Demonetization notification

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....

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Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 8/2017-Income Tax (14/03/2017)

Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme....

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Online Verification of Cash Transactions 2016 on AIMS Module in ITBA

F. No. DGIT(S)-ADG(S)-2/Online verification of Cash Transactions/157/2016 (09/03/2017)

The response(s) filed by the tax payer(s) on Cash Transaction 2016 module on e–filing portal is shared with the officer/Assessing officer(s) through AIMS This directorate has issued the EFS Instruction No. 61 dated 21.02.2017 related to its functionalities....

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Notice U/s. 133(6) for cash deposited during demonetisation

Instruction No. 4/2017-Income Tax (03/03/2017)

Notice under section 133(6) of the Act is required to be issued, after obtaining prior approval of Pr. CIT/CIT/Pr. DIT/DIT as provided in the Act, in cases where the 'person under verification' fails to file Online response in a timely manner in spite of issue of reminder by the Assessing Officer. ...

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Law on Cessation of RBI Liability on demonetised bank notes get Presidents Assent

NO. 2 OF 2017 (27/02/2017)

Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer or employee of the company, such directo...

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Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

F.No. 370/06/2016-IT(B) (22/02/2017)

It has been brought to the notice of Board that many banks are not accepting payments of tax/surcharge/penalty under Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons....

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Verification of Cash deposit during demonetisation by AO -CBDT issues guidelines

Instruction No. 03/2017 (21/02/2017)

Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in whose case the cash transactions did not appear to be in line with th...

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Online Verification of Cash Transactions, 2016 in ITBA

EFS Instruction No. 61 (21/02/2017)

The online verification has been enabled on e-filing portal (for taxpayers) which will be synchronized with the internal verification portal (AIMS module of ITBA) of ITD. The salient features of online verification mechanism are as under:...

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Specified Bank Notes– Chest Balance / Cash Holding Limit

DCM (Plg) No.3217/10.27.00/2016-17-RBI (13/02/2017)

As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit....

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No limit on cash withdrawal from 13.03.2017; ₹50000 from 20.02.2017

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 (08/02/2017)

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts....

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