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Income Tax Department sends another batch of 35,000 Letters to Tax Return Non Filers
  Income Tax Department sends another batch of 35,000 Letters to Tax Return Non Filers As part of a massive exercise to identify high risk non-filers of Income Tax returns and ask them to file returns and pay taxes thereon, the Income Tax Department has sent letters to another batch of 35,000 non-filers this week. These persons were part of around 12 lakh non-filers identified by the Department by mining its database. With this latest batch, the Department has now issued letters in 2,45,000 c...
Foreign banks can open zero-balance accounts
  Foreign banks can open zero-balance accounts Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs The Reserve Bank of India (RBI) on Wednesday said foreign banks with branches in India could open zero-balance accounts. In a list of frequently asked questions issued by the central bank, it said basic savings bank deposits account (BSBDA) guidelines were applicable to “all scheduled commercial banks in India, including foreign banks having branch...
No car loan from SBI if income is less than 6 lacs (12-09-2013)
    No car loan from SBI if income is less than 6 lacs (12-09-2013)   Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults. The eligibility limit for loan issuance to salaried individuals for car purchase has been raised from Rs. 2.5 lakh per annum to Rs. 6 lakh per annum, as per a recen...
Foreign Investment in India – Guidelines for calculation of total foreign investment in Indian companies...
  Foreign Investment in India – Guidelines for calculation of total foreign investment in Indian companies, transfer of ownership and control of Indian companies and downstream investment by Indian companies RBI/2013-14/251 A. P. (DIR Series) Circular No.42 September 12, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Investment in India – Guidelines for calculation of totalforeign investment in Indian companies, transfer of ownership and contro...
The National Food Security Bill, 2013 Receives the Assent of the President
  The National Food Security Bill, 2013 Receives the Assent of the President   The National Food Security Bill, 2013 Receives the Assent of the President Published in the Gazette of India as Act No. 20 of 2013 The National Food Security Bill, 2013 has received the assent of the President of India. It has now been published in the Gazette of India, Extraordinary, Part-II, Section-1, dated the 10th September 2013 as Act No. 20 of 2013.
Due date extended to file ITR-V for AY 2012-13 & 2011-12 [filed during F.Y. 2012-13]
  Due date extended to file ITR-V for AY 2012-13 & 2011-12 [filed during F.Y. 2012-13]   Notification for Extension of date for receipt of ITR-Vs in CPC,  Bengaluru, for the cases of AY 2012-13 and 2011-12 received in e-filed in FY 2012-13.   There are many taxpayers who have uploaded their Income Tax Returns electronically (without digital signature Certificate) for A.Y. 2011-12 [filed during F.Y. 2012-13] and for ITRs of A.Y. 2012-13 [filed on or after1.4.2012],&nbs...
Banks to Accept Advance tax Payment on 14th & 15th Sep, 2013 (Saturday Sunday)
  Banks to Accept Advance tax Payment on 14th & 15th Sep, 2013 (Saturday Sunday) Payment of Quarterly Advance Tax on or before 15th September, 2013 All Designated Branches of Authorized Banks to Function on 14th and 15th September, 2013 (Saturday Sunday) All designated branches of authorized banks have been asked to function on 14th and 15th September, 2013 (Saturday & Sunday) to accept advance tax payments. If any tax payer fails to pay the advance tax on 14th/15thSeptember, 2013, ...
RBI Clarification on Finance for Housing Schemes – enhancement of limits
  RBI Clarification on Finance for Housing Schemes – enhancement of limits   RBI/2013-14/236 UBD CO BPD (PCB) Cir. No.13/09.22.010/2013-14 September 10, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Finance for Housing Schemes – Primary (Urban) Co-operative Banks – Loans for repairs / additions / alterations – enhancement of limits Please refer to our circular UBD BPD PCB No.31/09.09.01/2002-03 da...
RBI Simplification of Procedure Settlement of Claims of Deceased Depositor
      RBI Simplification of Procedure Settlement of Claims of Deceased Depositor   RBI/2013-14/245 RPCD.CO.RRB.BC.No. 33/03.05.33 /2013-14 September 10, 2013 The Chairmen All Regional Rural Banks Dear Sir/Madam, Settlement of Claims of Deceased Depositor – Simplification of Procedure – Placing of claim forms on bank’s website Please refer to circular RPCD.CO.RRB.BC.22/03.05.33/2005-06 dated July 19, 2005 and wherein simplified procedure has b...
RBI Clarification w.r.t. KYC Procedure under PMLA – Recognising online Aadhaar authentication
  RBI Clarification w.r.t. KYC Procedure under PMLA – Recognising online Aadhaar authentication   RBI/2013-14/242 RPCD.RRB.RCB.AML.BC.No.32/07.51.018/2013-14 September 10, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – e-KYC Serv...

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