Demonetization - Page 5

10 lakh citizens get rewarded for embracing Digital Payments

It has been 58 days since the launch of NITI Aayog’s two incentive schemes – Lucky Grahak Yojana and Digi Dhan Vyapar Yojana to promote digital payments and the public response has been quite encouraging....

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Posted Under: Fema / RBI |

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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Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

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Posted Under: Fema / RBI |

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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Government’s Go Digital Scheme – A master stroke for small traders and businesses

The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash. ...

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Posted Under: Fema / RBI |

Operation Clean Money gets Overwhelming Response

The Income Tax Department (ITD) had initiated 'Operation Clean Money' on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal....

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Posted Under: Fema / RBI |

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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Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Posted Under: Fema / RBI |

Cash Transaction 2016 – Frequently Asked Questions

If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....

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Posted Under: Fema / RBI | ,
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