Income Tax News

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 | 5049 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 | 4848 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 | 24357 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 | 5346 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 | 13932 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 | 24849 Views

Withdrawal limit increased from ATM to Rs 2500 and banks to Rs 24000

14 November 2016 at 11:16

RBI/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

Posted in Income Tax | 3 comments | 4176 Views

Govt monitoring closely receipt of fake currency

14 November 2016 at 10:37

Government 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

Posted in Income Tax | 2286 Views

Sufficient cash is available with banks

14 November 2016 at 10:37

Availability 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

Posted in Income Tax | 1 comments | 3156 Views

3 lac crore has been deposited in banking system

14 November 2016 at 10:37

Finance 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

Posted in Income Tax | 4689 Views