16 11, 2016

I-T department checking high-value deposits

By | 2016-11-18T11:55:03+00:00 November 16th, 2016|Latest Tax Updates|

Department keeps a watch on suspectedly illegal transactions, including by jewellers. The income tax (I-T) department will start checking possible mismatches between the declared income and the amount deposited by individuals above Rs 2.5 lakh between November 10 and December 30. "We are getting data of deposits over Rs 2.5 lakh from banks. We will [...]

16 11, 2016

Beating cash crunch: e-transaction fees, ATM charges waived off

By | 2017-04-06T10:48:48+00:00 November 16th, 2016|Latest Tax Updates|

Task force under RBI Deputy Governor S S Mundra to recalibrate 200,000 ATMs; all-party meet likely today to reach out to Opposition. The government on Monday advised banks and the National Payment Corporation of India (NPCI) to waive charges on e-transactions till December 31, to help out cash-strapped people hit by the demonetisation drive. Following [...]

15 11, 2016

Withdrawal limits at banks, ATMs raised; new Rs 500 notes launched

By | 2016-11-18T11:56:56+00:00 November 15th, 2016|Latest Tax Updates|

The finance ministry revised the cap on bank withdrawals on Sunday while advising similar changes to ATM withdrawals less than a week after the government’s demonetisation of 1000 and 500 rupee notes left people in a tight spot. As per the directive, the weekly withdrawal limit from banks has been increased to Rs 24,000 from Rs [...]

15 11, 2016

RBI asks banks to furnish daily data on cash withdrawals

By | 2016-11-15T11:03:00+00:00 November 15th, 2016|Latest Tax Updates|

The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter and through ATMs to help it gather accurate data on currency circulation. In a circular on Sunday, it asked banks to submit the data in a specific format in contrast to lenders sending it fortnightly. RBI [...]

15 11, 2016

Govt likely to repeal three pharma Acts

By | 2016-11-15T10:53:35+00:00 November 15th, 2016|Latest Tax Updates|

The government is likely to introduce legislation in the winter session of parliament to repeal three pharmaceutical-related laws. The prime minister’s office has written to the department of pharmaceuticals seeking its views and asked it to prepare for the introduction of the Bill to repeal three acts—the Pharmacy (Amendment) Act, 1959 (24 of 1959); the [...]

14 11, 2016

Slash Stamp Duty To Clean Up Realty Sector: Assocham

By | 2017-04-06T10:48:48+00:00 November 14th, 2016|Latest Tax Updates|

There are instances where ironically, people filing their income tax returns and living a clean life are forced to withdraw cash from their legitimate bank accounts cash for such transactions, according to industry chamber Assocham. New Delhi: To further intensify the crackdown on black money, industry chamber Assocham has suggested the Centre to impress upon [...]

14 11, 2016

Income Tax officials unsure how to slap 200% penalty on income mismatch

By | 2016-11-14T14:49:30+00:00 November 14th, 2016|Latest Tax Updates|

MUMBAI: As India struggles with demonetisation, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty —as announced by a senior finance ministry official — on such funds flowing into banks. Firms are clearing dues to suppliers, depositing cash [...]

12 11, 2016

Tax laws to hit those with large amounts of undisclosed cash

By | 2017-04-06T10:48:49+00:00 November 12th, 2016|Latest Tax Updates|

Finance minister Arun Jaitley on Thursday reiterated the government’s assurance that people need not fear harassment from the income tax department if they have deposited small amounts in banks following the demonetisation of the Rs 500 and Rs 1,000 currency notes. The minister also spoke on a number of other issues at the Economic Editors’ [...]

12 11, 2016

RBI overhauls debt restructuring schemes

By | 2016-11-14T14:53:29+00:00 November 12th, 2016|Latest Tax Updates|

It has given lenders additional time up to 180 days for hammering out a restructuring package under the scheme In a step to address corporate stress, Reserve Bank of India (RBI) on Thursday made sweeping changes to existing loan recast schemes like S4A, 5/25 and SDR. It has given lenders additional time up to 180 [...]