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In this tough time of demonetization where everyone is facing lack of liquidity and fear of having actual turnover shown in bank accounts as compared to past trends, one may use age old provision provided during the time of British colonial rule
For the first time ever probably most of us would have come across the word demonetization. Demonetization is an act on taking back the status of legal tender to currency notes.
First Demonetization was taken place in 1946 by then Government of India. RBI offered clients to exchange their old notes of the denomination of Rs.100 with the new one.
Over the period from November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth ₹ 5,92,613 crore have been issued to public either over counter or through ATMs.
It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers. This is not the correct position.
RBI has removed following conditions on deposit of cash in demonetised Old Notes of Rs. 500 and Rs. 1000 in bank account, which has been put by its Circular dated 19.12.2016
For Unstructured Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further discount of Fifty (50) Paise on these rates shall apply.
Over the period from November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth ₹ 5,92,613 crore have been issued to public either over the counter or through ATMs.
As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finance Act, 2016, in respect of the Taxation and Investment Regime for PMGKY. There are two forms, Form 1 & Form 2.
If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover.
