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....
A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks?
Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;
In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs 500 and 1000 denominations of Bank Notes of the existing series issued by RBI shall cease to be legal tender with effect from 9th November, 2016,
Ministry of Economic Affairs released a press release on 8th Nov 2016 in order to withdraw Legal Tender Character of Old High Denominated bank Notes (OHD) ie; Rs. 500 &Rs. 1,000
FM sais that there will be positive impact of recent decision of demonetising of higher value currency notes. He assured that people making small deposits for exchanging old currency notes will not be harassed.
Dear Professional Colleagues, Taking nation by surprise, our Hon’ble Prime Minister Shri Narendra Modi Ji declared demonetisation of the existing Rs. 500 and Rs. 1000 notes to take them out of circulation as a measure to curb financing of terrorism through the proceeds of fake Indian currency notes and to eliminate black money. I am […]
Cash withdrawal from a bank account over the counter shall be restricted to Rs. 10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016
As per Hindustam Times Two senior advocates from Mumbai namely Advocate Jamshed Mistry and advocate Jabbar Singh have moved the Bombay high court (HC) urging it to take suo moto cognisance of the Union government’s decision to stop the circulation of all currency notes of the denomination of Rs. 500 and Rs 1,000 arguing that […]
Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016.
After the RBI Ban on Bank Notes of Rs. 500 and Rs. 1000 RBI has issued guideline and format for exchange of such old Bank Notes of Rs. 500 and Rs. 1000 which are as follows:- (i) the specified bank notes of aggregate value of ₹ 4,000/- or below may be exchanged for any denomination […]
