Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
Fema / RBI : Public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged...
Finance : Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, inc...
Income Tax : Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white...
CA, CS, CMA : SFIO, Ministry of Corporate Affairs, arrests CA Nalin Prabhat Panchal in Hyderabad for failure to honor summons related to Nityank...
Income Tax : No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published...
Income Tax : Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Fi...
Fema / RBI : Value of counterfeit notes detected in banking system reduced from ₹43.47 crores in 2016-17 to ₹8.26 crores in 2021-22 since d...
Income Tax : An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the...
Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...
Income Tax : Indore ITAT ruling in Mohammad Ibraheem Khatri vs ITO case highlights that depositing cash after demonetization is not a reason to...
Income Tax : Read the full text of the ITAT Bangalore order on Aijaz Ahmed Suri Vs ITO regarding demonetization deposits. Analysis and conclusi...
Income Tax : Explore the ITAT Delhi's ruling on cash deposits during demonetization in the case of Shivam Industries Radheshyam Sharma & Co. Vs...
Income Tax : Explore the case of Shantabai Jasraj Lodha challenging additions made by CIT(A) - NFAC regarding a Rs.20 lakhs deposit during demo...
Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Fema / RBI : Reserve Bank of India's decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned...
Company Law : Introduction: In a significant move towards ensuring financial transparency and accountability, the Ministry of Corporate Affairs ...
Fema / RBI : Addressing circulating media reports, the Reserve Bank of India emphatically denies allegations of missing banknotes. The RBI stre...
Fema / RBI : Banks are advised to make necessary arrangements at their branches to accommodate customers seeking to exchange ₹2000 banknotes....
Finance Ministry says that it respects autonomy and independence of Reserve Bank of India after a report in sections of Press that some unions have alleged infringement of autonomy of Reserve Bank of India.
Demonetization had resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking, particularly of young girls as sex slaves, mainly from Nepal and North East.
Stressing the implementation of GST, FM says that most of the issues have been resolved; few critical issues are left which will be resolved in next few weeks.
The CBDT vide Circular No.43 of 2016 dated 27.12.2016 issued explanatory notes on provisions of the taxation and investment regime for Pradhan Mantri Garib Kalyan Yojna, 2016 as contained in Chapter IX-A of the Finance Act, 2016. The summary of the same is given below.
Within 10 days of its launch by the Hon’ble Prime Minister, Shri Narendra Modi, BHIM (Bharat Interface for Money) has clocked 10 million installs and over 2 million transactions across the UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) platforms.
It’s time to be back to one-day matches after scruffing it out for almost 50 days during the demonetisation cycle. The Govt. has opened up its window for disclosures of income with a 49.9% tax rate under the Pradhan Mantri Garib Kalyan Yojana
In this Article Hon’ble Finance minister Shri. Arun Jaitley analysed the rationale behind the Demonetisation decision and its impact.
The Central Board of Direct Taxes vide notification No.2/2017 dated 6th January,2017 has once again amended Rule 114E (reporting in AIR ) casting reporting obligations on the banks and post offices for reporting of cash deposits in the bank accounts and post office accounts prior to the demontisation period.
Now as the deadline of 50 days is over, through this new write up, an effort has been made to highlight the gains and losses(both monetary and non monetary) on the so called surgical strike of Government on black money, as well as reasons of not getting desired results & some suggestions to take some effective steps if Govt is indeed serious to curb this menace of black money from our economy .
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
