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  • Income tax law amendments passed by Lok Sabha without debate
    Posted Date : 29-Nov-2016 , 04:26:11 pm | Posted By CASANSAAR

    The Taxation Laws (Second Amendment) Bill was passed in the Lok Sabha on Tuesday without any debate amid sloganeering by the opposition parties which demanded that the government first discuss the fallout of partial demonetisation. Union finance minister Arun Jaitley, while moving the bill for co...

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  • RBI relaxes withdrawal limits for deposits made in legal tender
    Posted Date : 29-Nov-2016 , 08:31:52 am | Posted By CASANSAAR

    RBI has relaxed weekly withdrawal limits in cases where deposits are made in current legal tender notes and said, the decision has been taken as certain depositors are hesitating to deposit money in view of current limits on cash withdrawals. The withdrawal limit will increase by the amount of de...

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  • Pay 50 pc tax on unaccounted deposits or 85 pc if caught
    Posted Date : 28-Nov-2016 , 04:58:33 pm | Posted By CASANSAAR

    Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught. Nearly t...

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  • 30% tax, 10% penalty and 33% surcharge proposed on undisclosed income under demonetisation
    Posted Date : 28-Nov-2016 , 03:36:01 pm | Posted By CASANSAAR

    Finance Minister Arun Jaitley on Monday tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted...

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  • Income tax department asks IDS declarants to pay tax by 30 November
    Posted Date : 28-Nov-2016 , 08:14:48 am | Posted By CASANSAAR

    With the last date for payment of tax instalment under Income Disclosure Scheme (IDS) drawing close, the income tax department on Sunday warned declarants that non-payment of first instalment by 30 November will make declarations invalid. The IDS, which was open from June to September, provided...

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  • Govt releases drafts of revised model GST, IGST and GST compenstion laws
    Posted Date : 26-Nov-2016 , 04:54:34 pm | Posted By CASANSAAR

    Government has released the Revised Draft Model GST Law, Draft IGST Law, and Draft GST compensation law in public domain.  In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalised....

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  • Unaccounted deposits to attract 50% tax, 4 yr lock-in period
    Posted Date : 25-Nov-2016 , 10:02:58 pm | Posted By CASANSAAR

    A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly. However, a higher...

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  • Deposits in Jan Dhan accounts rise to Rs 64,250 Cr
    Posted Date : 25-Nov-2016 , 09:57:27 pm | Posted By CASANSAAR

    Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore, with Uttar Pradesh leading the chart with Rs 10,670.62 crore deposits followed by West Bengal and Rajasthan, the government said today. The Centre also stressed that no public sector banks had given any instructions to thei...

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  • SC to hear petitions challenging demonetisation on Dec 2
    Posted Date : 25-Nov-2016 , 05:16:51 pm | Posted By CASANSAAR

    The Supreme Court today fixed on December 2 the hearing on a batch of petitions challenging the constitutional validity of the decision to demonetise currency notes of Rs 1,000 and Rs 500 and the inconvenience faced by the common man due to it. A bench comprising Chief Justice T S Thakur and Just...

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  • Exchange of old Rs 500/1,000 notes to continue at RBI counters
    Posted Date : 25-Nov-2016 , 05:15:52 pm | Posted By CASANSAAR

    Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks. The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings ...

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  • PIL filed in HC seeking to declare demonetisation notification
    Posted Date : 25-Nov-2016 , 01:22:15 pm | Posted By CASANSAAR

    The Madras High Court posted a PIL, seeking a direction to the Union Government to declare as illegal the notification issued on demonetisation, for further hearing to December 15. When the PIL filed by Suchitra Vijayan, a Barrister-at-Law, came up, the first bench, comprising Chief Justice Sanja...

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  • Unaccounted bank deposits to attract 60% income tax
    Posted Date : 25-Nov-2016 , 09:00:32 am | Posted By CASANSAAR

    The Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, said sources. The decision was purportedly prompted by a surge in deposits — about ~20,000 crore, according to some repo...

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  • ICAI recommends Joint Audits for large companies
    Posted Date : 25-Nov-2016 , 08:42:02 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India is in favour of ushering in a system of “joint audits”, but only for large companies. This position of the ICAI — which is the regulator for auditors — has been conveyed to the government-appointed expert group headed by form...

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  • Nepal bans new Indian currency notes of Rs 500 and Rs 2000
    Posted Date : 25-Nov-2016 , 08:36:50 am | Posted By CASANSAAR

    The Rs. 2,000 and the new Rs. 500 notes will be legal in Nepal only when India issues a notification under its Foreign Exchange Management Act. Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs. 500 and Rs. 2,000 denomination, terming them “unauthorised ...

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  • Cabinet clears amendments to Income Tax Act to tax deposits post Nov. 8
    Posted Date : 24-Nov-2016 , 10:33:50 pm | Posted By CASANSAAR

    Cabinet has cleared amendments in Income Tax Act, which would allow the government to tax deposits made in banks after Nov 8. Since the amount of deposits soared up after Rs 500 and Rs 1000 lost their legal tender on November 8 midnight, taxing the deposited amount would increase the revenue collect...

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  • Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
    Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR

    The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes. Government also extended the suspension of toll collection on all national highways till Decemb...

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  • CA, CS, CMA and Advocates can serve as insolvency Professionals
    Posted Date : 24-Nov-2016 , 08:30:57 am | Posted By CASANSAAR

    Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into effect from 29th November, 2016.    ...

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  • Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
    Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR

    Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month. Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...

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  • SEBI eases start-up fund rules
    Posted Date : 24-Nov-2016 , 08:08:23 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) today paved the way for angel funds to invest more in start-ups besides allowing foreign portfolio investors (FPIs) to invest in unlisted debt securities. The market regulator has also barred private equity funds and promoters of listed firms from...

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  • Old Rs 500/1000 notes can be deposited in Post Office A/cs
    Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR

    People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday. The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. &quo...

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  • GST Council meeting rescheduled for December 2-3
    Posted Date : 23-Nov-2016 , 10:14:55 pm | Posted By CASANSAAR

    The GST Council meeting, which would discuss the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states -- has been rescheduled for December 2-3, an official said. The meet was earlier scheduled to be held on November 25. "The states desi...

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  • Banks integrating systems with RBI, GST Network to collect tax - FM
    Posted Date : 23-Nov-2016 , 08:44:52 am | Posted By CASANSAAR

    Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday. Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goo...

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  • Service tax waived for online train ticket booking till Dec 31
    Posted Date : 23-Nov-2016 , 08:41:51 am | Posted By CASANSAAR

    Train tickets booked through the IRCTC website will become cheaper from tomorrow till the end of the year as the government has waived service tax to encourage cashless transactions in the wake of the demonetisation exercise. Service tax will not be levied on tickets booked through the IRCTC webs...

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  • RBI eases norms for wedding cash withdrawals
    Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21. The government has put a c...

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  • Small merchants can transfer up to Rs 50K via e- transactions till Dec 30 - RBI
    Posted Date : 22-Nov-2016 , 10:34:36 pm | Posted By CASANSAAR

    Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts. The balance in these instruments is limited to Rs 20,000. The above measures will be effective from November 21 to December 30, 2016, subject to review, the central bank ...

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  • Govt exemts parking fee at airports till Nov 28
    Posted Date : 22-Nov-2016 , 10:27:24 pm | Posted By CASANSAAR

    As people continue to face cash crunch after the scrapping of high value notes, the government has decided not to levy parking fee at airports for another week, till midnight of November 28. The waiver, which was initially for a week starting from midnight of November 14, had ended yesterday. ...

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  • Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
    Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR

    The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy. &ldquo...

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  • RBI gives borrowers extra 60 days to repay home, car loans up to Rs 1 Cr
    Posted Date : 22-Nov-2016 , 08:25:03 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has allowed both individuals and companies with loans up to Rs 1 crore an additional grace period of 60 days to repay their loans in the wake of the demonetization. This is applicable for ongoing loans where the dues are payable between November 1 and December 31, ...

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  • Banks get about Rs 5.44 L cr worth of scrapped notes
    Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR

    People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency. The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...

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  • RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings
    Posted Date : 22-Nov-2016 , 08:13:59 am | Posted By CASANSAAR

    Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses. Four days after the government announced special dispe...

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