News Update

Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coastUS imposes fresh sanctions against Iranian drone productionIREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing ProjectsVoting for General Elections 2024 commences tomorrowGlobal warming up to 3 degrees to cost 10% of global GDP: StudyNexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of AgencyGST implications for Corporate Debtor under IBCI-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HCBrazil’s proposal to tax super-rich globally finds many takers in G20 GroupI-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITATCPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence MinisterI-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITATBiden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliersI-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITATUS Poll: Biden trumps Trump in money race by USD 75 mnI-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITATNetanyahu says Israel to decide how and when to respond to Iran’s aggressionI-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITATGoogle slays costs by laying off staffers & shifting roles outside USI-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITATHeavy downpours drown Dubai; Airport issues travel advisoryCus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HCHM pledges to make India completely Maoist-freeGST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HCMicrosoft to inject USD 1.5 bn in AI Group G42 of UAEGST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HCCanadian budget proposes more taxes on higher income groups & tax credits for EVsWorld leaders appeal for quick ratification of UN Ocean Treaty
Untitled Document
Issue Date
Subject
Notification No
17-Dec-2016
For deposit of specified bank notes by the District Co-operative Central Bank as per RBI Directions
24-Nov-2016
Use of old notes - Deadline extended from Nov 24th to Dec 15th for certain exempted category
24-Nov-2016
Demonetization - Co-operative bank to be read as only "Urban Co-operative Banks and State Co-operative Banks"
21-Nov-2016
Govt notifies section 229 of FA, 2016 relating to FEMA for recovery of  penalty arrears
21-Nov-2016

Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs. 500/- and Rs. 1000/- ( Updated as on November 21, 2016 )

Frequently Asked Questions

18-Nov-2016
Withdrawal of Rs 2.5 lakh allowed for marriage purpose
17-Nov-2016
Corrigendum of S.O. 3408(E) dated 8th November, 2016
17-Nov-2016
Cash withdrawal limit from bank account specified in case of farmers & wedding expenses
17-Nov-2016
Exchange limit for demonetized notes reduced to Rs. 2000; current account withdrawal limit made applicable to traders registered with APAC or mandis
14-Nov-2016
Promotion of payments through cards and digital means
14-Nov-2016

Govt restricts cash withdrawal to Rs. 50,000 a week, for current accounts in operation during last three months or more

14-Nov-2016

Govt extends time period for use of demonitized notes in case of specified transactions till 24.11.2016

13-Nov-2016
Corrigendum to S.O. 3408(E) dated November 8, 2016
13-Nov-2016
Increase in Withdrawal limit from ATMs & Exchange of money from banks
11-Nov-2016
Extension of date of specified notes for consideration as legal tender
10-Nov-2016
Relaxation for making payment of Tax and Utility bills
09-Nov-2016
Corrigendum to S.O. 3407 (E), dated November 8, 2016
09-Nov-2016
Corrigendum to S.O. 3409(E), dated November 8, 2016
09-Nov-2016

Govt prescribes use of demonitized notes for more transactions

08-Nov-2016
Denomination of 2000 rupee note
08-Nov-2016

Exemptions in respect of certain transactions where legal tender still has effect

08-Nov-2016

Exchange of Rs 500 and Rs 1000 rupee note from banks & ATMs

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.




Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.