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 Pune rules in favor of Ashok Ravsaheb Tambe, deleting addition of cash deposits during demonetization, explained as proceeds ...
Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...
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...
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....
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.
A Sting Operation carried out by AajTak News channel wherein 2 ICAI members shown talking about converting black money by charging commission of 30% to 40%.
RBI advises banks to send daily report to RBI with details of Specified Bank Notes (SBNs). It has been observed that the banks are sending the reports with significant delay causing severe inconvenience in collation and consolidation of data at RBI.
With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN
PM Modi reviewed position for Second consecutive day yesterday regarding smooth supply and availability of currency notes; Among major decisions taken during Meeting include to continue to give highest importance to ensure convenience for the public;
While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
Launches feature to help find an #ATMwithCash near you Mumbai, November 15, 2016: Walnut, India’s leading personal finance management app, has launched a new feature that allows users to find a working #ATMwithCash, by tracking aggregate ATM withdrawals across India in real time. Having access to cash is vital in situations such as a medical […]
It has come to our notice that some people are coming again & again, banks to use indelible ink to stop multiple withdrawals: DEA secretary
