Demonetization
Was Demonetisation Justifiable?
Corporate Law - 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 MoreEnroute Article 360 – Demonetisation to Democratization
Corporate Law - 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 MoreDemonetization, GST And Economy
Corporate Law - 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 MoreSpecific Disclosures to be made by Companies related to cash
Corporate Law - 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 MoreNew reporting requirement in Auditor‘s Report
Corporate Law - 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 MoreExchange of Demonetized Currency Notes: CBI Searches 32 Places
Corporate Law - 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 MoreOperation Clean Money- Details of work carried out in campaign
Corporate Law - 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 MoreIncrease in number of tax payers post demonetization
Corporate Law - 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 MoreDRI Strikes Against Black Money – Recovers about Rs. 50 Crores of Demonetized Currency
Corporate Law - 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 MoreCBI Registers 77 Cases related to Currency Note Demonetization
Corporate Law - 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 MoreRTI Seeking date of deposit of Rs. 15L In Citizens’ Accounts is not ‘Information’
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 th...
Read MoreSC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes
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 MoreRTI hints Fraud in note exchange at Delhi Post Office Branches: CIC Orders Inquiry
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...
Read MoreAllowing more time to deposit Old Notes would lead to illegal trading of these SBNs
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 ...
Read MoreProvide Info on Demonetization under RTI: CIC to Dept of Posts
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 citize...
Read MoreScrutiny assessments of revised/belated returns post-demonetisation
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 MoreNotice u/s 142(1) in cases related to substantial cash deposit during demonetisation: SOP
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...
Read MoreDeposit of specified bank notes with Reserve Bank
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 ...
Read MoreRBI allows deposit of demonetised notes confiscated before 30.12.2016
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 nat...
Read MoreDate for filing PMGKY declaration extended upto 10th May, 2017
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 MoreRecent Posts in "Demonetization"
RTI Seeking date of deposit of Rs. 15L In Citizens’ Accounts is not ‘Information’
Sh. Mohan Kumar Sharma Vs Central Public Information Officer (Central Information Commission) -
Exchange of Demonetized Currency Notes: CBI Searches 32 Places
Operation Clean Money- Details of work carried out in campaign
Increase in number of tax payers post demonetization
DRI Strikes Against Black Money – Recovers about Rs. 50 Crores of Demonetized Currency
SC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes
Rohit Tandon Vs. The Enforcement Directorate (Supreme Court of India) -
Was Demonetisation Justifiable?
Scrutiny assessments of revised/belated returns post-demonetisation
F. No. 225/391/2017/ITA.II - (24/11/2017) -
Notice u/s 142(1) in cases related to substantial cash deposit during demonetisation: SOP
F.No. 225/363/2017-ITA.II - (15/11/2017) -
CBI Registers 77 Cases related to Currency Note Demonetization
Browse All Categories
Latest Posts
- House Rent Allowance – Deduction u/s. 10(13A)
- How to File Income Tax Return of a Deceased Assessee?
- Analysis of Supreme Court Judgments on Permanent Establishment
- Format of Loan Agreement between Holding & Subsidiary Company
- ICAI’s 121 Suggestions on GST Law submitted to Government
- NCLT forms 12th bench in Cuttack for matters of Odisha & Chhattisgarh
- Weekly newsletter from Chairman, CBEC dated 13/07/2018
- CBIC to observe Third GST Refund Fortnight to clear pending refunds
- No addition for jewellery found within CBDT circular prescribed limit
- Tax Compliance & Planning For Salaried Individuals
Popular Posts
Featured Posts
- Tax Compliance & Planning For Salaried Individuals
- Deduction of Interest on Home Loan From House Property income
- Interest on Home Loan on Self Occupied House –Tax benefits
- Last Moment Tax Saving Investment options Under Section 80C
- Double Benefit on Taxes on Housing Loan
- All about Kisan Vikas Patra and its Taxation
- Submitting Form No. 15G & 15H -Points to Remember
- Tips for Filing Income Tax Returns
- HRA Vs. Rent Free Accommodations (RFA)
- TDS on Interest other than Interest on Securities – 194A
