The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases.
The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...
Read More
Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...
Read More
Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...
Read More
Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]...
Read More
The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....
Read More
Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the sp...
Read More
In its ongoing Operation Clean Money drive (OCM), Various cases were selected for scrutiny assessment for AY 2017-18 where large amount of CASH was deposited during demonetisation period i.e. 9th November 2016 to 31st December 2016. It is observed that while passing order for scrutiny assessment for cash deposited during demonetisation pe...
Read More
The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of [&...
Read More
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 More
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 More
Instruction 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 More
F.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 framing of assessment in demonetisation relate...
Read More
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 More
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 More
F. 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 More
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 More
No. 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 More
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 More
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 More
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 More
It was just a week after the announcement of Notebandi [ its aftershocks still lingering in Indian Economy] I met Herambha Shastri . All of us may have good, bad or worst experience of Notebandi depending upon your stock of 500 and 1000 notes [out of 86% of total volume in the economy] on or after the fateful night 12.00 am of 8th Nove...
Read More
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 More
The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...
Read More
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 More
Sh. 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 the definition of ‘information’ as per...
Read More
Central Bureau of Investigation has today conducted searches at 32 places including the Administrative Office & 17 branches of a Maharashtra based Co-operative Bank Ltd., and the residential premises of the accused persons at Pune, Baramati and Lonavala(Maharashtra) in an on-going investigation of a case relating to alleged exchange of de...
Read More
Details of work carried out in the Operation Clean Money campaign are as under: The cash deposit data was analysed to identify persons whose cash transactions did not appear in line with the tax payer’s profile. Preliminary assessment was undertaken to analyse distribution of large cash deposits across various taxpayer segments (e.g. Bu...
Read More
During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores....
Read More
Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000 denomination currency notes. Acting on the specific intelligence, the officers ...
Read More
Rohit 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 More
For last so many days, there has been only one discussion – Was demonetisation a successful step to curb black money? “99% currency comes back to banks” has ignited a new flame to this discussion. Before discussing about whether demonetisation is a success or failure, let’s talk about what all fields did demonetisation hit –...
Read More
F. 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....
Read More
F.No. 225/363/2017-ITA.II -
(15/11/2017) -
On the basis of data analytics and information gathered during the first phase of online verification under 'Operation Clean Money', a list of assessees who had deposited substantial Cash in bank account(s) during the demonetisation period (8th November, 2016 to 30th December, 2016) but have not yet filed Income-tax return for Assessment ...
Read More
CBI has registered 77 cases and 07 Preliminary Enquiries during post demonetization relating to exchange of demonetised currency in various departments/agencies including Banks, Post Offices, Railways, Insurance companies etc. ...
Read More
The case relates to depositing of demonetized currency notes in UCO Bank, St. Xavier’s High School Road Branch, Ahmedabad, it was registered on 07.04.2017 on the allegations that the said accused, Propriator of Ahmedabad based private company...
Read More
The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetization and GST has now more or less played it out. The Union Minister for Finance an...
Read More
Exactly 68 years ago in the same month of October 1949 , The constituent assembly was discussing the article of the constitution giving power to the President of India to declare the financial emergency in the country. The ultimate result on the financial emergency finally placed uner Article 360. The said discussion started by a note w...
Read More
Ramswaroop 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 01.12.2016 from both the post offices; c) ...
Read More
Aadhar Legislation will stand the test of constitutionality; Demonetisation helped in reducing the volume of cash transactions and increase in digital payments, widening of the tax base and more formalization of the economy among others; No reverse in financial inclusion process possible for policy makers. ...
Read More
The Government launched a concerted drive against black money with Demonetization being an important step in that direction. Among the main objectives of Demonetization was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetization on black money...
Read More
The Government of India decided to cancel the Legal Tender Status of Rs. 1000 and Rs. 500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out black money, (ii) eliminate Fake Indian Currency Notes (FICN), (iii) to strike at the root of financing of terrorism and left wing extremism, (iv) to convert n...
Read More
Taking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far....
Read More
If one looks at the trend in economic growth, it is seen that gross value added in the economy has been slowing down with 7.9% in 2015-16, 6.6% in 2016-17 and just 5.6% in Q1 of 2017-18. On the same lines, industrial capacity utilization as well as industrial production has been slipping. Not only this, fiscal deficit and interest rates h...
Read More
Specific Audit Requirement W.r.t to Section 143(3)(d) of companies Act 2013 read with rules 11(8) of Companies (Audit and Auditors) Amendment Rules, 2017 Audit Procedure W.r.t specific reporting u/s 143(3) over financial statements . Obtain the following information during the Audit engagement performance 1. Closing Cash in hand As on 8...
Read More
Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...
Read More
i. About 18 lakh persons whose cash transactions did not appear in line with their tax profile were identified and approached through email/sms. ii. More than 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore. Out of this record number of 5.27 lakh responses we...
Read More
The Government decided that an additional grace period of 60 days for prompt repayment incentive @ 3% will be provided to such of the farmers whose crop loans dues fall due between 01/11/2016 to 31/12/2016 and if such farmers repay the same within 60 days from their due date in this period....
Read More
Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore. Disclosure of information regarding law flouters/specific taxpayers is prohibited...
Read More
Victory 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 being […]...
Read More
What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...
Read More
G.S.R. 611(E) -
(21/06/2017) -
MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the following rules, namely:- 1. Short title...
Read More
Ramswaroop 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 citizen of the nation. ...
Read More
This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...
Read More
Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments....
Read More
G.S.R. 460(E) -
(12/05/2017) -
Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nationalised bank designated by the Reserve...
Read More
If Anti-corruption drives, including demonetization of high currency notes, are the center piece of the Narendra Modi Government’s first three years of governance, A slew of initiatives including India’s bold stand in the Paris climate meet, sustained bids to protect flora and fauna and stringent control orders for air and water pollu...
Read More
Establishing a system that ‘eliminates the scope for corruption’ was an important promise made by the Bharatiya Janata Party in its Election Manifesto, 2014. The methods to achieve the goal were identified as a) Public Awareness b) Technology based e-governance c) System-based policy driven government d) rationalization and simplifica...
Read More
Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India) -
Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the special cell of Delhi Police during probe o...
Read More
If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore...
Read More
Circular No. 14/2017-Income Tax -
(21/04/2017) -
CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...
Read More
FAQs on Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...
Read More
RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 -
(20/04/2017) -
The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....
Read More
Finance Act, 2017, preceded by demonetization, has proved to be a night-mare for businesspersons especially those of Tiny and SME Sector. Now, there are a number of disincentives in shape of taxes alongwith penalties, which have to be known by every businessman and layman while conducting day to day cash dealings....
Read More
The high risk categories identified include businesses claiming cash sales as the source of cash deposits which is found to be excessive compared to their past profile or industry norms; large cash deposits made by government or PSU employees; persons who have undertaken high value purchases; persons who have used shell entities for layer...
Read More
Huge cash deposits in Specified Bank Notes (SBNs) were made during demonetization period in various newly opened Benami Accounts in Bank of Maharashtra and money was rotated between said accounts as well as to other entities and finally transferred to another account through RTGS ...
Read More
Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) -
The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason exists either in law […]...
Read More
Government has introduced new section 269ST limiting cash transactions above Rs. 2 lakhs. There are no exceptions to this. Even gift received in cash form close relatives above Rs. 2 lakhs come under the ambit of this section. At present there are also certain other provisions which have either a cap or a complete ban on cash transactions...
Read More
CBI REGISTERS A CASE AGAINST TWO OFFICIALS OF POSTAL DEPARTMENT AND OTHERS FOR ALLEGED VIOLATIONS OF RBI GUIDELINES AND CONDUCTS SEARCH CBI Press Release – New Delhi, 08.04.2017 The Central Bureau of Investigation has registered a case U/s 120 B r/w 420 & 406 of IPC and Section 13(2) r/w 13(1)(d) of the Prevention of […]...
Read More
Government has said that there are many companies who have approached the Department of Posts for collaboration with India Post Payments Bank. ...
Read More
We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their duties presently. The situation has turned from bad to worse with last minute dissemination of information by the Investigation Wing...
Read More
G.S.R. 307(E) -
(30/03/2017) -
Auditors to report whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company...
Read More
G.S.R. 308(E) -
(30/03/2017) -
Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 201...
Read More
ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore ...
Read More
The data on payment system indicators such as Paper Clearing, National Electronic Fund Transfer (NEFT) and National Automated Clearing House (NACH), registered growth in December, 2016 as compared to November 2016. However, the same showed a decline in January 2017 as compared to December 2016. • Immediate Payment Service (IMPS), Unifie...
Read More
Cbi registers a case against an official of itarsi railway station and others for allegedly depositing old notes of rs.61 lakh (approx).The accused cheated the Government by accepting the licence fee in cash in the form of demonetized currency notes in violation of Government notification....
Read More
It was alleged that during the period between 15.11.2016 and 25.11.2016, the Senior Special Assistant and Deputy Manager (Operations) of State Bank of India entered into a criminal conspiracy while the restrictions on distribution of currency notes due to demonetization were in force....
Read More
The Central Bureau of Investigation has arrested a Director, Postal Services and Senior Superintendent of Posts, Ahmedabad (Gujarat) in an on-going investigation of a case....
Read More
The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been c...
Read More
Demonetisation broke the backs of those who threatened national security and sent a clear message that it was no longer business as usual. Large deposits are under scrutiny to verify their authenticity....
Read More
RBI/2016-17/251 IDMD.CDD.No. 2347/14.04.051/2016-17 -
(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....
Read More
Circular No. 08/2017-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....
Read More
Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause transient disruption in economic activity....
Read More
Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period ...
Read More
Submission of old currency notes of Rs. 500 and Rs. 1000; The grace period for Indian citizen residing in India is March 31, 2017 and for Indian citizen resident outside is June 30, 2017 ...
Read More
(07/03/2017) -
CBI REGISTERS A CASE AGAINST DGM & AGM, BOTH OF UNION BANK OF INDIA AND THREE PROPRIETOR/DIRECTOR OF PRIVATE FIRMS & OTHERS FOR ALLEGED VIOLATION OF RBI GUIDELINES...
Read More
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....
Read More
When I heard you during your election campaign for the parliamentary elections in 2014, I just dismissed it as another rhetoric by an aspiring politician…. I am referring to your vow of eliminating black money, the so-called parallel economy running in the country… rather, running the country. ...
Read More
Amitabh Kant India is making an attempt to transition to a digital payment, less cash economy. Given that only a meagre percentage of our population pays taxes, the nation’s economy also grows as more and more transactions come under banking and taxation system through digital payments. Besides, corruption in public life and governance ...
Read More
It is may not be a big amount but definitely useful says Mukesh Kumar Verma, a teacher of government Primary school at Gonda in UP who received an SMS informing him that he had won Rs 1000 in the Lucky Grahak Yojana. Mukesh who is all for going digital says...
Read More
Rabi crop sowing has seen an eight per cent rise this season. Reports say the kharif crop this season is going to be a record 297 million tone because of better rain fall. The building of better panchayat roads, 2000 kms of coastal connectivity roads and 130,000 panchayats getting high speed broadband under BharatNet will certainly impro...
Read More
On its part, the NPCI which has been giving big cash awards for use of digital transactions, has so far disbursed over Rs 153 crore to nearly 10 lakh consumers and merchants through Lucky Grahak Yojana and Digi Dhan Vyapar Yojana. These schemes are meant to make digital payments a mass movement. The response through the incentives has be...
Read More
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. ...
Read More
Krishna, After demonetization of currency, government has sent notices to tax payers. It is said that there are certain rights given to Income Tax officers to verify the answers of notices and to conduct further inspection. what are they?...
Read More
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...
Read More
The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...
Read More
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....
Read More
During the last Election PM Narendra Modi promised abolition of Income Tax. In his this Independence Day Speech he said There is a class in the country, especially the middle class, the upper middle class, who is more troubled with income tax officials than the police. I have to change this situation, I am trying and I will change it...
Read More
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....
Read More
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...
Read More
