Daily Archives: November 19, 2016

Taxation of high denomination notes encashed as undisclosed Income

Facts of the case   On January 22, 1946, Banerjee encashed high denomination notes of the value of Rs. 51,000. In his application under the Ordinance which demonetized high denomination notes, Banerjee gave the reason for the possession of the notes as follows : “I am engaged in business as colliery proprietor, contractor, under Messrs.… Read More »

High denomination notes represent concealed income ? Burden of Proof

“Whether there was any material for the finding given by the Tribunal that out of 21 high denomination notes, which were exchanged by the assessee, 13 represented income of the assessee from some undisclosed source.” Held The burden is upon the department to prove that high denomination notes represent the concealed income of an assessee… Read More »

Deposit of high denomination notes can’t be unexplained when Cash Balance is Available

Facts of the case On 19-1-1978, the assessee tendered and deposited with the State Bank of India, Calcutta, 81 high denomination notes of Rs. 1,000 each. The assessee also furnished a declaration as required at the time of tender of high denomination notes. Columns 15 and 16 of the aforesaid declaration furnished are as under… Read More »

No Cash bill can be raised after 08.11.2016 by accepting old Notes Rs 500, 1000

Cash bills after 08.11.2016 by accepting old Rs 500,1000 notes Question : whether assessee can raise cash bills after 08.11.2016 by accepting old Rs 500 Bank Note or Rs 1000  Bank notes and deposit entire sale proceeds into current or CC accounts and make RTGS to suppliers of goods.whether dept can say cash accepted after 08.11.2016… Read More »

GST -States to fix bar for administrative control

States to fix bar for administrative control Keen to engineer a consensus on the issue of administrative control of businesses at next week’s GST Council meeting, Finance Minister Arun Jaitley has called an informal meeting of stakeholders on Sunday. Sources say the Finance Ministry is keen on cross-empowerment, which would allow officials from both the… Read More »

Category: GST

Cash Withdrawal Limit for Farmers / Wedding Govt Notification 18.11.2016

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th November, 2016 S.O. 3488(E).— In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry… Read More »

EPF- Change of surname in case of female employees due to marriage

Employees’ Provident Fund Organisation (Ministry of Labour & Employment, Govt. of lndia) No. WSU/10(1)2013 /Changes in MAP/21475 Dated 16th November, 2016 To All ACC(Zones) All RPFC-I/Officer-in-Charge Regional/Sub-Regional Offices Sub: Correction in name of PF member- Delegation of powers thereof. Ref:  HO circular No. WSU/9(1)2013/Settlement of claims/TC/ 15765 dated 02.12.2013 Sir/ Madam, Please refer to the… Read More »

NOTIFICATION S.O. 3489(E )

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th November, 2016 S.O. 3489(E).—In exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby further amends the notification of the Government of India, in the Ministry of… Read More »

Action on banks accounts held by Indians in Liechtenstein and Switzerland

Action on the information provided by the foreign Government regarding banks accounts held by Indians in Liechtenstein and Switzerland Action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, based upon the information received from the German Tax Authorities under the Double Taxation Avoidance Agreement (DTAA)… Read More »

Rs 2000 Limit for cash withdrawal at POS- debit cards & open system prepaid cards

RBI/2016-17/140 DPSS.CO.PD.No.1280/02.14.003/2016-17 November 18, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / All Card Network Providers Dear Madam / Sir, Cash Withdrawal at Point-of-Sale (POS) – Withdrawal limits and customer fee/charges – Relaxation… Read More »