Daily Archive: Friday, December 30, 2016

Specified Bank Notes Cessation of Liabilities Ordinance 2016 passed. Penalty of higher of Rs. 10000 or five times for dealing in old notes (SBNs)

Author: | Categories: Finance Ministry No comments
Specified Bank Notes Cessation of Liabilities Ordinance 2016 passed. Penalty of higher of Rs. 10000 or five times for dealing in old notes (SBNs)  Ministry of Finance Dated: 31/12/2016 Press Release The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today.

 

Daily ATM cash withdrawal limit increased to Rs 4500 from 01-01-2017 per day per card from Existing limit of Rs. 2500.

Author: | Categories: RBI No comments
Daily ATM cash withdrawal limit increased to Rs 4500  from 01-01-2017 per day per card from Existing limit of Rs. 2500. No change in weekly limits-RBI Reserve Bank of India Cash withdrawal from ATMs – Enhancement of daily limits RBI/2016-17/204 DCM (Plg) No. 2142/10.27.00/2016-17 December 30, 2016 The Chairman

 

Capital gain deduction-House Sale-purchase from family members. Everybody entitled to arrange his affairs within law even if it results into tax reduction-ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments
Capital gain deduction-House Sale-purchase from family members. Everybody entitled to arrange his affairs within law even if it results into reduction of tax liability-ITAT ABCAUS Case Law Citation: ABCAUS 1090 (2016) (12) ITAT Important Case Laws relied upon: UOI vs. Azadi Bachao Andolan (2003) 263 ITR 706 (SC). The

 

Recent Decisions of ICAI Ethical Standards Board related to chartered accountants/firm in practice.

Author: | Categories: ICAI No comments
Recent Decisions of ICAI Ethical Standards Board related to chartered accountants/firm in practice. Mentioning Knowledge Partner not permissible. Recent Decisions of ICAI Ethical Standards Board 1. A chartered accountants in practice cannot become Financial Advisors and receive fees/commission from Financial Institutions such as Mutual Funds, Insurance Companies, NBFCs etc.

 

Direct Tax DRS Declaration filing date extended to 31-01-2017 regarding tax arrear or specified tax

Author: | Categories: Income Tax No comments
Direct Tax DRS Declaration filing date extended to 31-01-2017 regarding tax arrear or specified tax under the Direct Tax Dispute Resolution Scheme, 2016. In view of the representations received from various stakeholders and for the convenience of the taxpayers, the last date for availing the Direct Tax Dispute Resolution

 

Two More Advance Pricing Agreements signed by CBDT related to Information Technology and Automobile sectors of the economy

Author: | Categories: Income Tax No comments
Two More Advance Pricing Agreements signed by CBDT related to Information Technology and Automobile sectors of the economy Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 29th December, 2016. Press Release Two More Advance Pricing Agreements signed by the Central Board

 

Old Notes cannot form part of bank cash balances as on 31-12-2016. RBI Circular-Closure of scheme of exchange of SBNsand Accounting

Author: | Categories: RBI No comments
Old Notes cannot form part of bank cash balances as on 31-12-2016. RBI Circular-Closure of scheme of exchange of SBNs and Accounting RBI/2016-17/201 DCM (Plg) No.2103/10.27.00/2016-17