Income Tax : The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in ou...
Fema / RBI : Articles answers 21 FAQs on Pradhan Mantri Garib Kalyan Deposit Scheme 2016 for declarant under Taxation and Investment Regime fo...
Income Tax : The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of...
Income Tax : As per para 7(2) of the PMGK deposit Scheme, 2016, the Authorised banks are required to furnish electronically the details of depo...
Income Tax : As per the Notification No. 116/2016, the Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, is a declaration u/s 199C of the Finan...
Income Tax : We would like to bring to your kind attention, the pressure under which the Assessing Officers are forced to discharge their dutie...
Income Tax : Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on...
Fema / RBI : It is clarified that Co-operative Banks are not authorised banks to accept deposits under PMGKDS, 2016. Application for the deposi...
Income Tax : Up to 30.12.2016 payment towards tax, penalty and deposit under Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Ban...
Income Tax : Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act...
Income Tax : The issue was whether large cash deposits during demonetisation could be taxed as unexplained under Section 69A. The Tribunal held...
Income Tax : ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the sche...
Income Tax : Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement record...
Income Tax : The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained in...
Income Tax : Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is pos...
Income Tax : No public servant shall produce before any person or authority, any such document or record or any information or computerised dat...
Income Tax : Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') poin...
Income Tax : CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 20...
Fema / RBI : The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kal...
Income Tax : In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to...
The issue was whether large cash deposits during demonetisation could be taxed as unexplained under Section 69A. The Tribunal held that when deposits are backed by audited books, sales records, and accepted VAT returns, no addition can survive.
ITAT Delhi held that addition u/s 69A of the Income Tax Act unsustainable as cash deposit of INR 4.50 cr. is income under the scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the same is cleared by a valid declaration under the scheme.
Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal […]
The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained investment in purchase of gold?
The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society.
No public servant shall produce before any person or authority, any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties regarding the PMGKY Scheme, other than those specified in section 199-O of Taxation Laws (Second Amendment) Act, 2016
Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax of Rs. 85,50,000/- can treated as payment of […]
Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY’) pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly.
CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,
The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
