CAclubindia News

Govt clarifies status of political party under Income Tax Act

19 December 2016 at 11:36

Clarification of Status of Political Parties under Income Tax Act, 1961 There have been some newspaper reports which seem to wrongly suggest that there cannot be any scrutiny of Income-tax returns of political parties registered with the Election Co

Posted in Income Tax | 3978 Views

Measures to absorb the excess liquidity in the banks post demonetisation

19 December 2016 at 11:36

Reserve Bank of India (RBI) has taken several measures to absorb the excess liquidity in the banks post demonetisation. It has introduced incremental CRR of 100% on deposits collected between September 16 and November 11,2016 effective from the fortn

Posted in Income Tax | 1986 Views

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

19 December 2016 at 11:36

The Taxation Laws (Second Amendment) Bill, 2016, passed by Lok Sabha on 29.11.2016, interalia seeks to introduce the, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme)’. A declarant under the Scheme

Posted in Income Tax | 3309 Views

Undisclosed income of Rs 2600 crore admitted since 8th Nov

19 December 2016 at 11:36

Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016. The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency ann

Posted in Income Tax | 2796 Views

Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 notified

19 December 2016 at 10:14

The Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 notified; Regulations to come into force with immediate effect; Regulations inter alia provide for the details of

Posted in Corporate Law | 3558 Views

Revised DTAA between India and Cyprus to come into effect from 1st April 2017

19 December 2016 at 10:14

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 16th December, 2016. PRESS RELEASE Sub : Notification of Completion of Internal Procedures for Revised Double Taxation Avoidance Agreement between

Posted in Income Tax | 2247 Views

PMGKY 2016 scheme launched to remain open till 31st March

16 December 2016 at 22:10

Taxation Laws (Second Amendment) Act, 2016 came into force yesterday i.e. 15th December, 2016 and rules notified today and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the s

Posted in Income Tax | 13014 Views

Cashless economy means a less cash economy and not a no cash economy says FM

16 December 2016 at 11:14

The Union Finance Minister Shri Arun Jaitley chairs the Fifth Meeting of the Consultative Committee attached to the Ministry of Finance on the subjectof “Shift to Digital Transactions”; Says that digital transactions are a parallel mechan

Posted in Others | 2 comments | 3591 Views

IT dept warns against making drastic changes via revised return post demonetisation

15 December 2016 at 11:39

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a r

Posted in Income Tax | 12228 Views

Cabinet approves the Renewal of MOU between ICAI and CBFS Oman

15 December 2016 at 11:39

Cabinet approves the Renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post fact

Posted in Professional Resource | 2 comments | 3072 Views