Top 10 expectations of salaried employees from Budget 2017

The Union Budget 2017-18 is definitely unique even historic in many ways. It will be presented on an earlier date of 1st February this time rather of usual date of 1st March of every year, for starters. With the Budget 2017 just a couple of weeks away, there are expectations that the government will take some measures … Continue reading Top 10 expectations of salaried employees 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

Now receive payments through banks or digital means to pay lower Income Tax

Now receive payments through banks or digital means to pay lower Income Tax. Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and … Continue reading Now receive payments through banks or digital means to pay lower Income Tax

Modi Proposes PMGKY – Unaccounted Cash deposits to be taxed @50 %

Modi comes up with another master stroke in the form of amendments of the existing Income Tax laws and introduction of the new Income Disclosure Scheme. With concerns looming large on the fact that the existing Income Tax Laws may be manipulated to convert black money into white, these amendments are expected to tighten loose … Continue reading Modi Proposes PMGKY – Unaccounted Cash deposits to be taxed @50 %

Companies to pass the benefit of tax reduction to customers and more updates – GST bill redrafted

In a flurry of GST related announcements, there came some reliefs for the stock markets. The definition of “goods” under the Goods & Services Tax Law has been redrafted to exclude “securities”. The revised drafts of the Model GST Law, Integrated GST Law and GST Compensation Law were released on Saturday. The Bills are now … Continue reading Companies to pass the benefit of tax reduction to customers and more updates – GST bill redrafted

GST Update: Release of Draft Model GST Law, IGST Law & Compensation Law

Press Information BureauGovernment of IndiaMinistry of Finance26-November-2016 14:33 IST Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders. The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for … Continue reading GST Update: Release of Draft Model GST Law, IGST Law & Compensation Law

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