It has come to our knowledge through media news that the Government/ CBDT has restricted the Gold Holding for an Household after demonetization of Old Currency Notes to the following Limits:- Married Women – 500 Grams Unmarried Lady – 250 Grams Men – 100 Grams We hereby clarify that these news items are factually …
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 High Economic Growth, Skilled Workforce, Investor Friendly Business Environment and a huge Market of 130 Crore (1/6 of total world population). The government is rapidly building …
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 Taxation Law (Second Amendment) Bill, 2016. A surcharge of 25% of the Tax amount determined u/s 115BBE i. e. 15% of the Undisclosed Monies deposited in …
TAX ON UNDISCLOSED OLD CURRENCY NOTES DEPOSITED IN BANK Read More »
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 the ‘Annual Information Report’ to the Income Tax Department of an assessee who deposit Cash in his account between 09-11-2016 to 30-12-2016 for an amount equal …
HOW MUCH CASH CAN BE DEPOSITED IN BANK, THAT WILL NOT BE REPORTED TO INCOME TAX? Read More »
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 the Public relating to the Cash held by them in the demonetised currency. Large number of persons who hold High Denomination Currency of the Old Series …
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 the Public relating to the Cash held by them in the demonitised currency. There are reports/ messages circulating in the Print, Electronic and Social Media that …
PRECAUTIONS IN DEPOSITING HIGH DENOMINATION CASH IN BANK TO AVOID PENALTY OF 200% Read More »
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 though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and …
RBI FAQs on Withdrawal of Rs.500 and Rs.1000 notes Read More »
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/- without effecting some critical and essential services till 11-11-2016. The details of the Notification are noted below for ready reference:- S.O. 3408(E).—Whereas, by the notification of …
RELAXATION’s IN WITHDRAWAL OF Rs. 1000 & Rs. 500 NOTES TILL 11-11-2016 Read More »
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 value of Rs. 500/- and Rs. 1000/- from the midnight of 08-11-2016. The details of the notification are noted below for ready reference:- S.O. 3407(E).─ Whereas, …
RBI WITHDRAWS Rs. 500/- & 1000/- OLD CURRENCY NOTES Read More »
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 been accepted by the all powerful GST Council with full concensus:- 1. Zero Rated Items – Including Food Grains and Other Essential Items to taxed @ …
GST RATES IN INDIA – ANNOUNCED BY THE GST COUNCIL APPLICABLE W.E.F. 01/04/2017 Read More »