Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
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...
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 : Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the ass...
Income Tax : The ITAT ruled that failure to produce confirmations from debtors did not justify additions where sales, ledger accounts, and samp...
Income Tax : The ITAT Delhi held that cash deposits representing recorded business sales could not be treated as unexplained under Section 68 w...
Income Tax : The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's ...
Income Tax : ITAT Ahmedabad held that cash deposits cannot be treated as unexplained merely because they were made in old denomination notes du...
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...
We’ve all probably dreamt of a dream home at some point in our lives. If youre a step ahead, youve probably seen some of the best Home Loan plans available to you, and considered a few. You might even have applied for a mortgage and thoroughly looked through the Home Loan interest rates, before finalizing on one.
Demonetisation has been a radical, unprecedented step with short term costs and long term benefits. The liquidity squeeze was less severe than suggested by the headlines and has been easing since end-December 2016. A number of follow-up actions would minimize the costs and maximise the benefits of demonetisation.
Most challenging task for the government is to increase the share of personal income tax in GDP, which at present was abysmally low. He said that personal income tax has a share of a mere two per cent, which needs to be raised substantially.
Percentage of milk producers/farmers with bank accounts increase from 49.27% to 63.42% after demonetization Cashless transaction to milk producers/farmers increases from 23.82% to 72.25% after demonetization Consequent upon the Central Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash transactions. In this regard, non-availability of funds […]
ASSOCHAM has impressed upon the central bank and the Finance Ministry to ensure adequate transmission of cuts in the interest rates even as the industry would seek at least 50 -75 basis point reduction in the benchmark lending rates, post demonetization.
Krishna, after 1st February 2017 the Income tax Department is sending tax notices to the taxpayers through e-mails and SMS. How taxpayers will reply to these notices and why are these notices sent to persons who have deposited cash in bank accounts, please explain in detail.
Banks have reported 14 cases (branches) where bank employees have been found involved in ‘irregular exchange transaction’ of Specified Bank Note (SBN) during the phase of Demonetisation,
RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged.
RBI held a meeting of its Central Board on November 8, 2016. The agenda of the meeting, inter-alia, included the item : Memorandum on existing banknotes in the denomination of Rs 500 and Rs 1000 – Legal Tender Status
From November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth Rs. 5,92,613 crore have been issued to public
