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....
Fault in Notification No. 2652 is clear that the Government had not defined the extent of operation of said clause in the notification. Since the extent of operation itself is missing, the writer is of view that the specified bank notes can be used as a legal tender until the Government defines the extent of operation of said clause.
CBDT amended Rule 114B (mandatory quoting of PAN) and Rule 114E (reporting in AIR) casting regulatory and reporting obligations on banks and post offices for accepting and reporting of cash deposits in the bank and post office accounts.
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.
Provided further that the withdrawal limit provided in the first proviso shall also be applicable to the traders registered with the Agricultural Produce Market Committee (APMC) markets or mandis.
Amidst the on going rumours , the one which is most peculiar and a generic question come acrossed is whether PAN is mandatory for depositing cash in excess of Rs.50,000/- or Rs.2,50,000/- in banks , post office etc?
These measures include: • Increase in number of ATM machines from 2 numbers to 14 numbers (including Mobile ATM)• Tie-up with State Bank of India and AXIS Bank to provide sufficient number of swipe machines (POS) to exhibitors to facilitate the payment transactions by visitors through debit/credit cards.
Notification No. 1/ 2015 – Income Tax S.O. 14(E).—In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide number S.O. 718(E), dated the 31st March, 2010 (No. 21/2010, dated the 31st
The Finance bill 2016 bought a new array of sections to the income tax act that are section 270A and 270AA. The law aims to provide a new procedure for charging penalty for concealment or understatement of income which intends to replace the existing array of sections that is 271(1)(c).
Income Tax Assesses maintaining books of accounts : They should prepare their balance sheet as on 8th November ,2016 and ascertain their cash balance.
Terrorism and ugly politics, funded by black money, are a cancer for India and PM Narendra Modi is the only Doctor who can cure it.
