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...
Governments Departments may be allowed to draw cash beyond the stipulated limit of ₹ 10,000/-, in exceptional cases, only on production of evidence justifying their cash requirements in writing,
The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes; While it is a step in the right direction, a few steps would need to be taken to not only ensure that people holding black money in cash are not able to convert it into white
Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016
On-a-days lot of messages are been circulated on social media that cash deposited in a bank may attract tax and penalty of 200%, I have tried to explain the provisions of Income Tax Act 1961 in this respect.
Central Government vide Notification No. S.O. 3408(E) dated 08.11.2016 specified that bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:— (a) for making payments in Government hospitals for medical treatment and pharmacies in Government […]
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.
