Krishna, Government has taken a huge step for taking out black money from rich people by banning notes of Rs 500 and Rs1000, after that they have brought a new scheme. What is that?
This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962
Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies.
CBDT notidfies Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non Deduction of Tax at Source- Reg.
If Input received in a factory & removed as such or after being partially processed to Job worker for further processing, repair, testing etc prior to appointed day (i.e. 31.03.2017): No tax shall be payable if such input returned to said factory within 6 months from the appointed day (i.e. Up to 30.09.2017)
Taking into consideration majority of the concerns raised by the Trade and Industry, the Government has, on November 26, 2016, released the Revised version of the Model GST Law along with Draft GST Compensation Bill.
Social Media has been a revolution in last few years. The Time taken for information sharing across domains of social media have been reduced to seconds or minutes because of various Apps availalble. The Updates helps many in decision making, knowledge sharing and awareness.
Government clarifies that apprehension sought to be created that jewellery with household which is acquired-out of disclosed sources or exempted income shall become taxable under proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless.
FM has presented in Lok Sabha on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 to tax at higher rates with penalty, Cash Deposit in Bank accounts out of Black Money
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.
