Aanchal Magazine

Profile

Immovable property: Period for long-term gains cut to 2 years
Thu, Feb 02, 2017

Ease of tax burden for those selling properties after 2 years as against 3 years earlier; new base year is now 2001 from 1981.

All cesses, barring petroleum, to be merged in GST: Hasmukh Adhia
Thu, Feb 02, 2017

It was decided that even though all other cesses would be subsumed in the GST, the Centre would continue to levy clean environment cess on coal, peat and lignite.

Union Budget: Next fiscal, no smooth sailing, says Survey
Wed, Feb 08, 2017

In the current year or 2016-17, the Survey expects the economy to grow 6.5-6.75 per cent, with demonetisation lopping off 0.25-0.5 percentage points from a baseline growth of 7 per cent.

Smart City: Affordable housing, technological innovation find place in New York’s top priorities
Sat, Jan 28, 2017

Projects such as affordable apartments, Hunter’s Point South Living and start-up hub Grand Central Tech have already been rolled out

Input tax credit on ATF: Aviation Ministry suggests ways to compensate airlines
Fri, Jan 27, 2017

Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax credit on ATF under the GST regime.

Income surge behind farm tax proposal was data entry error
Thu, Jan 26, 2017

Subsequently, though, the Income Tax department, in a response submitted to the Standing Committee on Finance, admitted to huge agriculture incomes in ITRs primarily on account of data entry errors.

Goods and Services Tax: Beyond audit & scrutiny, dual control still a grey area
Thu, Jan 19, 2017

On Monday, the Centre and the states managed to hammer out a broad consensus over the contentious issue of division of administrative control over tax assessees.

Budget demand: PowerMin seeks tax breaks for ongoing hydel projects
Wed, Jan 18, 2017

A proposal for deemed export status has also been sought for hydro projects.

Headway on dual control, GST likely in July: FM Arun Jaitley 
Tue, Jan 17, 2017

Finance Minister Arun Jaitley said 90 per cent of tax assessees below the annual turnover threshold of Rs 1.5 crore will be under the control of states and the remaining 10 per cent will be under the Centre’s jurisdiction.

Govt wants details of cash deposited before note ban
Tue, Jan 10, 2017

Finance Ministry says bank account holders must submit PAN by Feb 28

Undisclosed income: I-T unearths Rs 490 crore since Dec 30, total swells to Rs 4,807 crore
Tue, Jan 10, 2017

The total undisclosed income admitted or detected as part of the action conducted by the I-T department, till December 29, was Rs 4,313.79 crore.

To be part of revised estimates: GST receipt estimates not to be part of next financial year’s BE
Fri, Jan 06, 2017

Estimates for GST receipts for the next financial year will become a part of the revised estimates, not Budget estimates for 2017-18, officials in the know said.

Agriculture definition revised: Absentee landlords, food processing firms brought under GST net
Tue, Jan 03, 2017

The Council retained its proposed definition of ‘agriculturist’ to allow a land to have been personally cultivated only if it’s farmed by individuals and family members of a HUF.

Lower tax rate, repo cut, GST to guide growth
Sun, Jan 01, 2017

The year 2016 had marked significant progress in the roadmap for GST roll-out, with the passage of the Constitution (One Hundred and First Amendment) Act, 2016.

‘Women employed the most in education sector’
Thu, Dec 29, 2016

The lowest employment was seen in the construction sector with only 3.67 lakh workers.

Engagement on Smart Cities initiative: US trade body flags clarity of plans, autonomy of states
Mon, Dec 19, 2016

The USTDA officials also spoke of how an exclusive investment desk along the lines of the ones provided to Japan and Korea will be conducive for attracting investment from US investors.

Tax prosecution cases witness a spurt in April-October
Tue, Dec 13, 2016

Direct tax cases during the period higher than FY16.

Demonetisation: Constant amendments lead to some confusion
Thu, Dec 08, 2016

The govt has also given relaxations and extensions to ease cash crunch during the first month.

67.4 kg gold missing from Delhi airport in 7 months
Mon, Dec 05, 2016

Over the last three years, around 130 kg of gold has been “misplaced” from Customs vaults in key airports and cities.

Consensus eludes GST Council meet on Day 1
Sat, Dec 03, 2016

The resolution of the issue of dual control will be crucial for the targeted rollout of the indirect tax regime by April 1, 2017.

Pradhan Mantri Garib Kalyan Yojana: Post ‘last chance’ IDS, comes a new declaration scheme
Tue, Nov 29, 2016

The Pradhan Mantri Garib Kalyan Yojana, 2016, is somewhat similar to IDS, except that the tax rate is higher at 50 per cent and a quarter of the declared income will be locked in for four years.

Demonetisation: Rs 14 lakh crore cash value out, only 1.5 lakh crore in, says report
Sun, Nov 27, 2016

It could be “several months” before RBI is able to plug the Rs 14.18 lakh crore hole left behind by the withdrawal of the 2,203 crore pieces of Rs 500 and Rs 1,000 notes, as per the estimates.

All note exchange stopped from today, PM Modi goes back on promise of hike after November 24
Fri, Nov 25, 2016

PM Modi said, “From 10th November till 24th November the limit for such exchange (of old notes) will be four thousand rupees. From 25th November till 30th December, the limit will be increased.”

Demonetisation: Economy to take a hit in near term, fillip likely in long term, say experts
Fri, Nov 25, 2016

Moody’s also said that households and businesses will experience liquidity shortages.

To speed passage, Government plans GST Bills as money Bills
Wed, Nov 23, 2016

The Centre aims to introduce these in the latter part of the current session ending December 16.

Demonetisation: Catching up with policy changes
Tue, Nov 22, 2016

Government’s balancing act to ration cash and make it available gets tough.

Banks on withdrawal limit for marriage: ‘Can’t follow new disbursal limit, waiting for RBI norms’
Sun, Nov 20, 2016

The reserve bank has not issued operational guidelines so far.

Post-currency withdrawal: To ease cash flow, states add to Centre’s measures
Sun, Nov 20, 2016

UP announced acceptance of scrapped notes for land registration till Nov 24

Meanwhile, a currency press wants fresh supply of security pigment
Thu, Nov 17, 2016

The Bank Note Press at Dewas is a unit of SPMCIL, which is a wholly-owned government company responsible for printing of all new currency notes in India.

Demonetisation: Undeposited old notes may result in windfall for government
Thu, Nov 17, 2016

Some of the funds may be used for reacapitalising public sector banks.

Demonetisation: SBI report had clues to possible currency pullback in March
Wed, Nov 16, 2016

Report had cited an ‘unusual rise’ in currency with public, an estimated 25 per cent YoY rise in April-Jan FY16.

Demonetisation: Black money clean-up may erase some growth gains as well
Tue, Nov 15, 2016

The government’s move to withdraw higher denomination notes may also have some downsides which may ultimately impact the GDP numbers.

Fourth GST Council meet: No consensus over dual control as Centre-state tug of war continues
Sat, Nov 05, 2016

The slugfest between Centre and states is about who will gain control how much control over the taxpayer base of VAT, excise and service tax.

Food inflation: Declining, yet pinching few pockets
Tue, Nov 01, 2016

Spike in prices of some articles like pulses, fruits, spices etc have impacted states like Telangana and Andhra on food inflation front.

Number of companies paying tax over Rs 100 crore declines in 2013-14
Thu, Oct 27, 2016

Textiles, handloom and powerloom industries with around 1.77 lakh taxpayers were among the highest number of taxpayers in the manufacturing segment in 2013-14.

Revenue department to start pre-Budget consultations with industry on November 7
Wed, Oct 26, 2016

The industry associations meetings with tax department officials assume greater significance on account of the proposed implementation of GST from April 1, 2017.