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Latest India Tax News 14th November 2016

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  • Latest India Tax News 14th November 2016

    • Penalty cannot be imposed on self declared cash deposited in bank a/c. Just Pay Tax @ 30% plus surcharge & interest u/s 234C immediately. Such deposits shall be treated as unexplained cash credit u/s 68 and taxed at maximum marginal rate u/s 115 BBE of I.T Act 1961, No penalty can be imposed u/s 270A of I.T Act 1961.
    • Exemption given to service providers located in foreign territory but providing taxable online information and database access or retrieval [OIDAR] services including electronic services in India, is being withdrawn with effect from 1st December, 2016
    • Indian Banks received deposit of 2 lakh crores in last 3 days.
    • The Finance Ministry has increased limit on exchange of old notes from Rs 4,000 per day to Rs 4,500 per day. Weekly withdrawal cap has also been hiked from Rs 20,000 to Rs 24,000, whereas ATM withdrawal limit has been increased from Rs 2,000 to Rs 2,500 per card in a day. Also, the limit of Rs 10,000 on daily withdrawal has also been removed.
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