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Taxation & Accounting

Category: Income Tax (page 1 of 7)

List of taxes that every Indian pays: From GST to Income Tax

The taxes are divided between the state and central government. Have you ever wondered why India is always leading ahead of other countries in terms of growth? However, we do not see any progress on ground zero. Currently India’s GDP (gross domestic product) growth rate to 7.2 per cent in 2018-19 from 6.7 per cent […]

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NEW DISCLOSURE SCHEME @ 50 % EXPECTED ?

Govt has announced demonetisation of Rs 500 and Rs 1000 notes wef  09/11/2016 and asked the all the persons holding these notes to either exchange from Bank/post/RBI or deposit it Bank/Post office.Later govt has also announce exemption for few places where you can use old notes. 
After the announcement , people has started queuing in front of Bank branches/ATM to deposit the cash &…

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Revised Draft Model GST Law, Draft IGST Law and Draft Compensation Law

With step-by-step progress towards Goods and Services Tax (“GSTâ€), the Country is all set to witness the biggest indirect tax reform of unmatched importance in independent India. GST is a biggest game changing indirect tax reform for Indian economy, aimed at undoing Inter-State barriers to trade in goods and services by subsuming around 17 indirect taxes, viz. Excise Duty, Service Tax, VAT, CST,…

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HOW TO REDUCE QUEUEs IN FRONT OF ATMs

After demonetisation of Rs 500 and Rs 1000 Notes ,long queues has been seen in front of all Bank ATMs.Many persons are facing problems to withdraw money from ATMs as well as Bank Braches .Banks are not in position to serve the customers to their satsfaction . Further the problem takes a ugly turn on weekends when All the ATM goes “CASH LESS” Now ATM full form has been changed to “Ayega To Milega…

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New VDS for unaccounted money Pradhan Mantri Garib Kalyan Yojana, 2016 Proposed

As reported by us that Govt is planning a new disclosure scheme to regularise the cash deposited in view of demonetisation of Rs 500 -1000 notes. On similar lines Government has proposed new amendment bill THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 under which undisclosed income can be offered for Tax @ 50 % (including penalty & surcharge) .Further 25% of undisclosed income has…

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The Taxation Laws (Second Amendment) Bill, 2016

AS INTRODUCED IN LOK SABHABill No. 299 of 2016THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016ABILL
further to amend the Income-tax Act, 1961 and the Finance Act, 2016.BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:—CHAPTER IPRELIMINARYShort title and commencement.5 1. (1) This Act may be called the Taxation Laws (Second…

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NEW DISCLOSURE SCHEME & OTHER INCOME TAX AMENDMENT AT GLANCE

Taxation Laws (Second Amendment) Bill, 2016 introduced in Lok Sabha;
A scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (PMGKY) proposed in the Bill.
Evasion of taxes deprives the nation of critical resources which could enable the Government to undertake anti-poverty and development programmes. It also puts a disproportionate burden on the honest…

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CASH WITHDRAWAL LIMIT RELAXED WEF 29.11.2016

RBI has released a circular by which Daily/weekly withdrawal Limit of 24000/- has been removed wef 29.11.2016 and now you can withdraw unlimited cash without any limit.
Happy ……………………………..

But wait this is what few TV channels is reporting and shown in news scrolling but this is not the full truth .The truth is that this is subject to conditions as under.

[message]Main…

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Point of Sale (POS) Devices exempted from Excise Duty till March 31, 2017.

The Government has demonetised the currency notes of Rs 500 and Rs 1,000 with effect from mid-night of 8th-9th November, 2016. Along with this, the Government has also laid increased emphasis on promoting digital payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not attract any basic customs duty. To further reduce the…

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No need to submit physical printouts for customs clearance wef 01.12.2016

The “Ease of Doing Business†will be further enhanced for the Importers and Exporters by reducing/eliminating physical printouts for customs clearance. The Central Board of Excise and Customs (CBEC) issued a Circular No. 55/2016- Customs dated 23rd November, 2016, wherein Importers and Exporters will henceforth not be required to submit paper documents such as GAR 7 forms / TR 6 Challans,…

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