Finance : Recent reforms in gold, land, and PAN tracking hint at a structured buildup toward another demonetisation. The key takeaway is a t...
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...
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 : The case involved cash deposits during demonetization treated as unexplained income. The tribunal accepted the explanation of fore...
Income Tax : The Tribunal deleted the addition after finding that cash deposits were supported by disclosed sale consideration and documentary ...
Income Tax : The issue was whether demonetization cash deposits were unexplained. The Tribunal held that deposits from recorded business sales ...
Income Tax : The judgment reiterates that additions under Section 68 cannot be based on presumptions or suspicion without supporting evidence. ...
Income Tax : The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the sam...
Fema / RBI : RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. How...
Fema / RBI : The RBI announced the withdrawal of ₹2000 notes in May 2023. As of Sept 30, 2025, 98.35% of notes are returned. Notes remain leg...
Fema / RBI : RBI provides an update on the withdrawal status of ₹2000 banknotes, with 98% of notes returned by October 31, 2024....
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...
From November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth Rs. 5,92,613 crore have been issued to public
The online verification of cash deposits during demonitisation has been enabled on the e-filing portal (for taxpayers) which will be synchronized with the internal verification portal of Income Tax Department (ITD).
Voluntary disclosure scheme has been implemented six times in India and discontinued the scheme ever again, the reason being that it is unfair to the honest person.The honest businessman’s capital is rising slowly because he is paying full tax. The dishonest businessman’s capital is rising fast.so the honest s one say let me also become dishonest.,although IDS OF 2016 was also like this.
GDP growth in 2017-18 is projected at 6 ¾ to 7 ½ percent Post-demonetisation. Middle class to get affordable housing due to fall in Real Estate prices. Remonetisation to eliminate cash squeeze by April 2017.
Government will put greater focus on quality of expenditure and higher tax realisation from the huge cash deposits in Banks, triggered by demonetization, Shri Jaitely concluded.
Income Tax Department- User Guide for Online Verification of Cash Deposits during 9th Nov to 30th Dec 2016 Please contact 1800 4250 0025 for queries regarding e-filing issues. Please send mail at cash2016@incometaxindia.gov.in for queries regarding verification. 1. Background Income Tax Department (ITD) intends to leverage technology and data analytics for effective utilization of demonetisation […]
Income Tax Department launches Operation Clean Money to seek Clarification from PAN holders on cash deposited during Demonetisation period
Income Tax Department has identified bank accounts which have large value cash transactions. The details of bank account are visible under Compliance section of the e-filing portal of the related persons. PAN holders can submit the on-line response as under:
Income Tax Department (ITD) has initiated Operation Clean Money, today. Initial phase of the operation involves e-verification of large cash deposits made during 9th November to 30th December 2016.
There has been a significant surge in CASA deposits of most banks post demonetisation, which has given a strong boost to liquidity and lowered their cost of funds. It has also encouraged banks to lower their MCLR across all tenures.
