Income in the form of Assets cannot be declared under PMGKY Scheme: No Credit for Advance Tax or TDS, says CBDT
In a notification released today, the Central Board of Direct Taxes (CBDT) issued clarification on newly introduced The Taxation and Investment Regime...
![SC dismisses Petition Challenging Levy of Tax, Surcharge, Penalty & Deposit under Pradhan Mantri Garib Kalyan Yojana [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Supreme-Court-of-India-Taxscan-min.jpg "SC dismisses Petition Challenging Levy of Tax, Surcharge, Penalty & Deposit under Pradhan Mantri Garib Kalyan Yojana [Read Order]")
President Promulgates Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 [Read Ordinance]
The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016. The Ordinance is a follow-up to the...
![President Promulgates Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 [Read Ordinance]](https://www.taxscan.in/wp-content/uploads/2016/12/Specified-Bank-Notes-Ordinance-TaxScan.jpg "President Promulgates Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 [Read Ordinance]")
India & Switzerland signs ‘Joint Declaration’ for Implementation of Automatic Exchange of Information
Both the jurisdictions intend to introduce on a reciprocal basis automatic exchange of financial account information between each other beginning in the year 2018. India ratified Multilateral...
Demonetization: SC to hear PIL seeking Withdrawal of all Taxes and Complete Ban of High Value Notes on Friday
The division bench of the Supreme Court, on Tuesday agreed to hear the PIL seeking complete ban of Rs. 500, 1000 and 2,000 notes and withdrawal of all taxes except custom and import duties; and...
IBA directs Banks to accept banned Currency Notes for IDS payments till 2017 without asking source
The Indian Banks Association recently directed the banks to accept Rs. 500 and Rs. 1000 notes for the payment of tax, penalty and interest payments in connection with the IDS scheme. The last date for...
Govt introduces The Taxation Laws (Second Amendment) Bill in Parliament: Tax, Penalty & Surcharge on Black Money
The Taxation Laws (Second Amendment) Bill, 2016 has been introduced by the Finance Minister Arun Jaitley before the Parliament on Monday. The Bill proposes 30 per cent tax on undisclosed income plus...
