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Latest India Tax News 26 December 2016

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  • Latest India Tax News 26 December 2016

    1. The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962.
    2. Income Tax Dept through NMS has identified 67.54 lakh potential non-filers who have carried out high value transactions in F.Y. 2014-15.
    3. CBDT issued Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 Circular No. 42 of 2016 F.No.142/11/2016.
    4. Details of all Partners/Members of AOP/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)
    5. RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17 December 23, 2016.
    6. New passport rule: Aadhaar can now be used as date of birth proof. The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports.
    7. Ministry of External Affairs in order to streamline, liberalize and ease the process of issue of passport allowed Aadhar Card as valid document as proof of date of birth.
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