Income Tax Assesses maintaining books of accounts : They should prepare their balance sheet as on 8th November ,2016 and ascertain their cash balance.
Terrorism and ugly politics, funded by black money, are a cancer for India and PM Narendra Modi is the only Doctor who can cure it.
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
Dear Aaj Tak Team, You did a great job by conducting a successful sting operation of some CA’s converting the black money to white. But the painful thing was the word CA used so many times in a way as if the entire CA community is engaged in this black to white transaction.
Presently, in our country, there is no limit on number of accounts which a person / entity can have with banks / Post Offices. A person / entity can open, keep and operate numerous saving accounts, current accounts and many other type of deposit accounts in various branches of one or more banks and in post offices (P.O.s) .
In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18.
Actual demonetization process- Step 1 : Convert all the black money to white by charging people a specific rate of tax, and depositing all of it in banks. (Leads to huge deposits in banks)
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 new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and design elements
GST implementation in India has a new deadline of 16th September, 2017. This has been aired by FM that anyhow GST will be implemented in India not later than the said date.
