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...
#Demonetisation-To enable wedding celebration by parents of their wards RBI allowed cash withdrawals upto Rs. 2.50 Lakh from bank a/cs for wedding expenses
#Demonetisation -It has been decided to provide an additional 60 days beyond what is applicable for recognition of a loan account as substandard
#Demonetisation -Holders of current / overdraft / cash credit accounts, which are operational for last 3 months or more, may now withdraw upto ₹ 50000 in cash, in a week.
Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 18, 2016 amounted to ₹ 5,44,571 crore (exchange amounted to ₹ 33,006 crore and deposits amounted to ₹ 5,11,565 crore). They have also reported that the public have withdrawn, during this period, ₹ 1,03,316 crore from their accounts either over the counter or through ATMs.
Before going through the content of the article let us understand what the word Tax Terrorism means. The term ‘tax terrorism’ was first used by the current Prime Minister Narendra Modi to describe the adversarial approach adopted by tax authorities under Congress lead UPA.
Govt decided to allow farmers to purchase seeds with old high denomination bank notes of Rs.500 from Centres,Units or Outlets belonging to Central or State Governments, PSUs, National or State Seeds Corporations, Central or State Agricultural Universities and ICAR, on production of proof of identity.
Articles discuses Need To Introduce Transparency In Bank Locker Facility to Discourage generation of Black Money or to keep the same in check.
Presently everybody is discussing about the government’s decision of demonetization and its effect. The decision has made people confused as to whether their Rs.500 and Rs.1000 notes are an asset or liability.
Everybody applauding the Demonetization scheme of Rs.500 and Rs.1000 notes introduced by our honourable PM Mr.Narendra Modi but is it really worth it? I would request Modiji to relieve me from following doubts.
A Income Tax notice, which was circulating on Whatsapp and on other social media channels regarding deposit of Cash in bank account by an Assessee namely M/s. Sitaram Enterprises from Sikkim.
