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...
FM Says that digital transactions are a parallel mechanism, not a substitute, for cash transactions; less cash can be gradually substituted through digital payments
Application for deposit under Pradhan Mantri Garib Kalyan Deposit Scheme shall be made in Form II, indicating amount, full name, PAN, Bank Account details and address of declarant.
Taxation Laws (Second Amendment) Act, 2016 / Taxation and Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 received assent of President on 15th December, 2016.
NITI Aayog announces launch of the schemes – Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana – for incentivising digital payment
Airports Authority of India (AAI) has issued directions to respective Car Parking Licensees across all AAI controlled airports for evolving a mechanism of e-payment transactions in form of Debit/Credit Cards, Digital Wallets (PayTM, Freecharge, Mobikwik, Reliance Jio etc.)
Procedure outlined in OM is applicable to tax, non-tax and other payments upto Rs.1 Lakh to Government of India made by citizens using Debit cards.
(a) whether the Government has authorised the use of mobile wallets to pay toll at National Highways (NHs); (b) if so, the details thereof and the objective behind the move; (c) whether a mobile company has received approval from the National Highways Authority of India to digitize payments at toll plazas on NHs, if so, the details thereof;
If we read the above circular strictly, it exempts seizure of only gold ornaments and jewellery and does not cover gold coins and gold bars. So the income tax officers can seize the gold coins and bars even if the weight is within the limits specified in the above circular in case you are not able to explain source of such gold coins and bars.
Among 141 participating countries, India ranked 81st on the Global Innovation Index in 2015. This year, India’s ranking improved to 66th.This is all thanks to the developments India has been making. The latest such development is demonetisation. It has increased the countrys dependence on digital payment processes.
It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law.
