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 : In the case of Mewar Hospital Pvt. Ltd. Vs ACIT (ITAT Jodhpur), Bench ruled no addition for explained demonetization currency depo...
Income Tax : Dhanpat Raj Khatri Vs ITO (ITAT Jodhpur) If the explanation based on accounts supported by affidavit is not controverted, no addit...
Income Tax : ITAT Jaipur rules in Shobha Tomar Vs DCIT that cash deposits from professional income during demonetization cannot be deemed unexp...
Income Tax : Merely because certain cash was deposited in the specified bank notes by the assessee during the demonetization period will not ma...
Income Tax : Read the full text of the ITAT Delhi order in Durga Fire Work Vs ITO case for AY 2017-18. Learn why Delhi ITAT ruled cash deposits...
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....
Presently everybody is discussing about the government’s decision of demonetization and its effect. The decision has made people confused as to whether their Rs.500 and Rs.1000 notes are an asset or liability.
Everybody applauding the Demonetization scheme of Rs.500 and Rs.1000 notes introduced by our honourable PM Mr.Narendra Modi but is it really worth it? I would request Modiji to relieve me from following doubts.
A Income Tax notice, which was circulating on Whatsapp and on other social media channels regarding deposit of Cash in bank account by an Assessee namely M/s. Sitaram Enterprises from Sikkim.
1. FAKE CURRENCY-Out of circulation in one stroke. 2. HAWALA SOURCES DRIED UP-Funding stops to Terrorists, Naxalites and Underworld. 3. KASHMIR MOVING BACK TO NORMALCY-Blow to insurgency, no more schools being burnt and no stone petters to be found.
It seems this notification have some mistakes as vide this government has withdrawn relaxation for cash withdrawal and for wedding celebration.
(x) the limits for cash withdrawal by farmers from their loan and other accounts shall be such, as may be specified by the Reserve Bank of India; (xi) for wedding expenses a maximum of Rs. 2,50,000/- may be withdrawn in cash from the bank accounts, subject to such conditions as may be specified by the Reserve Bank of India
Demonetization of Indian High Value Currency Notes is creating havoc and sheer chaos in the Indian Markets. Amidst such a scenario, rumours are spreading on imposition of 200% penalty by the Income Tax Department on the cash deposited in banks by the assessee’s.
Everyone is aware about the demonetization policy of the government by banning Rs. 500 & Rs. 1000 currency notes. One can understand that it would have a pretty bad impact on SMEs, small traders, real estate, transport sector, consumer durable goods industry.
Person(s) who allows His Or Her Bank Account to be misused for for conversion of Black Money into New Denomination Notes can be Prosecuted for Abetment under Income Tax Act,1961
The Central Government has decided to constitute teams of Additional Secretaries/Joint Secretaries/Directors – with each team consisting of up to 2 to 3 officers for each State/UT, to visit the States/UTs and report back to the Government,status of implementation of the Government’s decision relating to cancellation of the legal tender character of high denomination bank notes of Rs. 500 and Rs. 1000 denominations w.e.f. from the expiry of 08th November, 2016. These teams would visit the States allocated to them for a period of at least 2 days and tour across the State during their visit.
