Daily Archives: December 18, 2016

Accounts with substantial Cash Transactions : How to Submit Reply to Income Tax (India)

Step-by Step Guide Bank/Financial Account(s) with substantial Cash Transactions As part of its data matching exercise, if Income Tax Department has identified bank accounts which have large value cash transactions then the details of bank account are visible under “Compliance” section of the e-filing portal of the related persons. The PAN holders are requested to… Read More »

List of Authorized Banks for Deposit of Tax under PMGKY

List of Authorized Banks for Deposit of Tax Amount under Pradhan Mantri Garib Kalyan Yojana 2016 Authorized Banks: Allahabad Bank Andhra Bank Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank HDFC Bank ICICI Bank IDBI Bank Indian Bank Indian Overseas Bank Jammu & Kashmir… Read More »

PMGKY Challan No ITNS 287

PMGKY CHALLAN NO. ITNS 287 Under the Taxation and Investment regime for Pradhan Mantri Garib Kalyan Yojana, a taxpayer can declare undisclosed income in the form of deposits and cash and is required to pay taxes, cess and penalty on such declared incomes. The said tax payment has to be made to the Government Account… Read More »

3 Types of Supply Defined under Revised Model GST Law -be careful to avoid Litigation

Supply Concept under Revised Model GST Law Principal supply composite supply Mixed supply  “ Principal supply” means  the supply of goods or services which constitutes the predominant element of a composite supply and to which any other supply forming part of that composite supply is ancillary and does not constitute, for the recipient an aim… Read More »

Political party can’t accept donations in Old Rs 500 & 1000 notes Post Demonetization

Statement by Finance Minister Shri Arun Jaitley Following is the statement by Union Minister for Finance and Corporate Affairs Shri Arun Jaitley: “Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th December, 2016. Income & Donations of political parties… Read More »