Demonetization articles

Implications of deposit of Specified Bank Notes vis-à-vis Section 69A

Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notific...

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Posted Under: Income Tax |

Remembering Demonetisation on its Fourth Birth Anniversary!!!

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...

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Posted Under: Income Tax |

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or 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?...

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Posted Under: Income Tax | ,

Tax @ 82.50% even if you received amount via proper banking channels

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...

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Posted Under: Income Tax | ,

Treatment of Cash Sales as Unexplained Cash Credit | Section 68

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 […]...

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Posted Under: Income Tax |

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Posted Under: Income Tax |

Legality of accepting Specified Bank Notes post Demonetisation

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...

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Posted Under: Income Tax | ,

Analysis of Income Tax Assessment of demonetisation cases

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...

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Posted Under: Income Tax |

Taxation of Deposits Made With Banks in SBNs

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 [&...

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Posted Under: Income Tax |

Assessment of Cash Deposits in OCM Cases

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....

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Posted Under: Income Tax |

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