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 Chennai deletes additions under Section 69A for cash deposits made during demonetization by P. Tamilmani. Case highlights pro...
Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...
Income Tax : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity s...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
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...
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...
The penalty of 200% is a reality and levied under section 270A of the income tax act, 1961 in cases of under-reporting of income or misreporting of income.
The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.
Weekly limit of ₹ 20000/- for withdrawal from bank accounts increased to ₹ 24000 & daily limit of ₹ 10000/- per day stands withdrawn.
The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner
Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks. There is sufficient cash available with RBI and Banks.
One of the primary objectives of cancellation of legal tender character of old series of Rs.500/- and Rs.1000/- notes was to check the menace of terror financing through counterfeit currency notes
Probable Reasons as to why the new Rs. 2,000 notes are being issued and actions already being taken before demonetization:
Articles discusses recent Demonetisations of the Higher Denomination Notes (Rs. 500 and Rs. 1000) by Government of India – synopsis, consequence and duties
Guidelines for replacement of existing Rs 500 and Rs 1000 notes with new notes and to understand the procedure of scheme and relevant provisions of Income Tax.
