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Akgvg is One of the Best CA Firm in Delhi

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Akgvg is One of the Best CA Firm in Delhi

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  1. A K G V G &Associates CharteredAccountants DeliveringExcellence AKGVG Weekly Insight 21st November, 2016 Coverage: ?Income Tax Updates ?Customs & Excise Updates ?Weekly News Regulatory Updates Assembled & Edited by: Team - AKGVG AKGVG & Associates Chartered Accountants (Delhi | Gurgaon | Mumbai | Ahmedabad | Bangalore | Chennai) Head Office: 307, Pearls Corporate, Mangalam Palace, Sector -3, Rohini, New Delhi - 110085 Visit us on www.akgvg.com For more info: E-mail us at info@akgvg.com Ph: +91 9811118031, +91 9818330516, +91 9818314719

  2. focused on resolving MAP cases pending for a long time and to achieve significant developments in Bilateral APA Process. (Click here to read more) Income tax notices to religious, charitable trusts, 17th November, 2016 The Income-tax department has issued letter to dozen of religious and charitable trusts, asking them to furnish details of ‘cash balances’ as on November 8, following the demonetization of Rs 500 and Rs 1,000 currency notes.(Click here to read more) Income Tax officials unsure how to slap 200% penalty on income mismatch, 14th November, 2016 Signing of Bilateral Advance Pricing Agreements (B- APAs) Press release dated 18th November, 2016 As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks. (Click here to read more) The CBDT signed 3 bilateral APAs on 18th November, 2016 taking the total number of APAs signed [both- bilateral and unilateral] so far to 111. These agreements are a result of the understanding reached with the Competent Authority of United Kingdom some time ago. The Competent Authorities of India and UK had earlier exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC).(Click here to read more) Income tax 30th amendment rules released dated 15th November, 2016 CBDT has amended Rule 114B making quoting of PAN mandatory for cash deposits exceeding Rs. 50,000 in one day or exceeding Rs. 2.5 Lacs during 9 Nov. 2016 to 30 Dec. 2016. Also CBDT has amended Rule 114E requiring Banks/ Co-op. Banks to submit information in AIR about aggregate cash deposits of more than Rs. 12.5 lacs in Current A/c or Rs. 2.5 Lacs in SB A/c during 9 Nov. 2016 to 30 Dec.2016.(Click here to read more) Demonetization of Old High Denomination Currency & Cash Deposits in Bank Accounts Press release dated 18th November, 2016 It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for Income Tax is Rs.2.5 lakh.(Click here to read more) Transactions in Relation to which Quoting PAN is Mandatory Press release dated 17th November, 2016 The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time.(Click here to read more) Income Tax men may come calling on gold buyers, 18th November, 2016 The taxman may knock on your door if you bought gold immediately before or after high denomination currency notes were withdrawn - even if you paid for the precious metal by cheque or credit card.(Click here to read more) India–USA Bilateral Competent Authority MAP/APA Meeting – Resolution of more than 100 cases under MAP and Agreement on terms and conditions of First ever Bilateral APA involving India and USA Income Tax department asks two Tata Trusts to explain ‘unlawful’ investments , 19th November, 2016 The Income-Tax department has asked two Tata Trusts to explain investments flagged by Parliament’s Public Accounts Committee. Further it is reopening the issue of tax exemption granted to one of them, top I-T officials said on Friday. Tata Trust officials were asked to explain themselves but they have sought more time. (Click here to read more) Press release dated 17th November, 2016 The Bilateral Competent Authority Mutual Agreement Procedure (MAP) / Advance Pricing Agreement (APA) meeting between India and USA was held in Washington DC, USA during the last week of October, 2016. The discussions in the meeting were AKGVG Weekly Insight | 21st November’ 16 | Page No. 1

  3. Notification No. 138/2016-Cus (NT), dt. 17-11-2016 Rate of exchange of conversion of the foreign currency with effect from 18th November, 2016. (Click here to read more) 15 per cent service tax on music, movies and other downloads from foreign sites, Book, movies and other downloads from foreign sites will become costlier starting December 1. The Central Board of Excise and Customs (CBEC) has made amendments to the existing Place of Provisions of Services Rules (PPSR) for online information and database access or retrieval services. One will have to pay an additional 15 per cent service tax on any downloads from foreign websites starting from 1st December 2016. Notification No. 137/2016-Cus (NT), dt. 15-11-2016 Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver. (Click here to read more) Circular No. 53/2016, dated 18-11-2016 Regarding clearance of import of metal scrap-Procedure. (Click here to read more) Foreign OIDAR firms to pay service tax from December 1, 12th November, 2016 Circular No. 52/2016, dated 15-11-2016 Regarding deferred payment of Customs duty. (Click here to read more) Overseas companies providing OIDAR services which include website hosting, film download, online advertisement and newspaper subscriptions, will have to pay service tax from December 1, 2016. In order to provide a level playing field to Indian service providers, the revenue department has decided to withdraw service tax exemption given to online service providers located in foreign territory but providing taxable online information and database access or retrieval [OIDAR] services. Ethiopian woman held, gold worth Rs 89L seized, 19th November, 2016 Customs officials at IGI Airport arrested an Ethiopian woman for allegedly trying to smuggle into the country over 3 kg of gold worth Rs 89 lakh, along with $10,000 in cash, on Wednesday. They also seized demonetised currency notes of Rs 1,000 amounting to Rs 60,000 from her. (Click here to read more) Senior customs officials said that the woman, who arrived from Addis Ababa, was arrested at IGI Airport for the second time. Two months ago, she was caught with 650 grams of gold after which she was released on bail. (Click here to read more) AKGVG Weekly Insight |21st November’ 16 | Page No. 2

  4. Banks to exchange notes only for own customers today (Withdrawal, deposit and other banking services allowed; senior citizens exempted) Indian Banks’ Association (IBA) on Friday said banks on Saturday will not exchange old Rs 500 and Rs 1,000 notes with the new ones to perform other banking related duties, which have been on hold since Usage of ATMs – Waiver of customer charges.14 NOV November 8. The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Senior citizens would be exempted from this restriction. However, a customer can still withdraw and deposit money at the counters. A customer can withdraw up to Rs 24,000 in a window of seven days, starting from the first day of withdrawal. “All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches, especially for our existing customers. We, from IBA, have taken a view that on Saturday we shall be exclusively doing work for our own customers. And we will not be doing exchange of notes (for outside customers),” said Rajeev Rishi, chairman, IBA.(Click here to read more) RBI cancels Licence of Sai Nagari Sahakari Bank Limited, Hadgaon 17 NOV The Reserve Bank of India has cancelled the licence issued to Sai Nagari Sahakari Bank Limited, Hadgaon, consequent upon its merger with Shankar Nagari Sahakari Bank Limited, Nanded with effect from August 26, 2016. The Reserve Bank has done this under Section 22 of Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) (ACCS). Demonetisation: Govt tightens exchange of notes, eases withdrawal Amid reports of hardships caused by demonetisation in crop sowing and marriages, the government on Thursday eased restrictions on cash withdrawal by farmers and families with upcoming weddings, but more than halved the limit of exchange of notes at Rs 2,000. Economic Affairs Secretary Shaktikanta Das said now families preparing for a wedding can withdraw up to Rs 2.50 lakh from bank account, citing PAN details and self-declaration. (Click here to read more) Cash Withdrawal at Point-of-Sale (POS) - Withdrawal limits and customer fee/charges- Relaxation- 18 NOV The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. UNION BUDGET TO BE PRESENTED ON FEB 1 As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility and (ii) customer charges, if any, being levied on all such transactions waived till December 30, 2016, subject to review. The Union Budget 2017-18 will be presented on February 1. The inter-ministerial discussions for finalizing the Revised Budget Estimates have been completed, said a government source, adding it would not be impacted by the government decision to demonetize Rs 500 and Rs 1,000 notes. The government has decided to advance the Budget process by a month to ensure it is completed before the start of the new financial year on April 1. It may be recalled that the Reserve Bank had vide its circular DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015 permitted cash withdrawals at Point of Sales (POS) upto ₹ 1000 in Tier I to II centres and upto ₹ 2000 in Tier III to VI centres. AKGVG Weekly Insight | 21st November’ 16 | Page No. 3

  5. Feedback/Queries can be sent to info@akgvg.com Disclaimer: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. AKGVG & Associates, a Chartered Accountants firm, is providing complete solution to professional service requirements.

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