- CBDT has issued Circular on 2nd Nov 2016 on Chapter VI-A deduction on enhanced profits, by virtue of which expenditure disallowed if related to the business activity against which the Chapter VI-A deduction has been claimed, the deduction needs to be allowed on the enhanced profits.
- Capital gain tax will be paid by the partners of the dissolved partnership firm on the sale of its assets.{Vatsala Shenoy Vs. JCIT, Supreme Court of India}.
- RBI allowed banks to issue rupee-denominated bonds or Masala bonds in the overseas market to shore up their capital base as well as for financing infrastructure and affordable housing.
- Under GST Upto 10 bank accounts can be added during enrolment. Proof of Bank A/c No, Branch, Address of A/c holder & few transaction details required.
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