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Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016
On-a-days lot of messages are been circulated on social media that cash deposited in a bank may attract tax and penalty of 200%, I have tried to explain the provisions of Income Tax Act 1961 in this respect.
Central Government vide Notification No. S.O. 3408(E) dated 08.11.2016 specified that bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:— (a) for making payments in Government hospitals for medical treatment and pharmacies in Government […]
Its been reported in some cases that income declared under revised IDS 2016 declaration is lower than income declared under original declaration on account of some typographical or bonafide error.
A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks?
Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;
In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs 500 and 1000 denominations of Bank Notes of the existing series issued by RBI shall cease to be legal tender with effect from 9th November, 2016,
Ministry of Economic Affairs released a press release on 8th Nov 2016 in order to withdraw Legal Tender Character of Old High Denominated bank Notes (OHD) ie; Rs. 500 &Rs. 1,000
FM sais that there will be positive impact of recent decision of demonetising of higher value currency notes. He assured that people making small deposits for exchanging old currency notes will not be harassed.
Dear Professional Colleagues, Taking nation by surprise, our Hon’ble Prime Minister Shri Narendra Modi Ji declared demonetisation of the existing Rs. 500 and Rs. 1000 notes to take them out of circulation as a measure to curb financing of terrorism through the proceeds of fake Indian currency notes and to eliminate black money. I am […]