Day: November 29, 2016
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Lok Sabha passes Taxation Laws (second amendment) Bill, 2016!
The Lok Sabha has passed The Taxation Laws (Second Amendment) Bill 2016 today, i.e. 29.11.2016.Through this bill, Income Tax Department will levy 30% tax on undisclosed income 10% penalty on undisclosed income 33% surcharge on the tax amount i.e. totalling approximately 50% taxes on the disclosure of unaccounted deposits. Apart from the 50% tax, the declarer…
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No limit for cash withdrawal!
The RBI last night had announced that existing limit of Rs. 24000/- will not be applicable for the people who are depositing the new currency in their bank accounts. The withdrawal limit of Rs. 24,000 per week stays unchanged for other people. This step is mainly taken for the people who hesitate to deposit money…