Daily Archives: November 11, 2016

ID proof of customers required for payments in consumer cooperative stores with old bank notes

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

No advance payments of utility/ electricity bill allowed with Old Bank Notes Rs 500 – 1000

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

Govt Extended Exemptions for Payments with old notes till 14.11.2016 with modifications

By | November 11, 2016

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifications / additions to the existing exemptions; Governments reassures that there is enough cash with RBI and Supply of… Read More »

Sugggestions to FM by judges to stop Converting black money into White

By | November 11, 2016

The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes.  The Chairman, SIT on… Read More »

Service Tax exemption withdrawn for online information and database access or retrieval [OIDAR] service w.e.f 01.12.2016

By | November 11, 2016

To provide a level playing field to Indian service providers, the exemption given to service providers located in foreign territory but providing taxable online information and database access or retrieval [OIDAR] services including electronic services in India, is being withdrawn with effect from 1st December, 2016 With a view to provide a level playing field… Read More »

Banks to report exchange of Notes in cash as well as on credit to account :RBI

By | November 11, 2016

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes – Reporting and Monitoring RBI/2016-17/125 DCM (Plg) No.1264/10.27.00/2016-17 November 11, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ Cooperative Banks Dear Sir, Withdrawal of… Read More »

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account

By | November 11, 2016

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account When any person deposit cash into bank account from undisclosed Income then Entire amount deposited is chargeable to Income Tax at maximum rate without the benefits of Income Tax Slab Rates. This undisclosed income will be treated as under reported income.… Read More »

Request slip for exchange of old high denomination BankNotes -500 -1000

By | November 11, 2016

 Requisition Slip / Request Slip for exchange of Old High Denomination Bank Notes in denominations of Rs 500/- and Rs 1000/- Rs 500 and Rs 1000 Bank Notes of aggregate value upto Rs. 4000 only held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of… Read More »

Ways to Convert Black money into white used by Indians

By | November 11, 2016

Ways to Convert Black money into white used by Indians as per Indian Govt White Paper on Black Money 1 Manipulations of Accounts for Tax Evasion Any transaction entered into by the taxpayer must be reported in books of account which are summarised at the end of the year in the form of financial statements. The… Read More »