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Income Tax News


No over the counter exchange of old notes from today

   25 November 2016 at 10:59

After due consideration of all relevant aspects, the Central Government takes various decisions relating to certain operational aspects of the Scheme relating to cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes; No over the co

Posted in Income Tax  2 comments |   10038 Views


India signs declaration with Switzerland to retrieve information regarding Swiss bank holders

   23 November 2016 at 11:10

India and Switzerland Sign ‘Joint Declaration’ for the implementation of Automatic Exchange of Information (AEOI) between the two countries Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for t

Posted in Income Tax  4 comments |   4653 Views


PM invites views from the people on demonetisation on his app

   22 November 2016 at 16:53

The Prime Minister, Shri Narendra Modi, has invited views from the people, on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a survey consisting of 10 question

Posted in Income Tax  15 comments |   3219 Views


Demonetization: Queues Getting Shorter

   22 November 2016 at 16:53

Prime Minister Narendra Modi�s bold move to demonetize high value currency notes to curb black money and corruption signals his resolve to take on high and mighty ignoring political minefield. When the Prime Minister suddenly announced demoneti

Posted in Income Tax  1 comments |   3159 Views


Withdrawal upto Rs 50000 allowed from OD and CC account

   22 November 2016 at 11:23

RBI/2016-17/142DCM (Plg) No.1317/10.27.00/2016-17November 21, 2016The Chairman / Managing Director/Chief Executive OfficerPublic Sector Banks / Private Sector Banks/ Foreign BanksRegional Rural Banks / Urban Co-operative Banks / State Co-operative Ba

Posted in Income Tax |   4980 Views


Conditions for withdrawing Rs 2.5 lac for wedding celebration from bank

   22 November 2016 at 11:23

RBI/2016-17/145DCM (Plg) No.1320/10.27.00/2016-17November 21, 2016The Chairman / Managing Director/Chief Executive Officer,Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign BanksRegional Rural Banks / Urban Co-operative Banks

Posted in Income Tax |   4785 Views


Govt warns 2.5 lac exemption for cash deposit not for bank accounts that are misused

   18 November 2016 at 17:11

Strict Action against Tax Evaders using other persons� Bank Accounts to convert their Black Money into New Denomination Notes;�Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax

Posted in Income Tax  4 comments |   24330 Views


Transactions in relation to which quoting PAN is Mandatory

   18 November 2016 at 10:47

The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 an

Posted in Income Tax  2 comments |   5322 Views


Limit reduced to Rs 2000 for daily exchange of notes

   17 November 2016 at 11:46

The Central Government takes several decisions to facilitate farmers, small traders, Group 'C' Employees of Central Government including equivalent levels in the Defence and Para Military Forces

Posted in Income Tax  1 comments |   13911 Views


Bank to report to IT dept cash deposit of more than 2.5 lac in savings and 12.5 lac in current account

   16 November 2016 at 19:12

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXESNOTIFICATIONNew Delhi, the 15th November, 2016G.S.R 1068(E).- In e

Posted in Income Tax |   24819 Views