First Demonetization was taken place in 1946 by then Government of India. RBI offered clients to exchange their old notes of the denomination of Rs.100 with the new one.
As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2.
Election commission issues list of delisted political parties during February, 2016 to 13th December, 2016 under Section 29A of RP Act, 1951
If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover.
In present indirect taxation system, cascading of tax is significant due to non-availability of ITC at various stages. Following are certain instances of such cascading of taxes
Now one obvious question will be raised as to whether the migration of existing registration into the GST has any legal validity?
Tenders of old notes of Rs. 500 and 1000 in excess of ₹ 5000 into a bank account will be received for credit only once during remaining period till December 30, 2016.
Govt decides to reduce existing rate of deemed profit U/s. 44AD of Income Tax Act in respect of amounts/receipts through banking channel/digital means
PM Modi demonetised Rs. 1000/- & Rs. 500/- denomination currency notes with a view to eradicating Black money from our economy, end rampant corruption, contain the use of counterfeit & fake currency and to put a full stop on cash funding by our neighbour countries to the terrorist outfits. It is undisputed that the intention […]
Government has brought up with a scheme to convert 50:50% of the black money into white money which will be applicable from 17th December 2016, what is it? And what is the aim of this scheme?
