These rules may be called the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016 applicable from 15th December 2016.
It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law.
Presently, cleaning the system from black money and corruption is very high on my agenda. This comes closely after digitisation and introduction of GST.
FM Said that Demonetisation is actually a step in the direction of less cash economy. It’s our strategy that from high cash dominated economy we should become a less cash economy where the amount of paper currency comes down. Cash will still exist and there would be a greater digitisation.
The Congress Party has made a wild allegation of corruption in the NEEPCO under Kameng Hydro Power Projects in Arunachal Pradesh.
While there is no single, internationally-agreed definition, typically, the black economy refers to people who operate entirely outside the tax system or who are known to tax authorities but deliberately misreport their tax (and superannuation) obligations. The black economy can also include those engaged in organised crime, including those who engage in the production and sale of prohibited goods.
For many purposes like registration of licence, provisional release of consignments, to get exemption benefit etc. , Customs is required to verify and confirm legitimacy of Bank Guarantee/Certificate/LUT issued with issuing Bank/concerned Central Excise authority /issuing authority etc. In most of the cases, officers are verifying the veracity of these documents with concerned authority either by post or by fax. However, it is seen that in most of the offices, officers do not have fax facility and verification through speed post takes longer time for verification.
Extension of Last Date for Submission of Application Form for Financial Assistance from Chartered Accountants’ Students Benevolent Fund (CASBF)
Assessee can deposit his unaccounted cash into bank and declared it as a current year’s income in next year’s tax return i.e. next Assessment year 2017-18.
Goods and Services Tax Network (GSTN) has been assigned the task of collection of data of existing taxpayers under indirect taxes for their smooth transition from VAT to GST regime. GSTN will seek the details under the provisions of Proposed Model Goods and Services Tax Act (GST Act).
