Tag Archives: demonetization

Increase in number of tax payers post demonetization in India

By | December 23, 2017

Ministry of Finance Increase in number of tax payers post demonetization Posted On: 22 DEC 2017 4:19PM by PIB Delhi During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than… Read More »

Demonetization impact on Audit Report for FY 2016-17

By | June 2, 2017

 Demonetization impact on Audit Report for FY 2016-17 In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective from Tuesday midnight i.e on midnight of 08.11.2016. Lets study demonetization impact on Audit Report . Demonetization impact on Audit Report : Notifications of Ministry of Company Affairs… Read More »

Demonetization : SOP Issued for Assessing Officer for Verification of Cash Transactions

By | February 21, 2017

CBDT issues Standard Operating Procedures to verify taxpayers’ cash transactions Instructions No 03/2017 Dated 21.02.2017 Related Post on Cash Transactions Cash Transaction 2016 -FAQ’s released for e-filing on income tax website Seized Cash by Police – Eligible for PMGKY scheme- P & H High Court How to reply to Income Tax Notice on SBN Cash… Read More »

Demonetization Impact – Milk producers with bank accounts increase from 49.27% to 63.42%

By | February 6, 2017

Percentage of milk producers/farmers with bank accounts increase from 49.27% to 63.42% after demonetization Cashless transaction to milk producers/farmers increases from 23.82% to 72.25% after demonetization  Consequent upon the Central Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash transactions. In this regard, non-availability of funds… Read More »

How and Where to Deposit Old bank notes after 30.12.2016 : RBI prescribed procedure

By | January 1, 2017

Deposit Old notes in RBI after 30.12.2016 : RBI Prescribed procedure For deposit old Notes in RBI , Bank will ensure that accounts are KYC complied. Read following Circular of RBI on prescribed procedure :- Facility for exchange of Specified Bank Notes (SBNs) during Grace Period – Verification of KYC and Account details RBI/2016-17/205 DCM… Read More »

Download Specified Bank Notes (Cessation of Liabilities) Ordinance 2016

By | December 30, 2016

Demonetization ordinance Govt of India has issued Demonetization ordinance  which will be called  :- Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016. The Ordinance is a follow-up to the decision taken… Read More »

Govt proposed jail to people holding old notes

By | December 28, 2016

 Holding demonetized notes of Rs 5,00 and 1,000 ? Govt of India to bring Ordinance The Union Cabinet has approved an ordinance to impose penalty and a jail term for people holding demonetized notes of Rs 5,00 and 1,000. Only specified category of people will be allowed to keep demonetized notes. However, anyone can possess… Read More »