Income Tax : The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in ou...
Fema / RBI : Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime fo...
Income Tax : The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of...
Income Tax : As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of depo...
Income Tax : As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finan...
Income Tax : We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their dutie...
Income Tax : Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on...
Fema / RBI : It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposi...
Income Tax : Up to 30.12.2016 payment towards tax, penalty and deposit under Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Ban...
Income Tax : Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act...
Income Tax : ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the sche...
Income Tax : Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement record...
Income Tax : The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained in...
Income Tax : Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is pos...
Income Tax : In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose...
Income Tax : No public servant shall produce before any person or authority, any such document or record or any information or computerised dat...
Income Tax : Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') poin...
Income Tax : CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 20...
Fema / RBI : The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kal...
Income Tax : In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to...
After banning the 500/1000 currency notes, there were panic all around the country. Everybody was running for solution but no one finding it so. Government was keeping a close eye on every activity of the people. Further, people were finding the illegal ways to convert their black money.
If any taxpayer voluntarily makes a declaration of his unaccounted money, then,as per the provisions of section 199C, he shall be liable to pay tax on such unaccounted money at the rate of 30% along with 33% Surcharge (on such tax) known as Pradhan Mantri Garib Kalyan Cess under section 199D.
As a step forward to curb black money, bank notes of existing series of denomination of value of five hundred rupees and one thousand rupees issued by the Reserve Bank of India have been ceased to be legal tender with effect from the 9th November, 2016.
Download Full Text Of The Taxation Laws (Second Amendment) Bill, 2016- Introduced In Lok Sabha By Finance Minister Arun Jaitley On 26.11.2016
An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income.
