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Taxclick Team, Author at All About Finance - Page 11 of 97

ICAI’s Clarification on Sting Operation carried out by “Aaj Tak” News Channel

The Institute of Chartered Accountants of India (ICAI) welcomes the historic decision of Government of India to fight against Corruption, Black Money, Terrorism and counterfeit Currency. This is a giant leap towards creating a clean and corruption-free economy. The Demonetisation drive declared by the Hon’ble Prime Minister, Shri Narendra Modi has dealt a lethal blow … Read more

The Chairman of SIT & Former supreme court Judge recommended for Putting a limit of cash holding and cash transaction

 The Chairman, SIT on Black Money & Former Judge of the Supreme Court of India, Justice MB Shah and Former Judge of the Supreme Court of India &Vice- Chairman, SIT on Black Money, Justice Arijit Pasayat has stated that the Government has taken a bold step by demonetizing Rs.500 and Rs.1,000 notes. In a jointly … Read more

FAQs on Withdrawal of Bank Notes in the denominations of Rs 500 and Rs 1000

1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists … Read more

Issue of Rs 2000 Banknotes

The Reserve Bank of India will shortly issue Rs 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing ‘2016’ printed on the reverse of the banknote. The new denomination has Motif of Mangalayan on … Read more

Withdrawal of Legal Tender Status for Rs 500 and Rs 1000 Notes: RBI Notice

Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of Rs 500 and Rs 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016. This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black … Read more

RBI advised to all banks to calibrate 10% of ATMs to dispense Rs.100 banknotes exclusively

RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Distribution and Exchange Scheme (CDES). 2. A review of steps … Read more

Frequently Asked Questions (FAQs) regarding Dividend Distribution Tax

This FAQ on Dividend Distribution Tax has been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of this FAQ is to illustrate and to assist in clarifying the requirements regarding treatment of Dividend Distribution Tax Question: What are the presentation requirements as per Ind AS … Read more

One-time upfront lease charges are not liable for TDS – Circular 35/2016

Circular No. 35 /2016 F.No. 275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 13th October, 2016 Subject: Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding Section 194-I … Read more

Clarification in respect of MEF 2016-17 for applicants who are applying as Proprietary Concern/Individual

PD/A-40/2016 6th October, 2016 ANNOUNCEMENT – CLARIFICATIONS IN RESPECT OF MEF 2016-17 Applicants of MEF who are (i) Applying as “Proprietary Concern” and also having Sole/Individual practice registered in Institute’s records (ii) Applying as “Individual” (either Sole/Individual practice registered or not in Institute’s records) though they are also having Proprietary Concern (iii)Applying as Proprietor and … Read more