Income Tax News
No over the counter exchange of old notes from today
25 November 2016 at 10:59After 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
India signs declaration with Switzerland to retrieve information regarding Swiss bank holders
23 November 2016 at 11:10India 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
PM invites views from the people on demonetisation on his app
22 November 2016 at 16:53The 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
Demonetization: Queues Getting Shorter
22 November 2016 at 16:53Prime 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
Withdrawal upto Rs 50000 allowed from OD and CC account
22 November 2016 at 11:23RBI/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
Conditions for withdrawing Rs 2.5 lac for wedding celebration from bank
22 November 2016 at 11:23RBI/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
Govt warns 2.5 lac exemption for cash deposit not for bank accounts that are misused
18 November 2016 at 17:11Strict 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
Transactions in relation to which quoting PAN is Mandatory
18 November 2016 at 10:47The 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
Limit reduced to Rs 2000 for daily exchange of notes
17 November 2016 at 11:46The 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
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
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