  1. In order to promote cross border flow of investments and technology, the revised DTAA provides for reduction in withholding tax rates from 15% to 10% on dividends,

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For Improvement and Expansion of Water Supply in the State of Bihar (Gaya & Bhagalpur), Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan

ADB

Asian Development Bank (ADB) and the Government of India Sign $ 84 Million Loan for Improvement and Expansion of Water Supply in the State of Bihar.

The Government of India and The Asian Development Bank (ADB) signed a $84 million loan today for improvement and expansion of water supply in Bhagalpur and Gaya towns in Bihar.

The tranche 2 loan is part of the $200 million multi-tranche financing facility (MFF) for the Bihar Urban Development Investment Program that was approved by ADB in 2012 to provide sustainable urban infrastructure and services in four towns in Bihar – Bhagalpur, Gaya, Darbhanga and Muzaffarpur.

“The Project 2 will improve access to better quality and sustainable water supply, for the people of Bhagalpur and Gaya towns. It

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India Signs Second Loan Agreement with New Development Bank for USD 100 Million for Rajasthan Water Sector Restructuring Project for Desert Areas

The Loan Agreement for financing of Rajasthan Water Sector Restructuring Project for the Desert Areas was signed between Government of India and the New Development Bank (NDB) on 13th February 2018 at New Delhi. This is the first tranche loan of USD 100 million approved by the NDB under the Multi Tranche Financing Facility of USD 345 million for this project.

The objective of this Project is to rehabilitate the 678 km long Indira Gandhi Canal system built during 1958-63 to prevent seepage, conserve water, and enhance water use efficiency as mandated by both national and state level policies on water use. The execution of the project would multiple benefits such as:

  1. Arresting the seepage by rehabilitating the deteriorating canal lining of the Indira Gandhi Nahar Project (IGNP) which Read More