Life is a game of BLACK & WHITE, But theone who finallywins is only WHITE. Although present condition of the countryis slightly tight. See&analyze long term benefits, future no doubt is bright.
A Income Tax notice, which was circulating on Whatsapp and on other social media channels regarding deposit of Cash in bank account by an Assessee namely M/s. Sitaram Enterprises from Sikkim.
1. FAKE CURRENCY-Out of circulation in one stroke. 2. HAWALA SOURCES DRIED UP-Funding stops to Terrorists, Naxalites and Underworld. 3. KASHMIR MOVING BACK TO NORMALCY-Blow to insurgency, no more schools being burnt and no stone petters to be found.
The Law allows utilization of credit of one component of tax against the other in different situations with the exception of utilization of CGST for SGST and vice versa, the Government has taken this bold step and so needs to do a lot of background accounting to keep the respective accounts of CGST/SGST/IGST straight
Demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario, rumours are spreading on imposition of 200% penalty by the Income Tax Department on the cash deposited in banks by the assessee’s.
Everyone is aware about the demonetization policy of the government by banning Rs. 500 & Rs. 1000 currency notes. One can understand that it would have a pretty bad impact on SMEs, small traders, real estate, transport sector, consumer durable goods industry.
Person(s) who allows His Or Her Bank Account to be misused for for conversion of Black Money into New Denomination Notes can be Prosecuted for Abetment under Income Tax Act,1961
While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the funds, described by Swiss National Bank as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of alleged black money held by Indians in Switzerland.
Baseless rumours are being spread to create panic among the citizens and to fail the Demonetisation scheme of Central Government.
It is well known fact that in Indian currency of denomination 500/1000 has been banned by Central Govt of India and it is announced by our respected Prime Minister, Mr. Narendra Modi (here in after Mr. P.M) and Mr. Urjit Patel Governor of Reserve Bank of India and others as on 08/11/2016
