Got an I-T notice on cash deposits? Don’t panic and follow this guide

The Reserve Bank of India (RBI), in tandem with public sector and commercial banks, has undertaken data mining on a massive scale to identify how funds have been moved in the country after November 8. The government has come down hard on individuals and businesses operating doctored accounts, having deregistered and shut more than 100,000 companies and penalised more than 300,000 others.
The I-T department has also identified over 37,000 shell or paper companies channelling black money through methods such as hawala. As a part of its Operation Clean Money, the I-T department identifies individuals whose income tax return filings are inconsistent with the amount of cash deposits made in their bank accounts during the demonetisation drive. It then sends a notification through SMS or e-mail, and the individual must provide a response on the department’s website for the same.
If you receive such a notice, do not panic or ignore it. First, verify that the PAN (Permanent Account Number) stated on the notice is yours. Since the I-T department issues notices to a specific PAN and not based on your name, there are chances that an erroneous notice may READ MORE

India is a great place for innovation: Microsoft

India is a great place for innovation and there is a lot of opportunity for Indian firms and start-ups to work with Microsoft and develop cloud-based tools and platforms for a global marketplace, according to a senior official of the software giant.
Alyssa Fitzpatrick, general manager of Microsoft’s worldwide channel sales, on the sidelines of the ongoing annual partnership meet of Microsoft ‘Inspire’, said that some of the great things have been happening in the Indian market from an innovation perspective.
She said that Microsoft was going to market with solution maps.
“That’s gonna give us an opportunity to bring some of the innovation from India into those solution maps and really highlight it for the rest of the world’s consumption,” she said.
A recognised leader for transforming global direct and indirect sales in the software industry, Fitzpatrick has carried responsibility for over 50,000 global partners, encompassing management consultancies, global systems integrators and services partners.
Fitzpatrick, a frequent traveller to India when the Indian IT sector was in its infancy stage, cited the example of a small time app developer in India, which now has global presence.
“India is a great place of innovation, she said.
“I think there is a lot of opportunity in the Indian market to join together with Microsoft, as READ MORE

GST launch tonight: What is it? Where to register and details of items covered

The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on June 30, 2017.GST,

All states/union territories, except Jammu & Kashmir, have approved the state goods & services Act (SGST) for ensuring the roll out.

Here are five things you must know ahead of the big change in indirect taxation across the country

 1) What exactly is GST?

GST is paid when a consumer buys something (even a company buying inputs). The tax is levied on every transaction in the supply of goods and services, barring certain exempted items such as petroleum products. The tax levied at one stage can be set off or deducted from the tax to be paid at the next stage.

India has a dual GST–Central GST (CGST) and State GST (SGST). There is also an integratedGST (IGST) on the inter-state supply of goods and services, which can be set off against CGST and SGST that is to be paid.

From July 1, 2017, India will move to a one-tax, one-nation regime. All goods and services will be READ MORE