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Reporting Cash Transactions under Rule 114E of IT Rules, 1962
23 December 2016 at 17:30Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish
Rs 592,613 crore issued to public since demonetisation
23 December 2016 at 10:54Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for supply of adequate quantity of banknotes in vari
ICAI issues code of conduct for elected members
23 December 2016 at 10:54In pursuance of the decision taken at the 356th Meeting of Council held on 29th June - 1stJuly, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued.This Code applies to elected and nominated members to t
IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15
23 December 2016 at 10:23The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec
Payments towards PMGKY 2016 scheme can be made in old currency
23 December 2016 at 10:23Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit u
Reduction in charges for IMPS and UPI transaction by banks
22 December 2016 at 10:34In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all Public Sector Banks(PSBs) not to charge fees for transactions settled on Immediate Payment Service (I
RBI withdraws Rs 5000 circular
21 December 2016 at 15:06RBI/2016-17/189DCM (Plg) No. 1859/10.27.00/2016-17December 19, 2016 The Chairman / Managing Director/ Chief Executive Officer,Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional RuralBanks / Urban Cooperative Banks/ State Cooperative
CPE hours requirements for the block period of 3 years
21 December 2016 at 10:48CPE HOURS REQUIREMENTS FOR THE BLOCK PERIOD OF 3 YEARS (1-1-2014 TO 31-12-2016) TO BE COMPLIED WITH BY DIFFERENT CATEGORIES OF MEMBERSA. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who a
Savings bank interest rate may be impacted post demonetisation says FM
21 December 2016 at 10:48FM: India remains a bright point in global economy and BRICS in particular despite the slowdown in global economy in 2016 The Union Finance Minister Shri Arun Jaitley said that the current Financial Year 2016-17 is not a conventional year as many maj
Pay 46% less tax by migrating to digital transaction
21 December 2016 at 10:48Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov
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