Sri Sakthi Groups

After a fortnight of Prime Minister Narendra Modi's aggressive demonetisation move, and a hair-raising Rs 21,000 crore of deposits slipping into poor man's Jan Dhan account, the income tax department is getting ready to take strict actions. It has started sending missive to banks and post offices to submit details of high value cash deposits in banks taking place after the announcement of demonetisation scheme. The department is planning to use data analytics tools to examine the investment and consumption pattern of people depositing Rs 50,000 or more in a single day. People who will deposit a total of Rs 2.5 lakh between November 10 and December 30 this year will also be under IT scanner. Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised, a senior official in income tax department said.

BENAMI TRANSACTIONS (PROHIBITION) Amendment Act, 2016 *********************************************************************************** • The Benami Transactions (Prohibition) Amendment Act, 2016 has come into force with effect from November 1, 2016. • It covers a transaction or an arrangement in respect of a property where the owner of the property is not aware of, or, denies knowledge of such ownership; • It also covers a transaction or an arrangement in respect of a property where the person providing the consideration is not traceable or is fictitious. • "Property" means assets of any kind — movable, immovable, tangible, intangible, any right or interest, or legal documents. Therefore assets like shares, loans, debtors etc. are also covered. • Any property, which is subject matter of benami transaction, shall be liable to be confiscated by the Central Government. • PENALTY FOR BENAMI TRANSACTION :  Whoever is found guilty of the offence of benami transacti...

7 November 2016 -  ​Due date for deposit of Tax deducted/collected for the month of October, 2016. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan 7 November 2016 -  ​​Due date for furnishing of challan-cum-statement in respect of tax deducted under  Section 194-IA ​ in the month of October, 2016 15 November 2016 -  ​​ Quarterly TDS certificate (in respect of tax deducted for payments other than salary) by any person for the quarter ending September 30, 2016​​ 22 November 2016 -  ​​Due date for issue of TDS Certificate for tax deducted under   s​ection 194-IA ​ in the month of October, 2016 30 November 2016 -  ​​Annual return of income for the assessment year 2016-17 in the case of an assessee if he/it is required to submit a report under  s​ection 92E ​ pertaining to international or...

The CBDT has asked the Income Tax department to closely monitor all such transactions where people are using bank accounts of other persons for hiding and converting into white their black money using the old currency notes of Rs 500 and Rs 1000.  "Already some instances have been reported in this regard and the department is set to issue notices under the Benami Act," the sources told PTI.  Primarily, they said, the notices will be issued in cases of huge cash deposits beyond the threshold of Rs 2.5 lakh but in cases where a suspicious report is received from the bank or the Financial Intelligence Unit below this threshold will also be investigated.  "Such an arrangement where a person deposits old currency of Rs 500 and Rs 1000 in the bank account of another person with an understanding that the account holder shall return his money in new currency, the transaction shall be regarded as benami transaction under the said Act.  "The person who deposits old c...

Warning people against depositing their unaccounted old currency in someone else's  bank account , the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years.  In a related development, official sources said that the department has detected over Rs 200 crore in undisclosed income after it conducted over 80 surveys and about 30 searches in cases of suspicious usage of the scrapped currency. About Rs 50 crore has also been seized in these operations since November 8, they said, across various states. The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8, when government demonetised the  Rs 500  and  Rs 1000  currency notes.  Such instances where the suspicion is found to be true will be prosecuted under the Benami P...

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income 1. Annual Information Return(AIR) AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account AIR-002: Paid Rs. 2,00,000/- or more against credit card bills AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more. AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more 2. Central Information Branch (CIB) CIB- 94: Sale of Motor Vehicle CIB-151: Transfer of immovable property CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value CIB-157: Purchase of Immovable property valued at...

GST COUNCIL: GST council will be one of the strongest decision making body for GST . It has to decide GST rates, GST on petro-products, Exemption List, the problem of Dual Jurisdiction etc. See the composition of GST council. It has 33 1/3%(1/3rd.) Votes from centre and 66 2/3% votes from States. For a single decision the requirement of Votes is 75%. Now see if all the states pooled their votes together they can not make 75% hence practically centre has the Veto power. Now see the centres power it has 33% votes and in any case the ruling front generally have state Govts of their own in more than 50% States so in that case centre with the help of it's own state Govts can take a decision because in that case it needs 42% votes from the states. So in GST council centre has a very powerful position . GST will not only make the Centre economically strong but also give it strong decision power as compared to states.

The Supreme Court today allowed real estate companies to hand over possession of over 3,000 flats in Manesar, Lakhnaula and Naurangpur villages of Gurgaon district, but refused to vacate the stay on further construction in more than 600 acres. A Bench comprising Justices Anil Dave and RK Agrawal also permitted them to carry out repair works before handing over the possession of flats to the purchasers. On April 14, the court had restrained them from going ahead with construction in the three villages on petitions by farmers that they were fraudulently forced to sell their fertile land for a pittance under the threat of acquisition by the Haryana Government. At today’s hearing, the Bench asked the state government as to how the authorities had issued building licences to the companies even after initiating proceedings for acquisition of 912 acres in August, 2004. Appearing for Haryana, Additional Advocate-General Anil Grover said the “the state government is not averse to an i...

Income Tax Implications on Deposition Rs 500 and Rs 1000 Notes in Bank Account Addressing the nation on 08/11/2016 Prime Minister Shri Narendra Modi has announced demonetisation of Rs 500 and Rs 1,000 currency notes. Modi said that starting tonight the Rs 500 and Rs 1000 notes will only be worth the paper they are printed on. This sudden announcement of PM Modi surprised everybody and also created fear and so may doubts in minds of people. Although few days have already been passed since this announcement and several clarifications have been given from government side but still there are lots of doubts and confusion in the minds of general public regarding conversion of old currency notes into new one and income tax implications on Deposition Rs 500 and Rs 1000 Notes in their Bank Accounts. In this article, I have tried to sum up all relevant information regarding this event and I hope this will be helpful for you to take correct and necessary measures.   Is there any limit...

To avoid 'AIR' Annual Information Return Information going from bank to Income Tax Department for inquiry later, Limit for Deposition of cash in bank is as under:ONE SAVING A/C LIMIT:Rs.49,999 per day deposit and Rs.9,99,999 in a year per SB accounts  CURRENT ACCOUNT:Rs.199,999 maximum per day deposit andRs.49,99,999 maximum in a year per Current Account. Pl note while doing deposits now do check howmuch you have already deposited from April 16 till today in respective account and deposit only balance amt as per above limit. Please strictly follow above limit to avoid future Income Tax related Notices and complications. Also check whether CORRECT PAN is Updated in each of your Account.

IMPORTANT NOTICE : Income Tax department has added a new window in their I.T. E-FILING WEBSITE viz " ACCOUNT CASH TRANSACTIONS " , from today morning.....!!!!! The moment CASH is deposited into your Bank a/c , the amount will immediately reflect in this WINDOW of the I.T. Department. All the Banks Server's have been linked with the CPU of I.T. Department for CASH transactions

IMPORTANT NOTICE : Income Tax department has added a new window in their I.T. E-FILING WEBSITE viz " ACCOUNT CASH TRANSACTIONS " , from today morning.....!!!!! The moment CASH is deposited into your Bank a/c , the amount will immediately reflect in this WINDOW of the I.T. Department. All the Banks Server's have been linked with the CPU of I.T. Department for CASH transactions

Instruction regarding Income Declaration Scheme, 2016. Instruction No. 10 of 2016 [F. No. 142/8/2016-TPL],dated the 28-09-2016.     Subject : The Income Declaration Scheme, 2016—Reg.     The Income Declaration Scheme, 2015 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations up to 30th September, 2016. During the video conference held on 24th September, 2016, concern was raised by field authorities that there can be few cases where the assesses may not have PAN but would like to file declaration under the Scheme towards the date of closure of the Scheme. In such cases, the assessee may not get PAN by the date of closure of the Scheme, i.e., 30th September, 2016. 2.    The issue has been examined. It has been decided that in such cases a declaration under the Scheme can be filed manually before the jurisdictional Principal Commissioner/Commissioner by quoting the date and acknowledgment number of PAN application form. The ...

Consequences for people depositing unaccounted money ============================================== Black money refers to the sum that you own which is unaccounted i.e. which you have not declared to the income tax department as having earned or received. In simple words, the amount on which tax was payable to the government as per the income tax laws, but, the sum was hidden or not disclosed to the department in order to evade the tax payment. De-monetisation of the Rs 500 and Rs 1000 notes is a massive blow for those who have unaccounted money as they will face various penalties and prosecution proceedings under the Income Tax Act. CASE-I: Someone who has never filed a return deposits unaccounted money "Let's start with a case study, in which a person has unaccounted money (Black money) with him, and he has not filed any Income Tax Return (ITR) in earlier years. Say, this man has not received any notice from the Income tax department and has been successful in conc...

1.   From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender," Prime Minister Modi said while addressing the nation. 2.   All notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. 3.   You have 50 days (From November 10 to December 30) to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. 4.   For the initial 72 hours. The government hospitals, and their dispensaries, at public sector petrol pumps, cooperative shops and dairies approved by the state government will accept old Rs. 500 and Rs. 1000 notes till November 11 midnight. 5.   Prime Minister Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon. 6.   The old notes will also be accepted at Railway booking counters, Government bus stands and airport ticket booking counters. Those moving to and from the country will be allowed to exchange their old notes/foreign currency i...

Summary of the important announcement. 1. Black money issue,  500 rupees and 1000 rupees banned from Midnight. 2. ATM's wouldn't wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs.  2000 only. 3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts. 4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs.  Only. 5. Emergency periods like hospitals and chemist,  train ticket booking and airline ticket booking,  petrol pumps may accept the old notes to 11th November. 6. No changes in online,  card, cheque or any other plastic money transactions. 7. 9th November,  banks wouldn't be available for public banking services. 8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 30th December 2016.

*why RBI is issuing ₹2000 Rupees Notes * The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)* *How the embeded NGC Technology Works?* The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note *How will this help eradicate black money menace?* Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively hi...

The Union Government has decided to do away with Rs. 500 and Rs. 1000 currency notes from midnight on Tuesday. These notes will cease to be legal tender from the midnight of November 8, 2016, announced Prime Minister Narendra Modi in his address to the nation on Tuesday. "These notes will only be papers from tomorrow," he said in Hindi, adding that the move is to curb circulation of counterfeit notes and fight blackmoney. People who posess currency notes of these denomination can exchange them in banks and head and sub post offices from November 10 to December 30, by providing a valid proof for identity such as Aadhar card, PAN card or voters ID card.  From midnight today, till November 10, ATMs will not function. Backs will be closed for public transactions tomorrow. For a few days, only upto Rs. 2000 can be withdrawn from ATMs. This will be enhanced to Rs. 4000 later. The withdrawal limit for ATM will eventually be fixed at Rs. 10,000 per day and Rs. 20,000 per week...

PM Modi In an unprecedented move, Prime Minister Narendra Modi addressed the nation through Doordarshan, India's state television. He is then scheduled to meet President Pranab Mukherjee after his telecast. This is the first time Modi addressed the nation in this manner since he was elected more than two years ago. The address will be first in Hindi, followed by an English telecast. Modi's address to the nation comes at the end of the day in which he met the three chiefs of the armed forces - Army Chief Dalbir Singh, Navy Chief Sunil Lanba and Indian Air Force Vice Chief BS Dhanoa - to review India's security following the tension with Pakistan. National Security Advisor Ajit Doval was also present at the meeting. The Prime Minister then chaired a meeting of his senior ministers

Narendra Modi Launched 2000 Rupees Notes Coming in February 2017 Confirmed by RBI The Reserve Bank of India has very nearly completed preparations for introducing this new high-value currency, sources said.There has been no official word on the introduction of new notes either from the RBI or the government. The government, on the advice of the RBI , decides on various denominations of banknotes to be issued. The incidence of cash transactions and the huge volume of high-value currencies is unique to India, notwithstanding recent efforts to move towards cashless transactions. The two topmost currencies — Rs 500 and Rs 1,000 — accounted for about 86 percent of the new currency notes added in 2014-15, according to RBI statistics. Currency notes and coins are printed/minted at about eight units owned by the Security Printing and Minting Corporation of India Limited (SPMCIL), a finance ministry company. SMPCIL’s two currency printing units — at Dewas in Madhya Pradesh and Nashik...

One India, One Tax - GST    Prafful Lalwani          19 September 2016 Introduction GST  will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will have an impact on the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system. Background The Constitution Amendment Bill for Goods and Services Tax (hereinafter referred to as “ GST ”) has been approved by the President of India post its passage in the Parliament (by Rajya Sabha on 3 August 2016 and by Lok Sabha on 8 August 2016) and has also been ratified by more than 50 percent of state legislatures. The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and to implement GST by April 2...