Monday, 13 February 2017

Some recent updates that you would not like to miss – (13th Feb 2017)

1.     Under GST, in case of export of goods, refund can be applied after delivery of export manifest or export report at customs before departure of conveyance.

2.    RBI issued circular that no limit will be there on cash withdraw from saving account from 13th March 2017 and limit will be raised to Rs. 50,000 per week from existing Rs. 24,000 w.e.f. 20th February.

3.    Now payment of salaries can be done digitally or through cheque as per Payment of Wages (Amendment) Bill, 2017 passed by The Lok Sabha on 7th February 2017.

4.      The income tax department in its latest drive has started de-activating PAN of all income tax assesses who were allotted more than one PAN at anytime in the past.

5.      Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Govt. decides to allow declarants to make deposits on one or more occasions in said scheme.

6.      If you earn up to Rs 18 lakh per annum, buying your first house will cost about Rs 2.4 lakh less as the government will subsidize a part of your home loan interest. At present, this subsidy is available to only those earning up to Rs 6 lakh per annum.

7.      Under GST no refund shall be granted to deductor if TDS amount has been credited to Electronic Cash Ledger of the deductee.

8.     Gifts received in a series of 7 cheques shall not to be treated as gifts in contemplation of death of donor.

9.    Non-Appointment of Woman Director will lead to Compounding Offences by Companies as per Companies Act 2013.

Have a great day ahead!

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