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Income Tax - A large number of assessments pertaining to cash deposited in banks during demonetization period are pending. The article analysis relevant sections of I.T. Act as well as various legal issues to assist assessing officers in passing error free sustainable assessment orders....
Read MoreIncome Tax - Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean ...
Read MoreIncome Tax - Demonetisation – Good or Bad is not a topic of discussion here, but subsequent to demonetisation and in order to prevent taxpayers to deposit unaccounted cash by paying 30% tax an amendment was introduced to s.115BBE on 15-12-2016 with retrospective date of 1-4-2016 making tax rate at 75%. 1.1 Section 115BBE was introduced originall...
Read MoreIncome Tax - The Government has launched a sustained campaign in the last 4 years against black money and has taken several bold steps including constitution of the ‘Special Investigation Team on Black Money’, enactment of the ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’, Income Declaration Scheme, ...
Read MoreIncome Tax - This DPT 3 form is a multipurpose form which may be in use for i) return of deposits, ii) return of disclosure of money or loan received by a company but not considered as deposit as per rules and iii) one time return for disclosure of details of outstanding money or loan received by a company but not considered as deposit....
Read MoreIncome Tax - An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes....
Read MoreIncome Tax - Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax Rs 6,900 Crore worth Benami assets and Rs 1600 Crore worth foreign assets attached 18% growth in direct tax collection in Fy 2017-18 Tax base increased by 1.06 Crore people filing ITR for 1st time mainly on account of demonetization The […]...
Read MoreIncome Tax - The Ministry of Corporate Affairs vide notification dated March 30, 2017 notified Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to the Companies Act, 2013. Vide this amendment, the following new clause was inserted in Rule 11 of Companies (Audit and Auditors) Rules, 2014...
Read MoreIncome Tax - Demonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. ...
Read MoreIncome Tax - Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 201...
Read MoreSh. Mohan Kumar Sharma Vs Central Public Information Officer (Central Information Commission) - It is held that information sought regarding date of deposit of Rs. 15 Lakhs in the account of each citizen as promised by PM Narendra Modi and how print media houses came to know before the announcement of PM Narendra Modi about the demonetisation, etc. of the RTI application does not fall under th...
Read MoreRohit Tandon Vs. The Enforcement Directorate (Supreme Court of India) - While upholding the proceedings against Advocate Rohit Tandon, a three judge bench of the Supreme Court confirmed the Delhi High Courts’ order denying bail for possession and conversion of Demonetized Currency....
Read MoreRamswaroop Vs PIO (Central Information Commission) - The appellant sought to know: a) how many persons exchanged old notes for new notes at Pinto Park branch and also in 3 Wing Branch of Post Office in Air Force area, during the period 08.11.2016 to 25.11.2016 after demonetization; b) total amount of new currency issued for the period 08.11.2016 to 01...
Read MoreVictory Logitrans Pvt Ltd & Anr Vs Union of India & Ors (Supreme Court of India) - In a new affidavit filed before Supreme Court on 17th July 2017 Central Government made it clear that it cannot give more time to deposit old currency notes, as in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs ...
Read MoreRamswaroop Vs PIO, Department of Posts (Central Information Commission) - The CIC, in the case of Ramswaroop Vs PIO, Department of Posts, has directed the authority concerned to provide information regarding the number of currency notes exchanged during the demonetization period to the petitioner since demonetization had a huge impact on the everyday life of every citize...
Read MoreInstruction No. 15 - (15/11/2019) - In this regard, board has issued an instruction related to the verification checklist in the cash deposit cases during the demonetization period for providing the assistance to the AOs for verification of cash deposits and framing of assessment in the demonetisation related cases....
Read MoreF.No.225/145/2019-ITA-II - (09/08/2019) - Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framin...
Read MoreF. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 - (15/03/2019) - Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notice under section 142(1) of the I. T. Act has remained non-complied...
Read MoreNo. 225/363/2017-ITA.II - (05/03/2019) - SOP for handling of cases related to substantial cash deposit during the demonetisation period in which notice under section 142(1) of the Income-tax Act, 1961 has not been complied-regd.-...
Read MoreF. No. 225/391/2017/ITA.II - (24/11/2017) - In case of a belated return, it would be crucial to examine the trend and business practices of a particular assessee while ascertaining the legitimacy of the transactions disclosed in a belated return, filed post-demonetisation....
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Instruction No. 15 - (15/11/2019) -
F.No.225/145/2019-ITA-II - (09/08/2019) -
F. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 - (15/03/2019) -
No. 225/363/2017-ITA.II - (05/03/2019) -
