Demonetization

Modus operandi adopted by tax evaders during demonetisation

Income Tax - This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...

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Analysis of cash deposits during 9th Nov to 30th Dec 2016

Income Tax - Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments....

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India’s Green foot Prints hog International lime lights

Income Tax - If Anti-corruption drives, including demonetization of high currency notes, are the center piece of the Narendra Modi Government’s first three years of governance, A slew of initiatives including India’s bold stand in the Paris climate meet, sustained bids to protect flora and fauna and stringent control orders for air and water pollu...

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A will to tackle corruption and black money

Income Tax - Establishing a system that ‘eliminates the scope for corruption’ was an important promise made by the Bharatiya Janata Party in its Election Manifesto, 2014. The methods to achieve the goal were identified as a) Public Awareness b) Technology based e-governance c) System-based policy driven government d) rationalization and simplifica...

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Cash Transactions for which details needs to submitted by 30.04.2017

Income Tax - If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore...

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Large cash deposits by Govt. employees & businessmen under CBDT Scanner

Income Tax - The high risk categories identified include businesses claiming cash sales as the source of cash deposits which is found to be excessive compared to their past profile or industry norms; large cash deposits made by government or PSU employees; persons who have undertaken high value purchases; persons who have used shell entities for layer...

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CBI registers 2 cases related to Demonetization & conducts Searches

Income Tax - Huge cash deposits in Specified Bank Notes (SBNs) were made during demonetization period in various newly opened Benami Accounts in Bank of Maharashtra and money was rotated between said accounts as well as to other entities and finally transferred to another account through RTGS ...

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CBI register cases against Bank Post officials for RBU Guideline Violations

Income Tax - CBI REGISTERS A CASE AGAINST TWO OFFICIALS OF POSTAL DEPARTMENT AND OTHERS FOR ALLEGED VIOLATIONS OF RBI GUIDELINES AND CONDUCTS SEARCH CBI Press Release – New Delhi, 08.04.2017 The Central Bureau of Investigation has registered a case U/s 120 B r/w 420 & 406 of IPC and Section 13(2) r/w 13(1)(d) of the Prevention of […]...

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More Than 2 Dozen Companies Want Collaboration With India Post Payments Bank: Manoj Sinha

Income Tax - Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. ...

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PMGKY related issues: Mismanagement in handling & Issue of Guidelines

Income Tax - We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their duties presently. The situation has turned from bad to worse with last minute dissemination of information by the Investigation Wing...

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Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India) - Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the spe...

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Can’t allow Deposit of Old Notes After Dec 31, 2016: Centre To SC

Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) - The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason...

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Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court) - In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

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SC dismisses writ on Pradhan Mantri Garib Kalyan Yojana tax scheme

Siddharth Mehta Vs.Union Of India And Anr (Supreme Court) - Writ been filed in SC requesting to quashing/setting aside penalty, surcharge and also provisions for lock-in/withholding of 25% of disclosed income for 4 years under the Taxation Laws (Second Amendment) Bill, 2016, (Pradhan Mantri Garib Kalyan Yojna, 2016), i.e. Section 199D(2), 199E and 199F of ...

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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) - (12/05/2017) - Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nat...

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax - (21/04/2017) - CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 - (20/04/2017) - The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Auditors report to disclose dealings in Specified Bank Notes during demonetisation

G.S.R. 307(E) - (30/03/2017) - Auditors to report whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts main...

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Companies to disclose details of Specified Bank Notes in Balance Sheet & Audit Report

G.S.R. 308(E) - (30/03/2017) - Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 201...

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Recent Posts in "Demonetization"

Modus operandi adopted by tax evaders during demonetisation

This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...

Read More
Posted Under: Income Tax | ,

Analysis of cash deposits during 9th Nov to 30th Dec 2016

Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments....

Read More
Posted Under: Income Tax | ,

RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) (12/05/2017)

Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nationalised bank designated by the Reserve...

Read More

India’s Green foot Prints hog International lime lights

If Anti-corruption drives, including demonetization of high currency notes, are the center piece of the Narendra Modi Government’s first three years of governance, A slew of initiatives including India’s bold stand in the Paris climate meet, sustained bids to protect flora and fauna and stringent control orders for air and water pollu...

Read More
Posted Under: Income Tax |

A will to tackle corruption and black money

Establishing a system that ‘eliminates the scope for corruption’ was an important promise made by the Bharatiya Janata Party in its Election Manifesto, 2014. The methods to achieve the goal were identified as a) Public Awareness b) Technology based e-governance c) System-based policy driven government d) rationalization and simplifica...

Read More
Posted Under: Income Tax |

Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India)

Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the special cell of Delhi Police during probe o...

Read More

Cash Transactions for which details needs to submitted by 30.04.2017

If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore...

Read More

Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax (21/04/2017)

CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (20.04.2017)

FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...

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Posted Under: Income Tax | ,

All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 (20/04/2017)

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

Read More
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