Demonetization - Page 2

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 |

Allowing 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 being […]...

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New reporting requirement in Auditor‘s Report

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:-...

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Posted Under: Income Tax |

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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Provide 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 citizen of the nation. ...

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Modus operandi adopted by tax evaders during demonetisation

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...

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Analysis of cash deposits during 9th Nov to 30th Dec 2016

Article Provide an overview of share of cash deposits (during the period 9thNov to 30thDec 2016) for various taxpayer and business segments....

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Posted Under: Income Tax | ,
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