Double I-T exemption limit to Rs 5 lakh, continue with corporate deductions: EY 

  Government should double the basic I-T exemption limit to Rs 5 lakh per year and continue with incentives and deductions to corporate houses for stimulating consumption demand and propel private investment post demonetisation, a EY survey said. In a pre-budget survey by tax consultant EY, an overwhelming 81.42 per cent of the respondents felt the corporate tax rate would be reduced to 25 per cent, from the present 30 per cent, excluding surcharge and cess. In view of the push to ‘Make in India’, 72 per cent the survey respondents expected the government to continue with sector specific incentives/deductions. However, majority of respondents felt that to reduce the corporate tax rate, it is imperative to phase out the tax exemptions to meet the fiscal target. On whether the government

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Caught on camera: Politicians offer to convert black money into white for 40% commission

  Leaders of several political groups have turned their party offices into underground banks as the scramble to hide black money peaked after the November 8 scrapping of high-value banknotes, an India Today investigation has found. Down the dark road of evasion, representatives of some of the country’s major political parties were filmed double-dipping as brokers for undeclared wealth. They were found to be carrying out their shady operations right inside their party offices in Ghaziabad, Noida and Delhi. India Today’s undercover reporters met Virendra Jatav, Ghaziabad district president of the BSP, posing as a businessman. Jatav was quick to barter the investigative team’s fictitious Rs 10 crore for a big commission. He refused bargain, but promised repayment in hard cash. “It will be done ‘hand-to-hand’. Take it in cash,”

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Govt to make provision in budget for Swachhata Action Plan 

  The government plans to allocate funds in the upcoming budget for implementation of ‘Swachhata Action Plan’ by various departments. “We are trying to bring provision for it (Swachhata Action Plan) in the budget on February 1,” Telecom Minister Manoj Sinha today said. Drinking Water and Sanitation Secretary Parameswaran Iyer said that the government is working on Swachhata Action Plan which will be a two-year programme. “Every government department will have their own action plan and we are trying that there is budgetary allocation for it,” Iyer said. In last fiscal, the government collected Rs 10,000 crore from Swachch Bharat Cess, Iyer said. Sinha said that Department of Telecom, BSNL, MTNL, Department of Posts have carried out Swachhata Camp on voluntary basis which has inspired many to be part of

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Details of claim settlement in Inoperative Account from 01.01.2013 to 31.03.2016 : EPF

Web Circulation only Telephone: 011-26172680 FAX: 011- 26175913 Employees’ Provident Fund Organisation Ministry of Labour & Employment, Govt. Of India Head Office Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place, New Delhi-110066 Website : epfindia.gov.in No. R-I/P-20/MIS/2014/517  Dated: 26.09.2016 To All Regional PF Commissioner, In-charge of Regions, All Officer in Charge, Sub-Regional Offices. Sub: Details of claim settlement in Inoperative Account from 01.01.2013 to 31.03.2016 – Reg. Sir/Madam, A note has been received from Vigilance Wing, HQrs requesting to provide the data relating to “Total number of Inoperative Accounts” and “Number of claims settled out Inoperative Accounts” for the period from 01.01.2013 to 31.03.2016 for providing the same to Central Vigilance Commission. 2. In order to extract the requisite data, a script has been developed and has been kept in the respective

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​Depreciation rates A.Y. 2017-18

  While computing profits and gains from business or profession, a taxpayer can claim depreciation on all those assets which he has acquired and used for the purpose of his business or profession. Different depreciation rates are prescribed for different nature of assets. This write up lists down all such depreciation rates. Rates of depreciation (for income-tax) AS APPLICABLE FROM THE ASSESSMENT YEAR 2003-04 ONWARDS Block of assets Depreciation allowance as percentage of written down value AYs 2003-04 to 2005-06 AY 2006-07 onwards 1 2 3 PART A TANGIBLE ASSETS I. BUILDING [See Notes 1 to 4 below the Table] (1) Buildings which are used mainly for residential purposes except hotels and boarding houses 5 5 (2)  Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and

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TDS Rates Chart for Assessment Year 2017-18

  TDS is one of the hot topics as of now. It is very vast and a good knowledge of TDS is required. We are hereby giving the TDS rate chart for A.Y. 2017-18 Rates for tax deduction at source [For Assessment year 2017-18] Particulars TDS Rates (in %) 1. In the case of a person other than a company 1.1 where the person is resident in India- Section 192: Payment of salary Normal Slab Rate Section 192A: Payment of accumulated balance of provident fund which is taxable in the hands of an employee (with effect from 01.06.2015). 10 Section 193: Interest on securities a) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; 10 b)

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Salient features of draft GST Bill

  GST rate not specified in the constitutional amendment bill, as desired by the Congress. Finance Minister Arun Jaitley said there was complete consensus at the empowered committee meeting that there should be no constitutional cap on the GST rate. Other features: All forms of “supply” of goods and services such as sale, transfer, barter, exchange, license, rental, lease and import of services of goods and services made for a consideration will attract CGST (central levy) and SGST (state levy). As GST will apply on “supply”, the erstwhile taxable heads such as “manufacture”, “sale” and “provision of services”, among others, will lose relevance. The liability to pay CGST or SGST will arise at the time of supply. With GST to be applicable according to whether a transaction is “intra-state” or “inter-state”, separate

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Changes in form 2, 3, 4 & 11 vide Limited Liability Partnership (Second Amendment) Rules 2016

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, 10th, June, 2016. G.S.R (E)….. -In exercise of the powers conferred by sub-sections (1) and (2) of section 79 of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009 namely:- 1. Short title and commencement.- (1) These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the official Gazette. 2. In the Limited Liability Partnership Rules, 2009,- (a) in Form 2,- (I) in Part A, in serial number 12, in

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Client code modification at commodity derivatives exchanges

Security & Exchange Board of India CIRCULAR SEBI/HO/CDMRD/DMP/CI R/P/2016/43 Dated: March 29, 2016 To, The Managing Directors / Chief Executive Officers of All Commodity Derivatives Exchanges Sir / Madam, Sub: Modification of Client Codes post Execution of Trades on National and Regional Commodity Derivatives Exchanges 1. This circular is issued with an objective to streamline the provisions of the facility of client code modification at commodity derivatives exchanges in line with the securities market. It is also being re-emphasized here that this facility is expected to be used more as an exception rather thana routine. 2. The commodity derivatives exchanges shall comply with the provisions of the directions issued by SEBI vide its circularsCIR/DNPD/6/2011 dated July 05, 2011and CIR/MRD/DP/29/2014 dated October 21, 2014. 3. This circular is issued in exercise of

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