No scrutiny on post demonetization deposits upto Rs. 2.5 lakh

On the matter of scrutiny of deposits, the IT department has issued a clarification. As per this clarification, there will be no scrutiny of deposits of upto Rs. 2,5 lakhs made in the banks in the post demonetization period. Only those accounts will be subjected to scrutiny which does not tally the Income Tax Returns filed. … Continue reading No scrutiny on post demonetization deposits upto Rs. 2.5 lakh

The Startup India initiative – a very long way to go

It has been a year now since Prime Minister Narendra Modi launched the Startup India scheme on the 16th of January, 2016. However, the response to the scheme has been lukewarm.  As per certain media reports, less than 1,500 startups have so far applied for registration under the scheme, around 500 were recognised as startups, … Continue reading The Startup India initiative – a very long way to go

Decoding the government’s tax break to small businesses on digital receipts and expectations from Budget 2017

In the midst of the hue and cry caused by demonetisation, the government, through the Central Board of Direct Taxes (CBDT), came up with an announcement on 19th December, 2016, giving huge tax benefits to small businessmen having a turnover of up to Rs 2 crore, for promoting digital payments and banking transactions and moving … Continue reading Decoding the government’s tax break to small businesses on digital receipts and expectations from Budget 2017

Demonetization Update – Cash withdrawal limit at ATMs increased to Rs10,000 per day

The Reserve Bank of India (RBI) has eased the caps on withdrawals from automated teller machines (ATM) with immediate effect. Now, customers will be allowed to withdraw up to Rs10,000 per day per card compared to the earlier Rs4,500. These enhanced cash withdrawal limits will be within the weekly cap of Rs24,000, the central bank … Continue reading Demonetization Update – Cash withdrawal limit at ATMs increased to Rs10,000 per day

Govt issues tamper proof PAN card with effect from 01st Jan, 2017

NSDL e-Governance Infrastructure LimitedPAN ServicesCircular Circular No.: NSDL/TIN/12017/001 January 10, 2017 Subject: New design of PAN card All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being printed … Continue reading Govt issues tamper proof PAN card with effect from 01st Jan, 2017

Demonetization Update – Cash Deposits from April 1 to November 9 also under scrutiny

The above is the latest update in the course of demonetization. Banks and post offices have been mandated to report cash deposits for the period April 1 to November 9 as well. Previously, only deposits during the period 9 November – 30th November (i.e. post demonetization announcement)  had to be mandatorily reported. As per the … Continue reading Demonetization Update – Cash Deposits from April 1 to November 9 also under scrutiny

From April 1-September 16, GST can be rolled out anytime

Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley today said pending resolution of “turf” issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year. The Goods and Services Tax (GST), he said, can be implemented anytime between April 1 and September … Continue reading From April 1-September 16, GST can be rolled out anytime

Compliance of Non-filers Monitoring System (NMS) – What to do

“Dear Taxpayer,  As per our records, it is observed that you have not filed your Income Tax Return for Assessment Year 2015-16. Please submit your online response as under:” Have you received this email too? Are you confused what to do? Then read on to know more. Recently department has started floating these Non-compliance email … Continue reading Compliance of Non-filers Monitoring System (NMS) – What to do

GST may not be implemented from April 1,2017

India’s plans to roll out a countrywide Goods and Services Tax (GST) from April 1, 2017 appear increasingly unlikely with the Centre and states failing on Sunday to conclude discussions on several key aspects including the main enabling legislations. The Finance Minister Arun Jaitley-headed GST Council discussed the drafts of two principal supplementary legislations — … Continue reading GST may not be implemented from April 1,2017

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