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* * * GSTR 3-B, Due dt.20th Every Month * * *

* * * GSTR-1, Due dt.11th Every Month * * *

Tuesday 22 November 2016

withdrawals Limit-50000-od-cc-accounts



RBI/2016-17/142
DCM (Plg) No.1317/10.27.00/2016-17

November 21, 2016

The Chairman / Managing Director/Chief Executive Officer
Public Sector Banks / Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/
District Central Cooperative Banks

Dear Sir,

Withdrawal of Legal Tender Character of Specified Bank Notes –
Cash Withdrawal Limit

Please refer to Para (i) – Additional Facilities of our Circular No. DCM (Plg) No.1274/10.27.00/2016-17 dated November 14, 2016 in terms of which current account holders (applicable to Current Accounts which are operational for last three months or more) were allowed to withdraw up to 50000 in cash, in a week. On a review, it has been decided to extend this facility to Overdraft and Cash Credit accounts also. Accordingly, holders of current / overdraft / cash credit accounts, which are operational for the last three months or more, may now withdraw upto 50000 in cash, in a week. This enhanced limit for weekly withdrawal is not applicable for personal overdraft accounts.

2. Such withdrawals may be disbursed predominantly in 2000 denomination bank notes.

Yours faithfully,
(Suman Ray)
General Manager

Friday 18 November 2016

TNVAT-Form WW

Dealers can file manual Form WW for the financial Year 2015-16 in the pre-revised format (old format)

for further details TNVAT-2006

Wednesday 16 November 2016

quoting of pan in case of cash deposit



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.

Amendment in Rule 114E for filing AIR report as required under section 285BA of Income Tax Act, 1961 wrt reporting by banking company and a cooperative bank on account of aggregate cash deposits in one or more current account of a person in excess of Rs. 12.5 lakhs or Rs. 2.5 lakh or more in one or more account of a person during 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:-
Sl. No.
Nature of transaction
Value of transaction
(1)
(2)
(3)
“10.
Deposit with,-
(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 Office.
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:-
Sl. No.
Nature and value of transaction
Class of person (reporting person)
(1)
(2)
(3)
“12.
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.
(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.”.

[Notification No. 104/2016] [F.No.370142/32/2016-TPL]
(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.