Demonetization articles

Specific Disclosures to be made by Companies related to cash

Specific Audit Requirement W.r.t to Section 143(3)(d) of companies Act 2013 read with rules 11(8) of  Companies (Audit and Auditors) Amendment Rules, 2017 Audit Procedure W.r.t specific reporting u/s 143(3) over financial statements . Obtain the following information during the Audit engagement performance 1. Closing Cash in hand As on 8...

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Posted Under: Company Law |

New reporting requirement in Auditor‘s Report

What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...

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Posted Under: Company Law |

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...

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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....

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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...

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Posted Under: Company Law |

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...

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Posted Under: Company Law |

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...

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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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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....

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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...

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