New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits The government is likely to introduce an amendment in the income-tax law in next week under which people can voluntarily deposit cash that can’t be accounted for in banks will face a tax of 50% and have a fourth […]
Income tax Department will call details of high value deposit from banks and post offices Income Tax Department is ready to follow-up demonitisation action After Two Weeks of Prime Minister Narendra Modi’s aggressive demonetisation move, and a hair-raising Rs 21,000 crore of deposits slipping into poor people’s Jan Dhan account, the income tax department is […]
Unaccounted deposits after demonetisation likely to attract up to 60% tax Cabinet approves IT Act Amendments NEW DELHI: The union cabinet is understood to have approved amendments to the income-tax laws late on Thursday, clarifying the tax liability on deposits of cancelled Rs 500 and Rs 1,000 notes in bank accounts after the November 8 […]
23 places you can still use your old Rs 500 notes The government has stopped over the counter exchange of old notes of Rs 500 and Rs 1000 from today midnight. Government has permitted various exemptions for certain transactions and activities wherein payment could be made only through old Rs. 500 notes . All these […]
How Inflation impact on exchange rate and returns If we go to see 3 or 4 topics around which Finance or Economy revolves, inflation is one of them. It is such a topic which has an impact on each and everyone starting from a person in a village to Multinational Companies.
DEMAND UNDER MODEL GST LAW Chapter XIV of the Model Goods and Services Tax Act, 2016 (Act’ for short) provides for the demands and recovery of tax. When a demand can be raised by the Government? The tax is payable on self assessment basis. If the assessee pays the tax on self assessment correctly there […]