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Latest India Tax News 19 December 2016

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  • Latest India Tax News 19 December 2016

    1. CBDT warns of penal action if I-T returns are 'drastically' changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes.
    2. Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the form of cash or deposit in an account maintained with a specified entity and the amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
    3. India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on 22.11.2016;
    4. GST Enrolment, give principal & additional places of business for state for which migration is done & not those in other states.
    5. Indirect tax assessments not to be reopened if turnover rises in a circular to excise and service tax chief commissioners, the Central Board of Excise and Customs (CBEC) said.
    6. Securities Exchange Board of India (SEBI) lays down principles of financial market infra for commodity exchanges.
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