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12-Feb-2014 RBI has allowed FII to buy shares in Future Retail as the FFI holding has gone below the prescribed threshold limit under FDI policy. In Jan 2014, RBI RBI had placed restriction on FIIs to purchase shares in Future Retail as the foreign shareholding had crossed the overall permissible limit of 24 per cent of paid-up capital.   JPMSL A/c Copthall Mauritius Investment purchased 14.65 lakh equity shares of the company at Rs 91.88 apiece on the National Stock Exchange.    (0.6% stake for Rs 13.5 crore).  As on December 31, 2013, Copthall Mauritius Investment holds 1.64 percent stake in company. Future Retail reported net profit of Rs 22 crore for the quarter ended December 2013 as against loss of Rs 20.4 crore in same quarter last year. The bottomline was supported by exceptiona...

RBI has implemented the new Cheque Truncating system (CTS) and from 1st January 2013, only the new CTS complaint cheques will be honored. Update: The timeline has been extended mnay times from 31-Mar-2013 to 31-Jul-2013 to 31-Dec-2013 Received the following SMS from bank, "Dear Customer, please deposit CTS compliant cheques(i.e cheques with CTS India watermark) for your credit card repayments from 31 December, 2013 to avoid delayed clearance and late payment fees. Non CTS compliant cheques ( cheques not compliant to the cheque truncation system(CTS) 2010 standards) will be cleared thrice a week only, until 30 April, 2014." So, the validity of Non CTS cheques is again extended, this time upto 30th April 2014. If you haven't switched to CTS cheques, you have 4 more months. A. Why this ...

The government has today extended the last date for filing of income tax returns by 5 days to August 5 2013. The due date, which was today, has been extended in wake of "unprecedented surge" in number of I-T returns being filed electronically. "As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from July 31, 2013 to August 5, 2013," the finance ministry said. This year till July 30, about 92 lakh returns have been electronically filed, which is 46.8% higher than the returns e-filed during the corresponding period last fiscal. Source: TOI

Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns, Central Board of Direct Taxes (CBDT) said today. For assessment year 2011-12 and 2012-13, CBDT had exempted salaried employees having total income of up to Rs 5 lakh including income from other sources up to Rs 10,000 from the requirement of filing income tax return. CBDT said that in last years exemption was given to reduce the paper filing of returns and their processing through manual entry on system. But now, electronic filing of returns is made more user - friendly & can be processed electronically in speedy manner. So, the exemption provided during the last two years is not being extended for assessment year 2013-14. Also, in May 2013, CBDT made e-filing of returns ...

Government has cut interest rates on small savings scheme marginally by 0.10% for 2013-2014.  The revised interest rates will be applicable with effect from April 1, 2013. The decision is in line with the recommendations of Shyamala Gopinath Committee, which had suggested that returns should be in sync with market rates determined by the returns offered by other securities. 1) The interest rate on Public Provident Fund (PPF) has been reduced from 8.8% to 8.7%. 2) The interest rate on National savings certificates (NSC) having maturity of 5 and 10 years has been reduced to 8.5% and 8.8% respectively, down 0.10% each. 3) The interest rate on Senior citizens savings scheme (SCSS) has been reduced to 9.2%, down from 9.3%. 4) The interest rate on Monthly income schemes (MIS) of 5 year maturit...

The government has now made electronic filing of returns mandatory for taxpayers with a taxable income above Rs 5 lakh. Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form online. Last year government has made the e-filing of returns compulsory for taxpayers with a taxable income above Rs 10 lakh. DON't PANIC Electronic e-filing of returns is easy. For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature. In case the returns are filed with digital signature, no further action is required.  In case returns are filed without using a digital signature, tax payer needs to send ITR-V (Acknowledgement) to the Income Tax department. IMPORTANT Note -  Total Income is NOT equal...