Posts in Category: indian budget

The Larger Purpose of Demonetisation (#NoteBandi) was to move INDIA from a Tax Non-compliant society to a Compliant society – Finance Minister

 

Demonetisation (#NoteBandi) and its impact on Tax collection and Formalisation of the Economy – Sh. Arun Jaitley

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.

Was the invalidation of the Non-deposited currency the only object of demonetisation?  Certainly Not.  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.

 

How has this been achieved?


Ministry of Corporate Affairs ordered inquiry in 87 real estate companies in 2017-18

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies. (Source-PIB)

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PFRDA Invites Expression of Interest (EOI) for Actuarial Valuation of Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) invites Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana(APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document has been issued on 18.07.2018 and the same is available on PFRDA’s website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5

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CA DAY & GST DAY – Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India

On the occasion of CA Day on 1st July 2018, our Honourable President of India inaugurates the Platinum Jubilee Celebrations of the Institute of Chartered Accountants of India; says GST has made India a more tax-compliant society.

The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in presence of Shri Manoj Sinha, Union Minister of State (Independent Charge) for Communications and Minister of State for Railways and Shri P. P. Chaudhary, Union Minister of State for Corporate Affairs & Law and Justice amongst senior officials of ICAI here today.  

Speaking on the occasion, the President said that

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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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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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