Income Tax News
Sufficient cash is available with banks
14 November 2016 at 10:37Availability of cash with Bank branches and Post Offices Ministry of Finance has reviewed and taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major ba
Govt monitoring closely receipt of fake currency
14 November 2016 at 10:37Government agencies are closely monitoring receipt of fake currency notes in Banks and Post Office; Special watch is being kept receipt of fake notes in the States bordering our neighbouring countries. One of the primary objectives of cancellation of
3 lac crore has been deposited in banking system
14 November 2016 at 10:37Finance Ministry reviews the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country; Issuance of the new series of Rs. 500/- notes commenced; Instructions issued to the Banks a
Govt extends existing exemption with regard to demonetisation
12 November 2016 at 11:26Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifi
SIT chairman says govt has taken a bold step in demonetising notes
12 November 2016 at 11:26The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a
Process of tax reform will continue says FM
11 November 2016 at 10:49FM: Process of Tax Reforms will continue and pending GST issues will be resolved soon. FM: No Harassment of Small Depositors of Demonetised High Value Notes; Finance Minister Shri Arun Jaitley inaugurates the Two Day Economic Editors Conference in Ne
Old notes to be accepted for utility bill payments till 11th Nov
10 November 2016 at 18:08Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;This facility available only till midnight of
Clarification on action to be taken by IT dept on cash deposits
10 November 2016 at 12:54Replies given by Revenue Secretary Dr. Hasmukh Adhia on the questions relating to action by Income Tax Department in respect of old currency deposited in banks. Q.1 A lot of small businessmen, housewives, artisans, workers may have some cash lying a
Government suspends payment of fees on all toll plazas on National Highways
10 November 2016 at 12:05Government suspends payment of fees on all toll plazas on National Highways till midnight of 11.11.2016 The government has decided to suspend payment of fees at toll plazas on all National Highways till the midnight of 11.11.2016. Instructions in thi
Direct and indirect tax collection show a jump of 10.6 and 26.7 percent
10 November 2016 at 10:41Direct Tax Collections up to October, 2016 show an increase of 10.6%; Net Direct Collections stood at Rs.3.77 lakh crore;44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved. The figures for Direct Tax Collections up to Octo
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