demonetisation Archive

Scrutiny of revised-belated returns post-demonetisation-important issues

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Scrutiny of revised-belated returns post-demonetisation-important issues. CBDT list instances indicating abuse of Income Tax provisions CBDT in its latest instruction has cautioned all PCCITs and DGITs regarding revised/belated returns filed by assesses post-demonetisation and issued guidelines for important issues to be considered while framing scrutiny assessments in such cases.

 

SoP for issue of notice for substantial cash deposit during demonetisation period by CBDT

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SoP for issue of notice for substantial cash deposit during demonetisation period. CBDT issues procedure for issue of notice u/s 142(1) of Income-tax Act F.No. 225/363/2017-ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, N.Delhi, dated the 15th November, 2017 To All Principal Chief-Commissioners of

 

Post demonetization-one company found with 2134 bank accounts – MCA Press Release

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Post demonetization-one company found with 2134 bank accounts another deposited-withdrew Rs 2484 crores. Over Rs 17000 crore deposited-withdrawn.   Recently the Ministry of Corporate Affairs had striked off more than 2 lakhs of companies for remaining inactive for a period of two (2) years or more. Now, MCA vide a

 

Counting of Specified Bank Notes-RBI says it uses hi-tech machines

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Counting of Specified Bank Notes-RBI says it uses hi-tech machines. Press had reported that RBI was not using machines for counting SBNs Reserve Bank of India September 10, 2017 RBI says it uses sophisticated machines for processing currency notes It has been reported in a section of the press,

 

Impact of Demonetisation on Black Money-Widening of Tax Base and Direct Tax Collections

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Impact of Demonetisation on Black Money Widening of Tax Base and Direct Tax Collections. Govt. largely relying on income tax figures to justify demonetisation Press Information Bureau  Government of India Ministry of Finance 31-August-2017 16:52 IST Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax

 

Number of Taxpayers added after Demonetization-clarification on different figures given at PM Speech, FM Statement etc.

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Number of Taxpayers added after Demonetization-clarification on media reports on different figures given at PM Speech, FM Statement, Rajya Sabha Reply etc. Press Information Bureau  Government of India Ministry of Finance 18-August-2017 19:37 IST Clarification regarding number of Taxpayers added after Demonetization  Various news reports/articles have appeared in the

 

Increase of 25% in number of ITRs filed due to demonetization and Operation Clean Money

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Increase of 25% in number of ITRs due to demonetization and Operation Clean Money. Advance Tax (Personal Income Tax) collections also up by 41% Press Information Bureau  Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth in number of Income Tax Returns filed in current fiscal Advance