"15 December 2016" Archive

Taxation Laws (Second Amendment) Act, 2016 get President’s assent

NO. 48 OF 2016 (15/12/2016)

Taxation Laws (Second Amendment) Act, 2016 / Taxation and Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 received assent of President on 15th December, 2016....

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Tax @ 82.50% even if you received amount via proper banking channels

Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...

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Posted Under: Income Tax | ,

Govt announces prizes / rewards to promote digital payment

NITI Aayog announces launch of the schemes - Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana - for incentivising digital payment...

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Posted Under: Income Tax |

Selling liquor or tobacco products to a child is punishable

All tobacco products and intoxicating liquor and the shops selling them must display a message that giving or selling intoxicating liquor or tobacco products to a child is a punishable crime with upto seven years of rigorous imprisonment and a fine of upto one lakh rupees....

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Posted Under: Income Tax |

Digital Payment System For Parking Charges At Airports

Airports Authority of India (AAI) has issued directions to respective Car Parking Licensees across all AAI controlled airports for evolving a mechanism of e-payment transactions in form of Debit/Credit Cards, Digital Wallets (PayTM, Freecharge, Mobikwik, Reliance Jio etc.)...

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Posted Under: Income Tax |

IBBI (Liquidation Process) Regulations, 2016

Notification No. IBBI/2016-17/GN/REG005 (15/12/2016)

(1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (2) These Regulations shall come into force on the date of their publication in the Official gazzate. ...

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NCLT (Procedure for reduction of share capital of Company) Rules, 2016

G.S.R. 3677(E) (15/12/2016)

These rules may be called National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 and applicable from 15.12.2016....

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5 financial planning tips that makes achieving your financial goals easy

Introduction: Mr. Kumar, aged 47, a marketing professional, is an ambitious investor. He wanted to save funds for the rainy day and lead a comfortable living. He had read and seen people invest in stock, mutual funds and many other investment vehicles....

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Posted Under: Income Tax | ,

Complete User Guide for Migration to GST in Punjab

GST Migration starts from 16 December 2016 for State of Punjab. Migration will close on 31st December 2016. Registrants will be provided Provisional ID and Password by ETD, to Login to the GSTN Portal (www.gst.gov.in)....

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Posted Under: Income Tax |

Comparative Analysis of Refund of Tax in Revised GST Law-Part-I

Earlier old GST Law, the limitation of two years for filing refund claim was not applicable for amount paid under protest. This provision has been deleted in the revised GST Law thereby meaning that there will be no mechanism for paying tax under protest....

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Posted Under: Income Tax |