Explanatory notes on provisions relating to tax compliance for undisclosed foreign income

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Circular No. 12 of 2015  Government of India  Department of Revenue  (TPL Division)   Dated 2nd of July, 2015 EXPLANATORY NOTES ON PROVISIONS RELATING TO TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS AS PROVIDED IN CHAPTER VI OF THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015     … Read more

US-Dollar Cheque Collection – RBI FAQ

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One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which, could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these cheques are US-Dollar … Read more

ICAI recommended to the Directorate of Income tax (Systems) to make changes in the tax audit form for adherence to ceiling on number of tax audits

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1.  Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) – Reporting in Assessment Proceedings’ for the year ended March, 2014, the President, in terms of the authority given to him by the Council at its 340th meeting held in February, 2015, had constituted the Group comprising of the following members: CA. … Read more

Pre-2005 series banknotes – FAQ

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1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10, Rs.  20, Rs.  50, Rs.  100, Rs.  500 and Rs. 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 … Read more

Due dates of income tax in July 2015

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7 July 2015 – Due date for deposit of Tax deducted/collected for the month of June, 2015 7 July 2015 – Due date for deposit of TDS for the period April 2015 to June 2015 when Assessing Officer has permitted quarterly deposit of TDS under Section 192,194A, 194D or 194H 15 July 2015 – Quarterly statement of TDS/TCS deposited … Read more

Electronic Filing of Income Tax Returns for 2015-16 is commenced

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Press Information Bureau Government of IndiaMinistry of Finance 01-July-2015 17:43 IST Electronic Filing of Income Tax Returns for 2015-16 Commences; ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not Include Income from Business;  ITR 4S – SUGAM can be Used by an Individual or an HUF Whose Income Includes … Read more

Dr. Raghuram Rajan did not suggest that there was any risk of the world economy – clarified by RBI

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A section of the press has mis-characterized Governor Dr. Raghuram G. Rajan’s remarks at the AQR conference at London Business School on June 25, as saying “the world is at risk of a Great Depression”. What Governor Rajan did say, in his remarks made off the attached written text, was that the policies followed by … Read more

Due date for exchanging old series of Banknotes issued prior to 2005 is further extended to 31st December 2015

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RBI/2014-15/650DCM(Plg) No.G-15/5486/10.27.00/2014-15 June 26, 2015 The Chairman / Managing Director / Chief Executive OfficerAll Scheduled Commercial BanksPrimary (Urban) Co-operative Banks/RRBs Dear Sir /Madam Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No. G-19/3880/10.27.00/2013-14 dated March 03, 2014, DCM (Plg) No. G-8/3004/10.27.00/2014-15 dated December 31, 2014 and the Press Release … Read more