Income Tax News
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
Withdrawal limit increased from ATM to Rs 2500 and banks to Rs 24000
14 November 2016 at 11:16RBI/2016-17/129DCM (Plg) No.1272/10.27.00/2016-17November 13, 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 monitoring closely receipt of fake currency
14 November 2016 at 10:37Government agencies are closely monitoring receipt of fake currency notes in Banks and Post Office; Special watch is being kept receipt of fake notes in the States bordering our neighbouring countries. One of the primary objectives of cancellation of
Sufficient cash is available with banks
14 November 2016 at 10:37Availability of cash with Bank branches and Post Offices Ministry of Finance has reviewed and taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major ba
3 lac crore has been deposited in banking system
14 November 2016 at 10:37Finance Ministry reviews the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country; Issuance of the new series of Rs. 500/- notes commenced; Instructions issued to the Banks a
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