As per the Government of India , Old Bank Notes of Rs 500 and Rs 1000 can be deposited into Post Office Saving Account. Earlier the Government has issued the Office memorandum that the old bank notes of Rs 500 and Rs 1000 can not be deposited into Small saving Scheme. However Now govt has… Read More »
Issue whether collection of information / inquiry by Assessing Officer u/s 133(6) intrudes into ‘privacy’ of the members of the petitioner Banks and that the right of privacy is an integral part of Article 21 of the Constitution of India therefore whether word “inquiry” in Section 133 (6) of the Income Tax Act, 1961 and… Read More »
Issue Whether section 133(6) of the Income-tax Act authorise issuance of notice to Cooperative Societies including Cooperative Banks ? Held yes, The Department is free to ask for information about any particular person or to call for general information in regard to any matter they consider necessary. Section 133(6) does not refer to any enquiry… Read More »
Cash Deposit more than Rs 250000 and Income Tax Notice u/s 133 for enquiry Section 133 of Income Tax Act gives power to the assessing officer to call for information.Sub section 6 of this section narrates that,the AO has the power to direct any person, banking company or from any of its officer, to furnish… Read More »
Held “In the instant case, by the impugned notice the assessing authority sought for information in respect of its customers which have cash transactions or deposits of Rs. 1,00,000/- or above for a period of three years, without reference to any proceeding or enquiry pending before any authority under the Act. Admittedly, in the present case… Read More »
PR No. 161/2016 SEBI Board Meeting The SEBI Board met in Mumbai today and took the following important decisions: I. Amendment to SEBI (Alternative Investment Funds) Regulations, 2012 regarding Angel Funds In order to further develop the alternative investment industry and the startup ecosystem in India, SEBI, in March 2015, constituted a Committee of experts… Read More »
Seeks to levy safeguard duty on Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel having nominal thickness less than or equal to 150mm and nominal width of greater than or equal to 600mm [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,… Read More »
E-TDS/TCS Return Preparation Utility New versions of e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) will be made available at TIN website applicable from November 26, 2016 at the following URL https://www.tin-nsdl.com/etds-etcs/eTDS-download-regular.php. 1. RPU Version 1.8 (Java based): This is used for preparing and validating e-TDS/TCS Statement(s) and also contains inbuilt FVUs. 2.… Read More »
Section – 133 of Income Tax Act 1961 Power to call for information. 133. The 92 [Assessing] Officer, the 93 [Deputy Commissioner (Appeals),] 94 [the 95.[Joint Commissioner] or the Commissioner (Appeals)] may, for the purposes of this Act,— (1) require any firm to furnish him with a return of the names and addresses of the… Read More »
LOK SABHA SECRETARIAT NOTIFICATION New Delhi, the 23rd November, 2016 S.O. 3519(E).—Captain Amarinder Singh, an elected member of Lok Sabha from Amritsar Parliamentary Constituency of Punjab has resigned his seat in Lok Sabha and his resignation has been accepted by the Speaker with effect from 23 November, 2016. [No. 21/1/2016/T (B)] ANOOP MISHRA, Secy. General