AAKR ASSOCIATES

Taxation & Accounting

Category: Income Tax (page 2 of 7)

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INTEREST ON EPF SHALL BE GIVEN EVEN IF AMOUNT NOT WITHDRAWN WITH IN 36 MONTHS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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OLD 500 NOTES AT PETROL PUMPS AIR TICKETS CAN BE USED ONLY UP TO 02.12.2016

After the cancellation of legal tender character of old Rs. 500 and Rs. 1000 denomination bank notes, the Government had exempted certain categories of transactions wherein the old high denomination bank notes were accepted. The Government had extended the exemption period for these categories from time to time. At present, exemptions are allowed on certain types of transactions wherein payment…

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GOVT FIXED GOLD JEWELLERY HOLDING LIMIT (TRUE OR FALSE)

On social media this news has gone viral that govt has fixed Gold holding/purchasing limit after the demonetisation as under.
[message]LIMIT FIXED FOR HOLDING/PURCHASING OF GOLDMarried Lady :500 GramUnmarried lady :250 GramMan :100 GramBut whether the above news is correct or not ,True or False ,we have examined the details and truth is as under.
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No Restriction on deposits in current account

Fake Circular No. RBI/2016-17/166 (given below) provides that in case of genuine deposits in Current Account banks are advised to take certificate of cash balance as on Nov. 8, 2016 duly attested by tax authorities along with details of deposits from Nov. 10, 2016 till date.

Actual Circular No. RBI/2016-17/166(given below) provides that banks should not rely on instructions issued on unofficial…

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CLARIFICATION ON APPLICABILITY/IMPLEMENTATION OF IND AS

‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and/or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015, raised by preparers, users and other stakeholders. 
Ind AS Transition Facilitation Group (ITFG)…

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