Existing exemptions for acceptance of old Rs.500/- and Rs.1000/- notes for certain types of transactions are being extended beyond 14th November, 2016 midnight up to 24th November, 2016 mid night.
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs.
Supreme Court upheld constitutional validity of Entry tax imposed by States. A nine-judge Constitution Bench, overrules ‘compensatory tax’ theory propounded by 7 judges bench
Article explains Withdrawal of Service tax exemption on cross border B2C online information & database access or retrieval services w.e.f. December 1 2016
Well, who in their wildest dreams would’ve thought that Swach Bharat Abhiyaan could even extend its broom to clean up money at such a macro-economic level?
In this article let us see the important definitions and explanations for certain words in the GST law from the definition clause and also from the FAQ released by the Government.
CUP (Comparable Uncontrolled Price Method-Applicability : When similar an uncontrolled transaction is available. Where all the term of contract are identical for both, domestic and uncontrolled transaction or otherwise the differences are quantifiable and can be adjusted
Actual demonetization process- Step 1 : Convert all the black money to white by charging people a specific rate of tax, and depositing all of it in banks. (Leads to huge deposits in banks)
Finance Ministry has reviewed the position regarding availability and distribution of all denomination of bank notes. Some of the highlights of the review and the decisions taken are as follows:-
The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income.
