Demonetization notification

Deposit 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 following rules, namely:- 1. Short title...

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RBI 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 nationalised bank designated by the Reserve...

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Date 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,...

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

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....

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Auditors report to disclose dealings in Specified Bank Notes during demonetisation

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...

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Companies to disclose details of Specified Bank Notes in Balance Sheet & Audit Report

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...

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Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

Notification No. IDMD.CDD.No. 2347/14.04.051/2016-17-RBI (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....

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Existence of deposit in bank not mandatory on PMGKY payment date

Circular No. 8/2017-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....

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Online Verification of Cash Transactions 2016 on AIMS Module in ITBA

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....

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Notice U/s. 133(6) for cash deposited during demonetisation

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. ...

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