Monthly Archive: November 2016

EASE OF DOING BUSINESS IN INDIA

INDIA is passing through a paradigm change and there are zillion of business opportunities in India. India offers all the basic ingrediants for the success of any business including...

TAX ON UNDISCLOSED OLD CURRENCY NOTES DEPOSITED IN BANK

Tax Rate under Section 115BBE for Undisclosed Monies (Section 69A) deposited in the Bank and shown in the Tax returns has been increased from 30% to 60% via The...

HOW MUCH CASH CAN BE DEPOSITED IN BANK, THAT WILL NOT BE REPORTED TO INCOME TAX?

CBEC has issued Notification No. 104/2016 dated 15/11/2016 through which it has added S. No. 12 to the Rule 114E according to which, all Banks are required to report under...

RISK REVIEW OF AN ASSESSEE WHO DEPOSITS Rs. 500/- AND 1000/- OLD SERIES HIGH DENOMINATION CURRENCY IN BANK WITHOUT PROPER EXPLANATION OF THE SOURCE OF INCOME

After the demonetisation of the old series High Denomination Currency Notes of Rs. 500/- and Rs. 1000/- by the Reserve Bank of India, there is large scale panic in...

PRECAUTIONS IN DEPOSITING HIGH DENOMINATION CASH IN BANK TO AVOID PENALTY OF 200%

After the demonitisation of the old series High Denomination Currency Notes of Rs. 500/- and Rs. 1000/- by the Reserve Bank of India, there is large scale panic in...

RBI FAQs on Withdrawal of Rs.500 and Rs.1000 notes

1. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even...

RELAXATION’s IN WITHDRAWAL OF Rs. 1000 & Rs. 500 NOTES TILL 11-11-2016

The Reserve Bank of India has issued Notification F. No. 10/03/2016-Cy. I dated 08-11-2016, to facilitate a smooth withdrawal of the Old Series Currency Notes of Rs. 1000/- and Rs. 500/-...

RBI WITHDRAWS Rs. 500/- & 1000/- OLD CURRENCY NOTES

The Reserve Bank of India has vide Notification F.No.10/03/2016-Cy.I dated 08/11/2016 has withdrawn the Legal Tender Character of the High Denomination Currency Notes of the Existing Series of the...

GST RATES IN INDIA – ANNOUNCED BY THE GST COUNCIL APPLICABLE W.E.F. 01/04/2017

The GST Council has announced the Proposed Rates of Tax under GST to be implemented in India w.e.f. 01-04-2017.   There are 5 Categories of GST Rate’s that have...

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