Taxation & Accounting

Category: Income Tax (Page 2 of 7)

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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844982 CRORE DEPOSITED 216617 CRORE WITHDRAWALS AFTER DEMONETISATION

Consequent to the announcement of withdrawal of legal tender status of banknotes of  500 and  1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

Banks have since reported that such…

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INTEREST ON EPF SHALL BE GIVEN EVEN IF AMOUNT NOT WITHDRAWN WITH IN 36 MONTHS

Background : In accordance with the regulation of the Employee Provident Funds scheme (EPFS) , interest is not credited to the account of a member from the date on which the account has become an “Inoperative account”
Para 72(6) of the EPFS regulates the classification of an “Inoperative accounts”.As per amendment made in EPFS ,on the 01.04.2011 ,Interest shall not be credited to the account…

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Interest Rate 54 EC Bonds NHAI reduced from 6% P.A. to 5.25% P.A.

National Highways Authority of India (NHAI) has been issuing long term Capital Gain Tax Exemption Bonds u/s 54EC of Income Tax Act 1961. The applicable rate of interest for bond series has been amended w.e.f 1st December, 2016 as detailed below:

(i) Application Money to be credited in NHAI’s Collection Accounts on or after 1st December, 2016 will be 5.25% P.A….

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MONTHLY WITHDRAWAL LIMIT FOR PMJDY ACCOUNT KYC RS 10000 NON KYC 5000

After sudden surge of balance in Jan -Dhan-accounts of poor persons to 73000 crore ,RBI has  fixed the withdrwal limit from such account.₹ 5000/- per month for non-kyc compliant accounts₹ 10000/- for kyc compliant accounts which can be further extented by Bank manager after genuiness of customer.The above limit is applicable only on notes deposited in demonetised cureency i.e Rs 500 and…

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CASH WITHDRAWAL LIMIT FROM BANK POWER GIVEN TO RBI

Govt has demonetised Rs 500 and Rs 1000 notes on 08/11/2016 and issued notification in this regard . In this notification Govt has fixed few limit for withdrawal of cash from bank accounts/ATM but on later date RBI has issued few circulars on withdrawal from banks and ATM without amending the original notification issued by Govt and limit specified in it .But now correction has been made and govt…

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Key changes in Revised Model GST Law

Taking into consideration majority of the concerns raised by the Trade and Industry, the Government has, on November 26, 2016, released the Revised version of the Model GST Law along with Draft GST Compensation Bill. Apart from addressing key concerns of the Industry in a very decent manner, the Revised Model GST Law has also proposed an anti-profiteering mechanism to ensure benefit of lower…

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