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Showing posts from July 15, 2015

NRO Account Without RBI Nod

Hindu migrants from across the border may soon get banking & property rights “We have a responsibility toward Hindus who are harassed and suffer in other countries ...India is the only place for them“ -that was prime ministerial candidate Narendra Modi making a strong campaign pitch. Now, Prime Minister Narendra Modi's government is working to make good that promise. Hindu migrants from Pakistan here on longterm visas may soon be allowed to open bank accounts and buy residential properties -measures that go a long way in integrating them with the economic system, even without Indian citizenship. If this becomes policy, Hindu migrants will be able to open bank accounts on the basis of their visa and residential permits issued by the Foreigner Registration Office (FRO) or the Foreigner Regional Registration Office (FRRO). The Modi government has been active on granting citizenship to Hindus from Pakistan (and Afghanistan as well). As ET had reported on May 21, in one year, the NDA …

Service charges in your hotel bills not service tax

The common man may be under the impression that service charges collected by restaurants and hotels go to the government kitty. To set the record straight, the finance ministry on Tuesday explicitly stated that the 'service charges' collected by these eateries is retained by these entities only and should not be confused with the 'service tax'. According to the government, some restaurants, hotels and eateries - besides charging for the food and beverages - are also charging 'service charges' in their bills. "Some of the consumers have a misapprehension that these 'service charges' are being collected by the restaurant on behalf of the Government as tax," the ministry said in a statement. The ministry reiterated that the service tax paid to air-conditioned or centrally heated eating joint is not 14 per cent but 5.6 per cent. It is so because there is 60 per cent abatement. The ministry had earlier clarified that the eateries not having air-conditi…

Tax dept makes e filing of I T returns easy

The income tax department has done away with the compulsory requirement for online filer of returns to send paper acknowledgement to its office in Bengaluru. It has launched one time password (OTP)- based e- filing verification system for taxpayers. The facility can be accessed using internet banking, Aadhaar number, ATM and email. Business Standard, New Delhi, 15th July 2015

For money don’t huddle RBI to banks

Space out when raising funds; Sebi mulling securitisation platform’ In a bid to avoid crowding the market, the Reserve Bank of India ( RBI) has suggested that banks should not come altogether to raise capital from the market; they can probably consult each other to decide upon the timing to raise fresh capital from the market. "What we are telling banks is that simultaneously all of them shouldnt be coming together. Then there will be a problem. There should be a proper sequence for it. These are the strategies they can adopt," said RGandhi, RBI deputy governor, at the India Securitisation Summit organised by the National Institute of Securities Markets ( NISM). Every additional capital investment from the government was always welcome for public sector banks ( PSBs), he added. " We have been guiding the banks and others also for the next five years to compile the full requirement of BaselIII where large amount of capital is required. What we are suggesting is that it shou…

Updates of the day !!!!!

1. The date for filing ITR-V for returns e-Filed for A.Y 2013-14 (filed on or after 1st April 2014 till 31st March 2015) and for A.Y 2014-15 (filed on or after 1st April 2014 till 30th June 2015) extended till 31st October 2015.

2.  Today (15-07-15) is last day to file TDS/TCS Returns for Q1 of 2015-2016.

3. ICAI vide representation made to CBDT has requested to grant extension for filing of Income Tax Return for A.Y. 2015-2016 up to 30th September in case of Individual and HUF and up to 31st December in case of others.

4. E-forms AOC-4, AOC-4 XBRL & MGT-7 shall be available by 30.09.2015.NO additional fee payable on these forms upto 31.10.2015.Circular No. 10/2015.

5. Consolidated Financial Statements to be filed in separate form i.e. AOC-4 CFS, shall be made available by Oct,2015.Non XBRL form for CFS to be filed by 30.11.2015.

6. Multiple Empanelment Form (MEF) for Empanelment of Bank Audit will be hosted today at

7. Karnal Branch is organising a seminar on depreciation and Caro tod…

Tax dept makes e filing of I T returns easy

The income tax department has done away with the compulsory requirement for online filer of returns to send paper acknowledgement to its office in Bengaluru. It has launched one time password (OTP)- based e- filing verification system for taxpayers. The facility can be accessed using internet banking, Aadhaar number, ATM and email. Business Standard, New Delhi, 15th July 2015

Service charges in your hotel bills not service tax

The common man may be under the impression that service charges collected by restaurants and hotels go to the government kitty. To set the record straight, the finance ministry on Tuesday explicitly stated that the 'service charges' collected by these eateries is retained by these entities only and should not be confused with the 'service tax'. According to the government, some restaurants, hotels and eateries - besides charging for the food and beverages - are also charging 'service charges' in their bills. "Some of the consumers have a misapprehension that these 'service charges' are being collected by the restaurant on behalf of the Government as tax," the ministry said in a statement. The ministry reiterated that the service tax paid to air-conditioned or centrally heated eating joint is not 14 per cent but 5.6 per cent. It is so because there is 60 per cent abatement. The ministry had earlier clarified that the eateries not having air-conditi…

For money don’t huddle RBI to banks

‘Space out when raising funds; Sebi mulling securitisation platform’ In a bid to avoid crowding the market, the Reserve Bank of India ( RBI) has suggested that banks should not come altogether to raise capital from the market; they can probably consult each other to decide upon the timing to raise fresh capital from the market. "What we are telling banks is that simultaneously all of them shouldnt be coming together. Then there will be a problem. There should be a proper sequence for it. These are the strategies they can adopt," said RGandhi, RBI deputy governor, at the India Securitisation Summit organised by the National Institute of Securities Markets ( NISM). Every additional capital investment from the government was always welcome for public sector banks ( PSBs), he added. " We have been guiding the banks and others also for the next five years to compile the full requirement of BaselIII where large amount of capital is required. What we are suggesting is that it sho…