Daily Archive: Monday, November 28, 2016

Unlimited cash withdrawal of new notes deposited in bank allowed on or after November 29 2016-RBI

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Unlimited cash withdrawal of new notes deposited in bank allowed on or after November 29 2016 for active circulation of currency notes-RBI Reserve Bank of India Withdrawal of cash from bank deposit accounts – Relaxation RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public

Functioning of Stock Exchanges-Clearing Corporations in IFSC-SEBI Circular

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Functioning of Stock Exchanges-Clearing Corporations in IFSC-SEBI Circular defining  broad framework for functioning in International Financial Services Centre  Securities & Exchange Board of India CIRCULAR SEBI/HO/MRD/DSA/CIR/P/2016/125 November 28, 2016 All Stock Exchanges and Clearing Corporations in International Financial Services Centre Dear Sir/Madam Guidelines for functioning of Stock Exchanges and

No 200 percent Penalty if income declared us 115BBE and 75% of tax and surcharge is paid as per Taxation Laws 2nd Amendment Bill 2016

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No 200 percent Penalty if income declared us 115BBE and 75% of tax and surcharge is paid before the end of the previous year as per post demonetization amendments in Income Tax Penal Provisions. Finance Minister has today introduced Taxation Laws (Second Amendment) Bill 2016 in Lok Sabha for

PMGKY Yojana 2016 Income tax Disclosure-Immunity Scheme with 50 % tax and lock in of 25% income. New penalty provisions introduced

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PMGKY Yojana 2016 Income tax Disclosure-Immunity Scheme with 50 % tax and lock in of 25% income. New penalty provisions introduced. PMGKY Scheme 2016 is applicable from 17-12-2016 Read Notification Click Here >> No 200% penalty if income is declared u/s 115BBE and tax+ surcharge is paid @ total

Business income or STCG-Frequency-repetition of sale purchase not conclusive factors – ITAT

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Business income or STCG-Frequency-repetition of sale purchase not conclusive. Factors like main business / profession of assessee, intention while purchasing shares, holding the same as investment, earning of dividend income thereon etc. are required to be seen -ITAT ABCAUS Case Law Citation: ABCAUS 1064 (2016) (11) ITAT Assessment Year:

Non-acceptance of IDS-2016 challan ITNS-286 by banks stating that Scheme has closed. CBDT lodges grievance with RBI

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Non-acceptance of IDS-2016 challan ITNS-286 by banks stating that Scheme has closed on 30.09.2016. CBDT lodges grievance of declarants with RBI. F. No.142/8/2016- TPL (Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) *** New Delhi, dated 10th November, 2016 OFFICE
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