I am talking about the reports and memes which say that you will have to pay almost 95% tax on the old cash you deposit in banks. Some in social media even interpreted that the 200% penalty is on the income, thus you need to pay more than your income.
The ban of Rs.500/1000 note in India is creating havoc in the Indian markets. Everybody is either rushing towards banks or towards jeweler market to safeguard the black money.
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes in terms of which the banks are required to report daily position on exchange of SBN to RBI.
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?
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,
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 […]
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 […]
Revision in the procedure of cancellation and refund of value of Rs. 10,000/ and above for the PRS counter tickets booked from 09.11.2016 to 11.11.2016.
