Demonetization news

CBI arrests Ahmedabad businessman in demonetised currency note case

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...

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Posted Under: Income Tax |

Slowdown effect of demonetisation & GST has now more or less played out: FM

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...

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Posted Under: Income Tax |

Demonetisation helped in reducing volume of cash transactions: FM

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. ...

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Posted Under: Income Tax |

Impact of Demonetization on Black Money, Widening of Tax Base and Direct Tax Collections

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...

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Posted Under: Income Tax |

Demonetization benefited Indian Economy & People: FM

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...

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Posted Under: Income Tax |

98.96% of SBNs come back to the RBI after demonetization

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....

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Posted Under: Income Tax |

25% growth in number of Income Tax Returns filed

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 ...

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Posted Under: Income Tax |

Govt identifies 18 lakh persons whose cash transactions did not appear in line with their tax profile

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...

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Posted Under: Income Tax |

Relief Measures for the Farming Sector Post Demonetisation

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....

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Posted Under: Income Tax |

Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

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...

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Posted Under: Income Tax |
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