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Old 11-28-2016, 11:23 AM
Alka Thakur Alka Thakur is offline
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Join Date: Nov 2015
Posts: 362
Default Latest India Tax News 25th November 2016

  • Now old currency 1000 notes only option left deposit in bank 500 old can be used in essential services up to 15/12/16. Toll tax free up to 2/12/16 and from 3/12 to 15/12 can be paid in old currency of 500 notes. School fee up to 2000 can be paid. NRI exchange currency up to 5000 per week by showing pass book. Cooperative Gov. department store purchase up to 5000. No exchange of old 500/1000 notes from any bank all over India.
  • CBDT clarified that a premium paid by the partnership firm on the Keyman Insurance Policy of a partner, to safeguard the firm against a disruption of the business, is an admissible expenditure under section 37 of the Income Tax Act, 1961.High Court of Punjab and Haryana in the case of M/s. Ramesh Steels.
  • GST Enrollment for existing vat dealers shall begin from 16/12/2016. For existing excise and service tax assesses from 01/01/2017. Enrollment shall be open till 31/01/2017. Govt departments are making validation check for PANs of the assesses.
  • Levy of service tax on Air Conditioned Restaurants is unconstitutional since when food is supplied as part of any service, such transfer would be deemed as sale. The Kerala High Court in case of Kerala Classified Hotels & Resorts Association v. Union of India [2013].
  • Haryana Government has revised minimum wages for different categories of workers u/s 5(2) of the Minimum Wages Act, 1948.
  • SEBI issued disclosure norms for listed insurance companies in respect to their quarterly results. The decision was taken in consultation with IRDAI.

 


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