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The government on Friday slashed the interest rates on all small savings schemes, including Public Provident Fund, by 60 basis points, and Kisan Vikas Patra, by 90 basis points, to create conducive environment for the Reserve Bank of India to ease monetary policy rates further, and help banks transmit rate cuts to customers. The new interest rates for 12 small savings schemes, including term deposits of one to five years’ maturity, five- year recurring deposit, five- year Senior Citizen Savings Scheme, five- year Monthly Income Scheme, Sukanya Samriddhi Account Scheme, and National Savings Certificate will be for the period of April 1, 2016 to June 30, 2016. As announced by the finance ministry in February, this is different from previous years where the interest rates of such schemes were reset once a year. Now onwards, the rates will be reset every quarter, to be better linked with government securities of comparable maturity. “This is a move to align small savings schemes to

www.caonline.in News... 1.Govt: Cuts Interest Rate On 5-Year Time Deposit To 7.9% From 8.5%. 2.Govt: Cuts Interest Rate On 3-Year Time Deposit To 7.4% From 8.4%. 3.Govt: Cuts Interest Rate On 2-Year Time Deposit To 7.2% From 8.4%. 4.Govt: Cuts Interest Rate On 1-Year Time Deposit To 7.1% From 8.4%. 5.Govt: Cuts Interest Rate On Kisan Vikas Patra To 7.8% From 8.7%. 6.Govt: Cuts Interest Rate On Public Provident Fund To 8.1% From 8.7%. 7.Reopening to review original assessment is not permitted. [Munjal Showa Limited vs. DCIT (Delhi High Court)] 8.CBDT directs reopening assessments in claim of bogus capital gains / loss in penny investment scam by taxpayers vide letter dated 16.03.2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Today, every state government, including all the Congress ones, is in favour of the Goods and Services Tax. You have every political party in Parliament which has said they will vote in favour. ARUN JAITLEY, Union finance minister The government remained hopeful on Thursday about the prospects of a nationwide Goods and Services Tax (GST), but maintained its unwillingness to specify the tax rate in the proposed law, arguing that it could distort the system. Once adopted, the GST can dramatically alter India’s indirect tax system by replacing a string of central and state levies such as excise, value added tax and octroi into a single unified levy and stitch together a common national market. “Today, every state government, including all Congress ones, is in favour of Goods and Services Tax (GST),” finance minister Arun Jaitley said at a media event. “You have every political party in Parliament which has said they will vote in favour,” he said. The Lok Sabha passed the landmar

While the jewellery trade continues its stir for withdrawal of the one per cent excise duty announced in the Union Budget, the finance ministry does not indicate a compromise. "There is no question of a rollback," said a ministry official, on condition of anonymity, adding: "Our internal calculations show the government will get only about Rs 1,000 crore (a year) from the levy." The strike entered the 17th day on Thursday, also marked by a big rally at Delhi's Ramlila Maidan. "What are they scared of? We have given them all the assurance that they want. The taxman will not visit their premises," said the official. The ministry has instructed field formations against interfering with the business functions of manufacturers. Instructions to tax officials say no stock declaration will be required to be made to the excise tax authorities by jewellery makers. And, tax officials have been told not visit the premises of these assessees for routine purp

The finance ministry is preparing a model Centre-State Investment Agreement (CSIA), for effective implementation of the Bilateral Investment Treaty it is set to sign with other countries. The draft could be presented to the Cabinet for approval in two or three months, Business Standard has learnt. Union Budget 2016-17, presented by Finance Minister Arun Jaitley on February 29, had proposed the CSIA, to be signed between the central and state governments. “This will ensure fulfilment of the obligations of state governments under these treaties. States which opt to sign these will be seen as more attractive destinations by foreign investors,” the annexure to the Budget speech had stated. “There can be instances where a problem with a foreign investor might be due to a particular state. Signing a CSIA will ensure states stick to the commitments as well,” said an official. Some of the features include an enterprise-based definition of investment, non-discriminatory treatment, prote

The move comes after amendment was made under the Securities Contracts Regulation Act to include commodity derivatives as securities Markets regulator Securities and Exchange Board of India (Sebi) has allowed trading in commodity derivatives at stock exchanges operating in International Financial Services Centre ( IFSC). The move comes after amendment was made under the Securities Contracts Regulation Act to include commodity derivatives as securities. Sebi last year began regulating the commodity derivatives market as well. In a circular on Thursday, Sebi said, " Commodity derivatives shall be eligible as securities for trading and the stock exchanges operating in IFSC may permit dealing in commodity derivatives". Under the IFSC regime, any recognised domestic or foreign stock exchange can set up a subsidiary, in the financial services centre, provided they hold at least 51 per cent stake in the venture. Gujarat International Finance Tec- City ( GIFT City) is the fir

Currently, it has to obtain a court warrant for search and seizure operations The Securities and Exchange Board of India ( Sebi) wants the power to conduct search and seizure operations without needing to first get a court warrant. It has begun informal discussion with the finance ministry to amend the law in this regard, said a person with knowledge of the matter. The markets regulator also wants a single special court in Mumbai for issue of warrants, instead of going to local courts of respective states or different jurisdictions. Sebi feels its operations in this regard are hampered by companies or individuals easily managing to get a stay on a search warrant issued by local courts. The regulator feels that the system needs reform, particularly on addressing the problem of illegal collective investment schemes. “An ordinary or local court is not equipped with ( the knowledge of) Sebi laws and procedures. This ( move) will give more room to the regulator,” said R S Loona, m