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Category Archives: Banking

Finance Ministry | Finance Minister holds Pre-Budget Consultation with Economists

FM holds Pre-Budget Consultation with Economists

Indian Bureaucracy Finance Ministry News |The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her 6th Pre-Budget Consultation Meeting with the leading Economists in connection with the forthcoming General Budget 2019-20.

The main areas of discussion during the aforesaid Meeting included boosting Economic Growth, Job… Read More

Ministry of Finance | IT Dept raids in J&K Region

Income Tax Department strikes again in J&K Region

The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.

None of the members… Read More

Finance Minister holds 2nd pre-Budget Consultation | Industry Representatives and Trade Groups

Finance Minister

The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her second Meeting was with the stakeholder Groups from Industry, Trade and Services Sectors.

In her Opening Remarks, the Finance… Read More

Transition plan to the new GST Return | Ministry of Finance

GST Collection

The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: –

  1. In May, 2019 a prototype of the offline tool has already been shared on the common portal
Read More

Clarification regards Statistical reforms and existing GDP series

Ministry of Statistics and Programme Implementatio
  1. Reports have appeared in a section of media regarding the statistical reforms being undertaken in the Ministry of Statistics and Programme Implementation (MOSPI) and on the existing GDP series.
  2. In so far as the statistical reforms are concerned, it is important to note that system reforms are an ongoing process and are necessary for ensuring responsiveness
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Nirmala Sitaraman appointed Minister- Ministry of Corporate Affairs

Nirmala Sitharaman

Smt Nirmala Sitaraman previously the Defence Minister has been appointed as the Minister – Ministry of Corporate Affairs (MCA)

Indian Bureaucracy Dot Com wishes Smt Nirmala Sitaraman the very best.… Read More

Q4 losses due to provisioning , says Sunil Mehta PNB Chairman

PNB

PSU FY Results Indian Bureaucracy News | After slipping into a Rs 4,750 crore loss in the fourth quarter ended March, state-run Punjab National Bank (PNB) hopes to once again become profitable in the current quarter, PNB Chairman Sunil Mehta said yesterday. The chief of the country’s second largest public sector bank (PSB) informed that the bank is targeting… Read More

CBDT | Extends due dates of TDS compliance in respect of deductors in Odisha

CBDT

With a view to redress genuine hardship faced by the deductors due to the severe disruption of normal life and breakdown of communication systems caused by cyclone “Fani” hitting the State of Odisha on 3rd of May, 2019, CBDT has provided the following relief in TDS compliance to the deductors in the State of Odisha. CBDT has:

(i) Extended the due … Read More

CBDT | Notification issued for amendment of Form No. 15H of the IT Rules, 1962

Central Board of Direct Taxes (CBDT)

Sub-section (1C) of section 197A of the Income-tax Act, 1961 (the Act) read with rule 29C of the Rules, inter alia, provides that no deduction of tax shall be made in case of a resident individual, who is of the age of sixty years or more, if he furnishes a declaration in Form 15H to the person responsible for paying any income of the nature referred to in section … Read More

CBDT issues Draft Notification for Amendment of Form No 10B of the IT Rules, 1962

Central Board of Direct Taxes (CBDT)

Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under  clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Section 11 and 12 exceeds the maximum amount not chargeable to Income-Tax … Read More

Allahabad Bank, UCO Bank & Canara Bank post losses in Q4

State Run Bank

Allahabad Bank’s net loss rises to INR 3,834.07 cr in Q4: State-run Allahabad Bank on Friday said it had posted a net loss of Rs 3,834.07 crore in the Q4 of the financial year 2018-19 (FY 19), widening from a net loss of Rs 3,509.63 crore in the year-ago period. The lender is planning to raise Rs 1,200 crore through Qualified Institutional Placement (QIP) this … Read More