As per the current accounting system in India, there is no specific treatment defined for any kind of security deposits which are being taken/ given in normal course of business by an entity and all such deposits that are refundable shown at their respective transaction values.
Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with their profile available with the Income-tax Department (‘ITO’)
These rules may be called the Ease of Compliance to Maintain Registers under various Labour Laws Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette.
We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment.
As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness programmes conducted at Tirupati
The online verification has been enabled on e-filing portal (for taxpayers) which will be synchronized with the internal verification portal (AIMS module of ITBA) of ITD. The salient features of online verification mechanism are as under:
