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1. CBDT issues new guidelines to officials investigating suspicious deposits post-note ban. It has asked Income Tax Department officials to even check CCTV footage at banks to detect fictitious cash transactions.
2. W.e.f April 1, 2017, if accepting cash for more than Rs 3,00,000/- then ready to pay 100% penalty for accepting it. It is the cash receiver who needs to pay the penalty and not the cash payer.
3. Payments made by the agents to the concerned foreign assesses, for using the facility of Net Communication System, developed by the assesses for smooth functioning of its international shipping business would not be classified as fees for technical services and would not be chargeable as income under Income Tax. DIT vs. A. P. Moller Maersk, Civil Appeal No. 8040 of 2015, Date of Judgment: 17.02.2017, Supreme Court of India
4. GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future.
2. W.e.f April 1, 2017, if accepting cash for more than Rs 3,00,000/- then ready to pay 100% penalty for accepting it. It is the cash receiver who needs to pay the penalty and not the cash payer.
3. Payments made by the agents to the concerned foreign assesses, for using the facility of Net Communication System, developed by the assesses for smooth functioning of its international shipping business would not be classified as fees for technical services and would not be chargeable as income under Income Tax. DIT vs. A. P. Moller Maersk, Civil Appeal No. 8040 of 2015, Date of Judgment: 17.02.2017, Supreme Court of India
4. GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future.