Amendment in Rule 114B for compulsory quoting of pan in case of cash deposit exceeding Rs. 50000 in a single day or aggregating to more then Rs. 2.5 lakh during the period from 09.11.2016 till 30.12.2016.


GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION No. 104/2016-Income Tax

New Delhi, the 15th November, 2016

G.S.R 1068(E).- In exercise of the powers conferred by section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

Nature of transaction
Deposit with,-
(i) a banking company or a cooperative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Office.
Value of transaction

Cash deposits,-
(i) exceeding fifty thousand rupees during any one day; or
(ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December,
2016.”.

3. In the said rules, in rule 114E, ̶
(i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the
following serial number and entries shall be inserted, namely:-

Nature and value of transaction

Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to ̶
(i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or

ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.

Class of person (reporting person)

(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).”;

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-
“Provided the statement of financial transaction in respect of the transactions listed at
serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st
day of January, 2017.”.

(Dr. T.S. Mapwal)
Under Secretary to the Government of India

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th
March, 1962 and last amended vide notification S.O.3399(E), dated 07th November, 2016.

 

Narendra Modi is BJP’S PM candidate: Reaches at Ahmedabad


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Modi’s speech in Ahmedabad,

You people are waiting from very long time, I was thinking that i will not have to be late but its 10.30pm, and you all in this number welcomes the BJP’s parliamentary board decision, i heartily thank to all of you.

As this BJP has given chance to small common men to become prime ministerial candidate. This is the only party who can give chance to common men. In past 1988 to 1998 a time on 10 year in which country in danger then Atal Bihari Vajpayee has changed condition in next five year, now same situation from 2004 to 2014, now its time for youth to change this country. I am confident on the people of India that they will give chance to BJP to change time.

Bharat Mata ki Jay,

This was his first speech in Gujarat after become PM candidate.

CBDT Grants Exemption from TDS on payment of certain listed Bank in India


TDS

TDS

Hi friends,

TDS updates:

 

 

SECTION 197A OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – NO DEDUCTION IN CERTAIN CASES – SPECIFIED PAYMENT UNDER SECTION 197A(1F)

 

 

NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)], DATED 31-12-2012

In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, namely:-

(i)  bank guarantee commission;

(ii)  cash management service charges;

(iii)  depository charges on maintenance of DEMAT accounts;

(iv)  charges for warehousing services for commodities;

(v)  underwriting service charges;

(vi)  clearing charges (MICR charges);

(vii)  credit card or debit card commission for transaction between the merchant establishment and acquirer bank.

2. This notification shall come into force from the Ist day of January, 2013.

Father of the Nation- Ideologies


Hi friends,

On the 143 birthday of Mr. M.K. Gandhi, some thoughts of him in his remembrance.

Gandhi’s philosophy and his ideologies of satya (truth) and ahimsa (non-violence) were influenced by the Bhagavad Gita and Hindu beliefs, the Jain religion and the pacifist Christian teachings of Leo Tolstoy. The concept of ‘ahimsa’ (non-violence) has a long history in Indian religious thought and has had many revivals in Hindu, Buddhist and Jain contexts. Gandhi explains his philosophy and way of life in his autobiography ‘The Story of my Experiments with Truth’.

In applying these principles, Gandhi did not balk from taking them to their most logical extremes. In 1940, when invasion of the British Isles by the armed forces of Nazi Germany looked imminent, Gandhi offered the following advice to the British people:

“I would like you to lay down the arms you have as being useless for saving you or humanity. You will invite Herr Hitler and Signor Mussolini to take what they want of the countries you call your possessions…. If these gentlemen choose to occupy your homes, you will vacate them. If they do not give you free passage out, you will allow yourselves, man, woman, and child, to be slaughtered, but you will refuse to owe allegiance to them.” (Non-Violence in Peace and War)

Although he experimented with eating meat upon first leaving India, he later became a strict vegetarian. He wrote books on the subject while in London, having met vegetarian campaigner Henry Salt at gatherings of the Vegetarian Society. The idea of vegetarianism is deeply ingrained in Hindu and Jain traditions in India, and, in his native land of Gujarat, most Hindus were vegetarian. He experimented with various diets and concluded that a vegetarian diet should be enough to satisfy the minimum requirements of the body. He abstained from eating for long periods, using fasting as a political weapon.

Gandhi gave up sexual intercourse at the age of 36, becoming totally celibate while still married. This decision was deeply influenced by the Hindu idea ofbrahmacharya—spiritual and practical purity—largely associated with celibacy. He announced this to his wife, rather than discussing it with her.

Gandhi spent one day of each week in silence. He believed that abstaining from speaking brought him inner peace. This influence was drawn from the Hindu principles of mouna (silence) and shanti (peace). On such days he communicated with others by writing on paper. For three and a half years, from the age of 37, Gandhi refused to read newspapers, claiming that the tumultuous state of world affairs caused him more confusion than his own inner unrest.

Returning to India from South Africa, where he had enjoyed a successful legal practice, he gave up wearing Western-style clothing, which he associated with wealth and success. He dressed to be accepted by the poorest person in India. He advocated the use of homespun cloth (khadi). Gandhi and his followers adopted the practice of weaving their own clothes from thread they themselves spun, and encouraged others to do so. This was a threat to the British establishment. While Indian workers were often idle due to unemployment, they had always bought their clothing from English industrial manufacturers. If Indians made their own clothes, it would deal a harsh blow to British industry. The spinning wheel was later incorporated into the flag of the Indian National Congress.

Note:- Information taken from http://www.mahatma.com

FDI in multi brand retail and in aviation


Hi friends,

Brave government of India has taken one another step of reforms in FDI by allowing direct foreign investment in multi brand retail chain and also in civil aviation.

Raj Jain of Bharti Walmart, says that overall, This is a Big policy announcement for the Indian Economy not only for multi brand retail but for several sectors and several issues which have been pending for a long time, we welcome decision.

Calendar Year 2012
(Jan.-Dec.)
Amount of FDI inflows                                  (In Rs. Crore)                                (In US$ mn)
1.January, 2012                                             10,288                                               2,004
2.February, 2012                                            10,874                                              2,211
3.March, 2012                                                 40,766                                              8,101
4.April, 2012                                                      9,620                                              1,857
5.May, 2012                                                      7,229                                               1,327
6.June, 2012                                                     6,971                                               1,244
Year 2012 (up to June, 2012) #                      85,748                                             16,744
Year 2011 (up to June, 2011) #                      75,507                                             16,829
%age growth over last year                         ( + ) 14 %                                      ( – ) 0.50 %
Note: (i) # Figures are provisional, subject to reconciliation with RBI, Mumbai.
(ii) Country & Sector specific analysis from the year 2000 onwards available, as Company-wise details are provided by RBI from April, 2000 onwards only.

 Data has been taken from website of department of indusrtial & promotion of Government of India, Ministry of Commerce & Industry.

 

 

Finally justice came in favor of 26/11 victims: Apex court upheld kasab’s death sentence


Hi firends,

Yesterday, Supreme court of India upheld the death sentence of Kasab who is the only surviving terrorist of 26/11.

Bench of Justice Aftab Alam & C.K. Prasad said that ” We constrained to hold that death penalty is the only sentence that can given in the circumstances of the case.

So now we have to see when kasab will be hang till death.

Jay Hind

Jay Bharat

Satymeve Jayte

Salute VVS LAXMAN- The Cricket legend of India


Hi friends,

18th August, 2012 is very unfortunate day for Indian cricket as one of the legend of cricket V V S LAXMAN has announced his retirement from the international cricket.

V.V.S. Laxman, who won many a match for India with his wristy elegance including an epic 281 against Australia in Kolkata, on Saturday announced his retirement from international cricket with immediate effect, bringing down the curtains on a glorious career spanning 16 years.

The 37-year-old Laxman, one of the finest batsmen in contemporary cricket, said that he felt it was the right time to bid adieu to the game which he played with “great pride for the country”.

“I would like to announce my retirement from international cricket with immediate effect. I think it’s right time to move on”, an emotional Laxman told a press conference in Hyderabad.

Laxman, who was picked in the Indian squad for the two-match Test series against New Zealand beginning here from August 23, surprisingly chose to hang his boots with immediate effect without taking the opportunity to bow out of international cricket in front of his home crowd.

”It was a tough decision to take, I have always listened to my inner conscience. The inner voice is a divine voice, I have always done that right through my career. There was a lot of debate in the last four days. I felt this is the right time to move on,” he said.
Laxman, who earned the sobriquet ‘Very Very Special’ for his style and flair, played 134 Tests, amassing 8,781 runs at an average of 45.97. He scored 17 hundreds and 56 half centuries in the longer format of the game.
Laxman, who was not a regular in India’s ODI team, played 86 matches for an aggregate of 2338 at an average of 30.76.
Unfortunately for him, he could never be a part of India’s World Cup campaigns which remains one of his biggest regrets.
”I have always kept my country’s success and need ahead of my personal aspirations. And while I would love contributing to the team’s success, especially against England and Australia, I think this is the right to give opportunity to the youngsters in home conditions ahead of international assignments,” he said.
Laxman, however, made it clear that he will continue to play for Hyderabad till this year.
”It was a dream for me to play for India since childhood and I am extremely thankful to the Almighty for giving me the opportunity to serve my country.”
”I always felt that through cricket I got an opportunity to serve my country. I was fortunate to play in an era when India played some of its best cricket, home as well as away.”
‘I would like to thank everyone who guided me and encouraged me through my career.”
Laxman will always be remembered for the magnificent 281 he scored against Australia at the Eden Gardens in March 2001 — an innings which didn’t just change the face of the match but also turned the entire series on its head.
That knock was ranked sixth in Wisden’s list of 100 great Test innings in the history of the game. It was just one of the several match-winning knocks that the unassuming batsman played against the mighty Aussies at their peak.
‘When I remember that knock, I feel how lucky I was to be part of history. How we changed the result of that match. It is always emotional when I think of that knock,” he said.
Asked whether he had taken a hasty decision for which he will regret later, he said, ”I never regret the decisions I take, because my conscience is clear. I got the privilege to serve the country. I am satisfied with the decision, definitely I will never regret that I took the decision”.
”I always tried to my best to give everything to the team while mantaining my dignity. There were times I am sure I did not perform well, I disappointed them but I can assure that it was not due to lack of effort,” he said.
”I conclude in all humility by praying to the Almighty to take and bless Indian cricket to the highest level in the world in all forms of the game.”
”It has been an emotional, fabulous and memorable journey which I will definitely cherish for the rest of my life,” Laxman said.
”I was very unfortunate to play with the collegues who played with a lot of pride, and most of them went on to become legends of the game. The affection, bonding and friendship they shared with me will always be cherished all my life,” Laxman said.
Laxman said he has not decided what he will do post post retirement.
”My immediate and most important goal would be to share my experiences with the Hyderabad cricketers and if I can do what my seniors did when I was playing for Hyderabad earlier on in my career then I would be very happy.”
”I learnt a lot from my seniors while I was growing up and if I can share some of my experiences, if I can help some these youngsters realise their potential I would be very happy.”
‘We took a lot of pride in the way we played for the country and we all had one single goal and one single ambition of that is to win matches consistently for the country, not only in India but also overseas and those efforts have been culminated into us being the no.1 Test playing nation of the world and I am sure the future players of Indian cricket will take our legacy forward.”
The Hyderabad-stylist had come under scrutiny following his failure in the Test series against England and Australia last year.
Against England he scored just 182 runs for an average of 22.75 and was even worse against Australia, scoring 155 in eight innings at just 19.37 in the eight successive lost Tests that were played against the two sides.
”There have been people who have criticised me but my set of well wishers have been more. I can tell you that it is not easy to please each and every person. Failure and success are part and parcel of a cricketer’s life,” he explained.