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#Arun Jaitley holds pre-Budget meet with state finance ministers
Finance Minister Arun Jaitley today held pre-Budget consultations with his state counterparts during which they offered suggestions on various fiscal policy and budgetary measures.
This is part of the customary pre-Budget consultation which the Union Finance Minister holds with his state peers.
During the meeting, Jaitley said the suggestions made by the states/union territories (UTs) and the memorandum submitted by them would be duly examined and suitably considered while formulating the Budget proposals of 2018-19, taking into consideration the spirit of cooperative federalism.
The meeting was attended by the chief ministers of Himachal Pradesh and Puducherry, the deputy chief ministers of Bihar, Delhi, Gujarat, Manipur and Tamil Nadu, 14 finance ministers/ministers representing their states among others.
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#Markets set new records on earnings optimism, liquidity.
The NSE index closed 0.18 percent higher at 10,651.20, after rising as much as 0.3 percent to a record of 10,664.60 during the session. The benchmark BSE index finished 0.2 percent higher at 34,503.49.
Benchmarks Sensex and Nifty ended at fresh life-time highs on Thursday on optimism surrounding corporate earnings amid mixed global cues.
It broke its previous closing high of 34,443.19 hit on January 9.
The 50-share Nifty, after range-bound morning trade, spurted to touch an all-time high of 10,664.60 on a flurry of buying.
It finally settled 19 points, or 0.18 per cent higher at 10,651.20, surpassing its previous closing record of 10,637 hit on January 9.
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#Income tax department warns people to keep away from benami transactions
Titled "Keep Away from Benami Transactions", it described black money as a "crime against humanity" and urged "conscientious citizens to help the government in eradicating it".
"Benamidar (in whose name benami proper is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may face rigorous imprisonment upto 7 years besides being liable to pay fine upto 25 per cent of fair market value of benami property," the I-T advertisement said.
The advertisement added that "persons who furnish false information to authorities under Prohibition of Benami Property Transactions Act, 2016, are prosecutable and may be imprisoned upto 5 years besides being liable to pay fine upto 10 per cent of fair market value of benami property".
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#Allotment of DIN only at the time of appointment as Directors: MCA
It is proposed to reengineer the process of allotment of DIN by allotting DIN to individuals only at the time of their appointment as Directors (If they do NOT possess a DIN) in companies. DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed. Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.
It is also proposed to modify DIR-3 to permit allotment of upto 2 new DINs (since SPICe provides for upto 3 new DINs) only in respect of ‘Producer Companies’. A separate notification would be issued for the same and stakeholders may plan accordingly.
To facilitate corresponding changes in LLP eforms due to deprecation of DIR-3, it is proposed to temporarily suspend issuance of allotment of new DINs for Designated Partners/Partners of LLPs w.e.f 26th January 2018 till 31st March 2018. Stakeholders may kindly take note and plan accordingly.
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#Advisory for taxpayers filing Core or Non-Core GST Amendments
Taxpayers are advised to file for Core Amendment or Non-Core Amendment one at a time. Once the first amendment is reflected in your Registration Certificate on the GST Portal, only then you are advised to file the second amendment.
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