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Latest India Tax News 14 December 2016

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  • Latest India Tax News 14 December 2016

    1. CBDT has advised its Assessing Officers, not to reopen past assessments merely on the ground that the current year’s turnover has increased. Mere increase in turnover, due to use of digital means, as a result of demonetization in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years.
    2. Govt to notify scheme for black money disclosure this week as the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax.
    3. From 13.12.2016 Avail 0.75% Discount for Cashless refueling at petrol pumps run by state oil companies.
    4. GST registration is on for DVAT Dealers from 16 December to 31st December 2016. Documents Required For GST Registration:
    • PAN Card of business entity
    • Proof of constitution
    • Proof of place of business
    • Bank statement
    • Authorized signatory details
    • Photograph of the Authorized sign
    • Copy of registration certificates

    All documents to be scanned and uploaded at www.gst.gov.in in the format.
    5. RBI clarified that it has not initiated any action to cancel the banking license of Axis Bank in the wake of certain allegations.
    6. C&AG empanelment of CA Firms begins from 01st Jan'2017 to 15th Feb 2017 for the year 2017-2018 details are available at www.saiindia.gov.in.
    Last edited by Shilparana; 12-14-2016, 03:33 PM.
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