Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions.
Indian Bank’s Association (IBA) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit of Frauds upto Rs. 50 crores & Frauds above Rs. 50 crores in the Banking Industry.
It is essential to protect the Confidential Financial Data filed by millions of Tax Payers from falling into wrong hands in the larger public interest.
On Thursday i.e. April 6, 2017, the Rajya Sabha has passed four supplementary GST legislations without amendments by a voice vote as all parties were on board. The four Bills are as under:
The effort that the Government has put behind ensuring GST a reality in India is commendable. Besides being a significant game changing tax reform, this is a great example of collaboration between the centre and the states.
It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from a bank, cooperative bank or a post office savings bank.
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017.
CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank.
CBDT has extended time to furnish permanent account number or Form No. 60 by bank account holders who have not furnished the same at the time of account opening or subsequently to on or 30th day of June, 2017.
CBEC has recently released following 8 GST namely 1. Input Tax Credit Rules 2.Valuation Rules 3.Transition Rules 4.Composition Rules 5.Revised Invoice Rules 6.Revised Payment Rules 7.Registration Rules and 8.Refund Rules for comments by general public and other stakeholders on or before 10-April-2017 by email on gst-cbec@gov.in. The Institute of Cost accountants of India has done […]
