All about PMGKY scheme – A presentation

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Last chance to come clean for black money holders! Addressing the concerns of demonetization, an alternative scheme namely, the ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) is proposed to be provided in the Bill. The declarant under this regime shall be required to pay tax @ 30% of the undisclosed … Continue reading All about PMGKY scheme – A presentation

5 signs your business is ready to outsource tax and accounting compliances

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Tax & regulatory services have been pain points for all businesses. In the hustle and bustle of growing your businesses,they often take a back seat. Sometimes they are avoided because of lack of awareness. Whereas sometimes due to unaffordability of resources. Some businesses outsource their tax and regulatory compliances whereas some manage internally. There is … Continue reading 5 signs your business is ready to outsource tax and accounting compliances

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

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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

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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

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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

50% tax and 4 year lock in period on cash under proposed new disclosure scheme

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Amidst all the horde of demonetization speculations that are making rounds, a new disclosure scheme was being drawn up. This scheme is likely to introduce an amendment to the income tax law. This amendment is likely to be effected early next week. Under this scheme, people voluntarily depositing cash that can’t be accounted for in … Continue reading 50% tax and 4 year lock in period on cash under proposed new disclosure scheme

You may go to jail for 7 years for depositing black money in some one else’s account

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Consequent to the move of banning old ₹500 and ₹1000 notes, the Income Tax department has detected over Rs 200 crore in undisclosed income after it conducted over 80 surveys and about 30 searches in cases of suspicious usage of the scrapped currency. About Rs 50 crore has also been seized in these operations since November … Continue reading You may go to jail for 7 years for depositing black money in some one else’s account

No bank account, No exchange of old notes – proposed move from RBI

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  ATMs and banks continue to struggle meeting the ever increasing queue for exchange of old notes. RBI has been on constant loop about the execution of the scheme. It has been issuing notices,clarifications, circulars everyday –  some easing the norms while some tightening those. As per the latest news, RBI is likely to come out with … Continue reading No bank account, No exchange of old notes – proposed move from RBI

Banks and POs to report Cash Deposits above 2.5 Lakhs to I-T department

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A major announcement was made by our Prime Minister Narendra Modi on 8th of November to scrap the black money since then we can see a large number of people standing outside Banks and Post offices to deposit their money and convert their black money into white money. Government has provided a 50 day window … Continue reading Banks and POs to report Cash Deposits above 2.5 Lakhs to I-T department

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