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Old Demonetised Notes (ODN) for payment of taxes- time allowed is very short must be extended to 30th December 2016

Corporate Laws / Banking / SEBI - By: - CA DEV KUMAR KOTHARI - Dated:- 11-11-2016 Last Replied Date:- 13-11-2016 - News reports and circulars: As per news and e-information available on different sources Government has allowed payment of central , state and local taxes by old demonetized notes (ODN) of ₹ 500/- and ₹ 1000/- However, time allowed is only up to midnight of 11.11.2016. The time allowed is very short: Time allowed is very short for use of Old Demonetised Notes (ODN) for p .....

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ould be allowed. When time allowed for exchange and deposit of such notes is up to 30.12.16, the same period should also be allowed for payment of taxes. Extended time will also be beneficial for revenue: Extended time for payment of taxes will also be beneficial for revenue. This can lead to collection of taxes which would not be collected immediately otherwise. For example, suppose there is a disputed demand of tax of ₹ 100 K, it has been stayed on payment of ₹ 15K, balance due is .....

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ding undeclared income. Cases where a person hold Old Demonetised Notes (ODN) out of his legitimately accumulated surplus from legitimately earned income, capital receipts, past savings etc. but is unable to prove source of such income, or capital receipts and do not want that people from whom he received such money should face difficulty must be liberally allowed to pay tax U/s 115BBE of the Income-tax Act, 1961 to remove defect and default to make such money defect less. People who hold Old De .....

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is also not in capacity of earning ill-gotten money by way of bribes, banned business, crimes etc. must be allowed to pay tax u/s 115BBE and relax. Win-win situation for government and public: If government allows tax u/s 115BBE, and ensure trouble free life to such taxpayers, it will be win-win situation for government and taxpayers both. This will also ensure irregular money coming into main stream of our economy. In view of ground reality that people hold hard earned money in form of Old Dem .....

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, trade or calling. For example, a doctor who spends about 30 years of his life in education (up to MS/ MD), has no capital base, finds even tax @ 15% as higher. So there must be a consideration for such aspects and people must be allowed to build a capital base in monetary form also. ********************* Circulars and new reports with highlights. Old demonetised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and .....

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ill be available only till midnight of 11th November, 2016. http://economictimes.indiatimes.com/news/politics-and-nation/rs-500-rs-1000-notes-can-be-used-for-paying-power-bills-tax-till-tomorrow/articleshow/55351541.cms ₹ 500, ₹ 1,000 notes can be used for paying power bills, tax till tomorrow By PTI | Updated: Nov 10, 2016, 05.43 PM IS Read more at: http://economictimes.indiatimes.com/articleshow/55351541.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst NE .....

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Economic Affairs Secretary Shaktikanta Das today tweeted: Old 500, ₹ 1000 notes to be accepted for payment of fees, charges, taxes, penalty to central and state governments, including municipalities and local bodies. Old 500 & 1000 notes to be accepted for payment of fees,charges,taxes,penalty to Central & State govts including municipalities,local bodies - Shaktikanta Das (@DasShaktikanta) Novembe .. http://www.livemint.com/Politics/ka9CtDCHSLqZQ0GkX5zO4M/Rs500-Rs1000-notes-can-be .....

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