Demonetization

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

Income Tax - 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...

Read More

Handle Cash With Special Tax Care

Income Tax - Finance Act, 2017, preceded by demonetization, has proved to be a night-mare for businesspersons especially those of Tiny and SME Sector. Now, there are a number of disincentives in shape of taxes alongwith penalties, which have to be known by every businessman and layman while conducting day to day cash dealings....

Read More

Beware of Income Tax provisions before entering into Cash Transactions

Income Tax - Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions...

Read More

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Income Tax - Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

Read More

India’s Cash Deliverance

Income Tax - The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been c...

Read More

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...

Read More

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 ...

Read More

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 […]...

Read More

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. ...

Read More

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...

Read More

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...

Read More

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....

Read More

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 ...

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,...

Read More

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

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 - (16/12/2016) - 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

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...

Read More

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...

Read More

Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

Notification No. IDMD.CDD.No. 2347/14.04.051/2016-17-RBI - (16/03/2017) - Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt....

Read More

Recent Posts in "Demonetization"

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,...

Read More

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...

Read More
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 (16/12/2016)

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

Handle Cash With Special Tax Care

Finance Act, 2017, preceded by demonetization, has proved to be a night-mare for businesspersons especially those of Tiny and SME Sector. Now, there are a number of disincentives in shape of taxes alongwith penalties, which have to be known by every businessman and layman while conducting day to day cash dealings....

Read More
Posted Under: Income Tax |

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

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...

Read More
Posted Under: Income Tax | ,

CBI registers 2 cases related to Demonetization & conducts Searches

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 ...

Read More
Posted Under: Income Tax | ,

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 exists either in law […]...

Read More

Beware of Income Tax provisions before entering into Cash Transactions

Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions...

Read More
Posted Under: Income Tax | ,

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

Read More
Posted Under: Income Tax | ,

CBI register cases against Bank Post officials for RBU Guideline Violations

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 […]...

Read More
Posted Under: Income Tax |
Page 1 of 4412345...102030...Last »

Browse All Categories

CA, CS, CMA (3,346)
Company Law (3,235)
Custom Duty (6,408)
DGFT (3,335)
Excise Duty (3,988)
Fema / RBI (3,146)
Finance (3,312)
Income Tax (24,332)
SEBI (2,654)
Service Tax (3,259)

Search Posts by Date

April 2017
M T W T F S S
« Mar    
 12
3456789
10111213141516
17181920212223
24252627282930