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Google tax closes in on internet firms

Google tax closes in on internet firms / By Admin

The levy, or the Google tax, is paid by those without a permanent establishment here andwhichhavean income exceeding 1 lak hay ear. DI LAS HA SETH writes

The government might put in place a payments gateway platform and tighten the Income Tax Act to prevent global online companies from passing on the equalisation levy, which is imposed on them, to their clients.

The levy, or the G ....

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Note ban effect: I-T lens on 60,000 depositors

Note ban effect: I-T lens on 60,000 depositors / By Admin

Includes those dealing in highvalue property and petrol pump owners

After receiving a lukewarm response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the income tax (IT) department has zeroed in on 60,000 persons who deposited  “excessive” cash after the note ban.These include those dealing in highvalue property and petrol pump owners.

Of the 60,000 persons, ....

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CAG Should Audit GSTN’s Work on Taxes

CAG Should Audit GSTN’s Work on Taxes / By Admin

Leave GSTN’s internal working to its board, audit

Should the Comptroller and Auditor General audit the Goods and Services Tax Network (GSTN), which is the nodal body to which indirect tax payments (other than Customs duty) by all producers and suppliers of goods and services will file their tax payments, once GST kicks in, and will reconcile input tax credit claims with tax receipts? The ....

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Rent receipts are not enough for HRA claim

Rent receipts are not enough for HRA claim / By Admin

You need to have housing rent agreement and proof of money paid

When submitting house rent allowance (HRA) receipts, claiming you pay rent to a close relative like parents, siblings or spouse, ensure you have supporting documents to substantiate it.

A recent Income Tax Appellate Tribunal (ITAT), Mumbai, judgment has opened a can of worms. A taxpayer claimed Rs 2.52 lakh HRA stating she gives rent to ....

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RBI tightens screws on banks to ease bad debt

RBI tightens screws on banks to ease bad debt / By Admin

The Reserve Bank of Indias (RBI’s) new — revised after 15 years — prompt corrective action (PCA) plan on loans going bad at banks could restrict normal business activity for at least 15 of the stressed lenders.

And, once such a PCA plan is put in place, a bank will have to do what the RBI wishes the lender to do, putting the central bank in the driver’s seat in bad debt & ....

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Cleanliness Campaign Against Black Money

Cleanliness Campaign Against Black Money / By Admin

GLOBAL FIRST PM Narendra Modi launches Aadhaar Pay system allowing cash transfers using biometrics even without phones Prime Minister Narendra Modi launched the BHIM-Aadhaar platform, putting in place yet another keystone of a digital payment system that will help India make the  shift to a less-cash economy . The biometric-based indigenous payment solution will enable real-time bank-tobank money transfers even for those ....

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GST: CBEC proposes eway bill for goods worth Rs 50k

GST: CBEC proposes eway bill for goods worth Rs 50k / By Admin

Moving goods worth more than Rs 50,000 under goods and services tax(GST) will require prior online registration of the consignment and securing an eway-bill that tax officials can inspect any time during the transit tocheck tax evasion. The Central Board of Excise and Customs has issued draft rules on Electronic Way( eway) bill that require registered entities to furnish, in a prescribed format, GST Network(GSTN) website info ....

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No one will be deprived of benefits for lack of Aadhaar, says govt

No one will be deprived of benefits for lack of Aadhaar, says govt / By Admin

Citizens can avail all the benefits of government schemes on alternative means of identification till the time they get their Aadhaar number, the government said on Tuesday.

 

“No one will be deprived of the benefits for lack of Aadhaar...

 

Till Aadhaar number is assigned to any individual, the benefit will continue to be given based on alternate means of identification,” according toastat ....

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EPFO allows withdrawals from pension a/c without Aadhaar

EPFO allows withdrawals from pension a/c without Aadhaar / By Admin

 

The Employees´ Provident Fund Organisation (EPFO) has allowed full and final withdrawal of funds by the subscribers from their pension account without providing Aadhaar number.

 

The members withless than 10 years of service can submit a full and final settlement claim through Form 10 C to withdraw the amount accumulated in their pension account.

 

However, the official said that t ....

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Fresh Round of Reforms Likely after State Polls

Fresh Round of Reforms Likely after State Polls / By Admin

 

Officials say govt giving final shape to 2 labour codes, National Medical Commission & GST bills

 

The government may usher in a fresh round of reforms after the ongoing assembly elections in five states, when Parliament reconvenes for second half of the budget session, two senior officials said.

 

Some of the key bills that are being given final shape to be tabled in Parliament incl ....

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RBI to frame standard procedure for FDI approvals 

RBI to frame standard procedure for FDI approvals  / By Admin

The Reserve Bank of India (RBI) is expected to formulate standard operating procedures (SOP) for approval of foreign direct investment (FDI) proposals by ministries.

 

The proposal for setting up norms for FDI approvals in sensitive sectors, which are currently under government approval of the FDI policy, was discussed atarecent interministerial meeting.

 

According to sources, several options came up ....

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Startup Biggies Join Hands to Seek Changes in GST Law 

Startup Biggies Join Hands to Seek Changes in GST Law  / By Admin

 

The bigwigs of ecommerce, including Amazon India Head Amit Agarwal, Flipkart Cofounder Sachin Bansal and Snapdeal Cofounder Kunal Bahl joined hands to seek modifications in the draft version of the GST (goods and services tax) law. Ecommerce companies are worried about the tax collection at source (TCS) provision in the GST.

 

The proposed GST model makes these companies responsible for the collection of tax ....

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Excessive cash boosts parallel economy, says finance minister

Excessive cash boosts parallel economy, says finance minister / By Admin

Defending the the demonetisation move and listing out several measures undertaken by the NDA government to fight corruption and black money circulation, finance minister Arun Jaitley said the usage of cash only boosts parallel economy and thus it must be curbed.

He said demonetisation was just a part of the several initiatives taken by the government to weed out black money.

The fight against corrupt ....

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Affordable homes now under infra roof

Affordable homes now under infra roof / By Admin

Status Will Attract Large Investors

The banking sector has gained despite the government not making any commitments for recapitalising lenders in addition to the Rs 10,000 crore proposed 
earlier. The absence of capital infusion has been partially made up by tax breaks on bad loans, incentives for home loans and by allowing tradable securities
to be issued against bad loans.

Banks ar ....

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Jaitley says July 1 target for GST rollout, but some states still not confident

Jaitley says July 1 target for GST rollout, but some states still not confident / By Admin

Finance Minister Arun Jaitley chairing the ninth GST Council Meeting, at Vigyan Bhawan in New Delhi on Monday. (PTI)

The central government today formally accepted that it will not be able to meet the April 1 deadline for implementing the
Goods and Services Tax (GST). The new deadline has been set for July 1, 2017.

At the end of the ninth GST Council meeting, finance minister Arun Jaitley said: ....

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Undeclared assets over Rs 50 lakh on CBDT radar

Undeclared assets over Rs 50 lakh on CBDT radar / By Admin

Undeclared assets over Rs 50 lakh on CBDT radar 

5 Lakh people to get SMSes  & email today seeking clarification; can reply on portal

Authorities will scrutinise 10 years of income-tax returns of only those who are found to be holding undeclared wealth or bank deposits of over Rs 50 lakh, the Central Board of Direct Taxes   ....

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Union Budget 2017 - Key Highlights

Union Budget 2017 - Key Highlights / By Admin

Jaitley divided his budget proposal into 10 distinct themes: Farmers; rural population; energizing youth; poor and underprivileged; infrastructure; financial sector; digital economy; public service; prudent fiscal management; and tax administration.

OPENING REMARKS:

•Our government was elected amidst huge expectations; the underlying theme was good governance: ....

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Note on Wholly Owned Subsidary Indian company of Foreign Company

Note on Wholly Owned Subsidary Indian company of Foreign Company / By Admin

This article is intended for those companies or startups that have registered their companies outside India and want to operate in India as part of a foreign company. We advise incorporating a company i.e. wholly owned company in India as one of the modes of operating a business in India.

A company can be registered as private limited or public limited. A private limited company is a closely held company and enjoys the privileges given ....

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Tax cash withdrawals above Rs 50,000: Panel

Tax cash withdrawals above Rs 50,000: Panel / By Admin

Just days ahead of the Union Budget, a high-powered panel headed by Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday recommended imposing tax on cash transactions of at least Rs 50,000 through banks to discourage the excessive use of cash and promote digital payments. “To curb use of cash for large transactions, the ministry of finance should consider levy of banking cash transaction tax (BCTT) on transactions of Rs 50,000 and above,” the panel, constituted by Prime Minister N ....

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