Banks to report deposits over Rs 2.5 lakh in 50-day window
8 years, 4 months ago

Banks to report deposits over Rs 2.5 lakh in 50-day window

New Indian Express  

NEW DELHI: Moving quickly to plug loopholes, the Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct 500 and 1000 rupee notes. But in view of apprehensions that a large number of illegal or black money may sought to be converted into white during the window provided till December 30, the Revenue Department has issued a fresh set of instructions, a top official said. But the window provided to them will also be not allowed to be misused, he said, adding that the Income Tax Department is keeping a close eye on all high-value deposits. In its biggest crackdown ever on black money, the government on Tuesday night announced demonetisation of Rs 500 and Rs 1,000 notes and asked people holding such notes to deposit them in their bank accounts.

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History of this topic

Income tax rule: How much cash can you receive in your bank savings account in one financial year to avoid I-T notice?
3 months, 1 week ago

Income tax rule: How much cash can you receive in your bank savings account in one financial year to avoid I-T notice?

Live Mint  

Income tax rule: Have you ever considered how much cash you can deposit and withdraw in your bank savings account in a fiscal year to avoid being investigated by the income tax authorities? Personal finance experts say that as per income tax regulations, the total cash deposits or withdrawals in a savings account during a financial year should not exceed …

Income tax rules: How much cash can you receive in one day to avoid an I-T notice?
3 months, 2 weeks ago

Income tax rules: How much cash can you receive in one day to avoid an I-T notice?

Live Mint  

The income tax department carefully monitors high-value cash transactions, so taxpayers should exercise caution when engaging in them. Section 269ST of the Income Tax Act prohibits receiving cash payments of ₹2 lakh or more in a single day for a single transaction or related transactions on a single occasion. “Taxpayers should be aware that the Income Tax Department monitors high-value …

What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account
6 months, 1 week ago

What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account

News 18  

The tax is levied on your income if it is above a certain limit as per the tax slabs. You can deposit Rs 10 lakh in your savings account within a year without facing any problems from the Income Tax Department. If an account holder is unable to tell where the money came from, the Income Tax Department can recover …

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT
11 months, 3 weeks ago

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT

Live Law  

While deleting the addition made by the AO u/s 68 of the Income Tax Act, the Indore ITAT held that once the cash sales and availability of the cash with the assessee is duly supported by the books of account of the assessee, then making deposit at one go in the circumstances after declaration of demonetization cannot be a reason …

Transactions seen as red flags by Income Tax Department; can send tax notice
1 year, 6 months ago

Transactions seen as red flags by Income Tax Department; can send tax notice

Live Mint  

Many taxpayers are dreading after some people complained on their social media handles of getting Income Tax notices. Several factors could lead to the department issuing a notice to an account holder depositing more than Rs 10 lakh in cash within a fiscal year. If a payment exceeding Rs 1 lakh is made in cash towards your credit card bill …

Last date to exchange ₹2000 at banks nears; check list of bank holidays in Sept
1 year, 6 months ago

Last date to exchange ₹2000 at banks nears; check list of bank holidays in Sept

Live Mint  

Many people are still approaching banks to exchange or deposit their ₹2000 banknotes after the Reserve Bank of India removed them from circulation on 19 May 2023. According to the RBI press release issued on May 19, 2023, "The facility for deposit and/or exchange of ₹2000 banknotes shall be available for members of the public up to September 30, 2023.The …

Delhi HC dismisses plea challenging permission to exchange Rs 2,000 notes without requisition slip, ID proof
1 year, 9 months ago

Delhi HC dismisses plea challenging permission to exchange Rs 2,000 notes without requisition slip, ID proof

India TV News  

New Delhi: The Delhi High Court on Monday dismissed a plea challenging permission to exchange of Rs 2,000 currency notes without any requisition slip and identity proof. Petitioner and advocate Ashwini Kumar Upadhyay submitted that a large amount of currency has reached either an individual's locker or has “been hoarded by separatists, terrorists, Maoists, drug smugglers, mining mafias and corrupt …

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny
1 year, 10 months ago

Big deposits of ₹2,000 notes in Jan Dhan accounts will draw tax scrutiny

Hindustan Times  

Mass cash deposits are likely to come under scanner to catch tax evaders using third party bank accounts to hide their wealth while exchanging ₹2,000 notes, according to officials aware of the development, who said sudden large deposits in multiple Jan Dhan Yojana accounts may also be scrutinised. Banks have been instructed to report “suspicious” account transactions and tax authorities …

Over 8000 crores assets seized in IT raids in 8 years: Govt in Lok Sabha
2 years ago

Over 8000 crores assets seized in IT raids in 8 years: Govt in Lok Sabha

Op India  

On Monday, March 20, the Government of India told the Lok Sabha that the Income Tax department has seized total assets worth Rs 8832.92 crores in the search and seizure action conducted by it in the last eight financial years, i.e from 2014-2015 to 2021-2022. The state minister for finance further asserted that tax demand of a total of Rs …

Income tax: These 5 cash transactions may attract I-T notice. Details here
3 years, 3 months ago

Income tax: These 5 cash transactions may attract I-T notice. Details here

Live Mint  

Income tax department has become highly vigilant against cash transactions these days. Advising taxpayers to report high value cash transaction in one's income tax return ; Amit Gupta, MD at SAG Infotech said, "If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. On top 5 cash transactions …

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur
5 years ago

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur

ABP News  

New Delhi: Amid speculation that Centre may be veering around to discontinue high-value notes from circulation, Minister of State for Finance Anurag Thakur has said that the government has no plan to withdraw Rs 2,000 notes and these are being dispensed through many bank ATMs. In a written reply in Lok Sabha, the Minister said that in view of the …

Centre changes law, allows law enforcement agencies to hold banned currency notes
6 years, 6 months ago

Centre changes law, allows law enforcement agencies to hold banned currency notes

The Hindu  

The Centre has come to the rescue of law enforcement agencies like tax department and Enforcement Directorate, which are faced with a situation of holding confiscated currency notes beyond specified limits, by making changes in the law. A notification in this regard has been issued by the Ministry of Finance allowing agencies such as Central Board of Direct Taxes, Central …

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors
7 years, 3 months ago

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

Op India  

While blind critics like Mr Vinod Dua may be crying hoarse in video after video, that demonetization has failed, black money got converted into white, the Income Tax Department has not let its gaze move away from the target. Last week we had reported how the IT Department had issued detailed guidelines to tax officers, which are to be considered …

Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation
7 years, 3 months ago

Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation

India TV News  

The Income Tax Department has slapped notices on 1.16 lakh individuals and firms which made cash deposits of more than Rs. 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. "There are 1.16 lakh people who have deposited more than Rs 25 lakh in cash after demonetisation …

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh
7 years, 3 months ago

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh

Firstpost  

According to the official data, 17.73 lakh suspicious cases involving Rs 3.68 lakh crore have been identified by income tax dept in 23.22 lakh bank accounts post demonetisation New Delhi: The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but …

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban
7 years, 4 months ago

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

India TV News  

The Income Tax Department is set to issue notices to about 100,000 entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for a detailed probe into suspected discrepancies, official sources said on Tuesday. In the first tranche, notices will be issued to 70,000 entities who deposited over Rs 50 lakh in …

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech
7 years, 7 months ago

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech

India TV News  

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech Prime Minister Narendra Modi today said that over Rs 1.75 lakh crore deposited in banks post note-ban and more than 18 lakh people with disproportionate income are under government scrutiny Vowing to continue the crackdown on black money, Prime Minister Narendra Modi today said that …

Demonetisation: RBI may reveal in 2 weeks the amount it got through banned note deposits
7 years, 8 months ago

Demonetisation: RBI may reveal in 2 weeks the amount it got through banned note deposits

Firstpost  

The last time the RBI gave an update on the notes was as of 10 December 2016, when it said as much as Rs 12.44 lakh crore were deposited The Reserve Bank of India is likely to reveal the amount of money it received in demonetised Rs 500 and Rs 1,000 notes in two weeks, according to a report in …

Services Exempt From Rs. 2 Lakh Cash Transaction Limit Notified
7 years, 8 months ago

Services Exempt From Rs. 2 Lakh Cash Transaction Limit Notified

Live Law  

The Department of Revenue, in the exercise of its powers under Section 269ST of the Income Tax Act 1961, has notified the list of transactions that shall not be subject to the aforementioned provision.This provision was introduced by the Finance Act 2017, with effect from April 1, 2017, and sets a limit on cash transactions up to Rs. The Department …

Window for depositing old notes closed
7 years, 11 months ago

Window for depositing old notes closed

Deccan Chronicle  

New Delhi: The Centre on Tuesday informed the Supreme Court that holding old cash of Rs 500 and Rs 1000 notes which were scrapped by the government on November 8, 2016, after the deadline of December 31, 2016 is illegal and the window for depositing such notes is closed. Chandrachud and Sanjay Kishan Kaul hearing a batch of petitions challenging …

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns
7 years, 11 months ago

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns

Firstpost  

The changes made in ITR are an attempt to catch tax evaders, an official said. New Delhi: All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. Besides providing for declaring income, exemption claimed and tax …

Breaking; Can’t Open Window For Deposit Of Old Notes After Dec 31, 2016: Centre To SC [Read Affidavit]
7 years, 11 months ago

Breaking; Can’t Open Window For Deposit Of Old Notes After Dec 31, 2016: Centre To SC [Read Affidavit]

Live Law  

The Centre on Friday informed the Supreme Court that there is no need to open the window allowing all categories of people to deposit old notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances.The Central government took a conscious decision that no necessity or any justifiable reason exists either in law or on facts …

Cash withdrawal and deposit rules as of 3 April
7 years, 11 months ago

Cash withdrawal and deposit rules as of 3 April

Live Mint  

New Delhi: The Reserve Bank of India’s deadline to exchange the old Rs500, Rs1,000 currency notes for Indians who were abroad between 10 November and 30 December 2016 ended on Friday. Here’s a list of cash withdrawal and deposit rules as of 3 April: ■ Old Rs500, Rs1,000 currency notes: The facility for exchange of the scrapped old Rs500, Rs1,000 …

Holding Old Cash Of Rs 500, 1000 After Dec 31 Is Illegal: Centre To SC
8 years ago

Holding Old Cash Of Rs 500, 1000 After Dec 31 Is Illegal: Centre To SC

Live Law  

Centre on Friday told Supreme Court that holding old cash of Rs 500and Rs 1000, which were scrapped by the government in November, beyond the deadline December 31, last year is illegal.Attorney General Mukul Rohatgi opposed a batch of pleas seeking order to government to allow the individuals and companies to deposit without any prejudice.The counsel appearing for petitioners submitted. …

New agency to probe anomalies in Income Tax returns filed post demonetisation
8 years, 1 month ago

New agency to probe anomalies in Income Tax returns filed post demonetisation

The Hindu  

There is a move to set up an agency to investigate anomalies in income tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday. Post demonetisation, ₹15 lakh crore was deposited in banks, he said. “As many as 18 lakh people have filed income tax returns showing their income as ₹12 lakh but …

Operation clean money: I-T department places nine lakh accounts under 'doubtful' category
8 years, 1 month ago

Operation clean money: I-T department places nine lakh accounts under 'doubtful' category

Firstpost  

As many as 5.27 lakh assessees, out of 18 lakh who were sent SMS and e-mails, had submitted their response till 12 February New Delhi: Nearly half of the 18 lakh people under the I-T scanner for suspicious bank deposits post cash ban have been put in the ‘doubtful’ category, but action against them will follow only after the new …

Government extends reply date for IT queries on deposits till February 15
8 years, 1 month ago

Government extends reply date for IT queries on deposits till February 15

India TV News  

The government of India today extended the time limit for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15. Now you can file your details by February 15, 2017, #Operation Clean Money," the I-T department said in a tweet. On January 31, the tax department had launched …

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh
8 years, 1 month ago

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh

Firstpost  

The department has accumulated a large data on deposits made in banks after the government banned old Rs 500 and Rs 1000 notes on November 8 The Income Tax department has said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. The …

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T
8 years, 1 month ago

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T

India TV News  

Providing clarity on scrutiny of deposits made in banks post demonetisation, the Central Board of Direct Taxes on Monday said that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the Income Tax Department has segregated different kinds …

Post note ban deposits cross Rs 10 lakh crore mark, IT Dept readies action plan to spot black money holders
8 years, 1 month ago

Post note ban deposits cross Rs 10 lakh crore mark, IT Dept readies action plan to spot black money holders

India TV News  

The deposits made in old Rs 500 and Rs 1000 notes within the 50-day demonetisation window provided by Prime Minister Narendra Modi have crossed the Rs 10 lakh crore mark. A total of 18 lakh bank accounts with over Rs 5 lakh deposits each have been circled out by the tax department. CBDT Chairman Sushil Chandra said 10 days' time …

Post-note ban, 18 lakh depositors under Income Tax scanner
8 years, 1 month ago

Post-note ban, 18 lakh depositors under Income Tax scanner

Deccan Chronicle  

Thane: As much as 16.51 per cent cash deposits out of the total 1.09 crore deposits made across the country during the demonetisation period were now under the scanner of Income Tax department, officials said on Wednesday. Addressing a press meet in Thane, Principal Commissioners of I-T, Thane, Sri Krishna and Pramod Kumar said notices were being sent to 18 …

Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin
8 years, 2 months ago

Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin

India TV News  

The government is yet to take a final call on the recommendation of the high-powered chief ministers’ panel to levy a Banking Cash Transaction Tax on cash deals of Rs 50,000, the Finance ministry said today. The panel said the government must tax cash transactions above Rs 50,000, abolish banks' interest on credit card transactions, give tax refund to consumers …

No final decision on taxing cash transactions above Rs 50,000, says government
8 years, 2 months ago

No final decision on taxing cash transactions above Rs 50,000, says government

Firstpost  

The Finance Ministry on Wednesday clarified that a final call on the recommendations of the panel of Chief Ministers, which includes a tax on cash transactions above Rs 50,000, is yet to be taken. New Delhi: The Finance Ministry on Wednesday clarified that a final call on the recommendations of the panel of chief ministers, which includes a tax on …

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks
8 years, 2 months ago

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks

India TV News  

In yet another measure related to the recent demonetisation, the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills. In a January 17 notification, the Central Board of Direct Taxes made it mandatory for a banking company …

Tax department asks banks to report cash deposits above Rs10 lakh
8 years, 2 months ago

Tax department asks banks to report cash deposits above Rs10 lakh

Live Mint  

New Delhi: The tax department has asked banks to report deposits in any account aggregating Rs10 lakh in a year, as well as cash payments of Rs1 lakh or more on credit card bills. It reiterated its November 2016 instruction asking banks to report all cash deposits of Rs2.5 lakh or more made in one or more accounts of a …

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban
8 years, 2 months ago

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban

India TV News  

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban The government’s analysis of bank deposits post-demonetisation so far show an estimated Rs 3-4 lakh crore of tax-evaded income deposited in old notes during the 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said the Income Tax Department has been …

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban
8 years, 2 months ago

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

Firstpost  

“We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded. More than Rs …

Tax department asks banks to report pre-demonetisation cash deposits
8 years, 2 months ago

Tax department asks banks to report pre-demonetisation cash deposits

Live Mint  

New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016. Besides, banks have also been directed to ask the account holders, who did not furnished PAN or Form-60 at the time of opening bank account, to …

97% banned notes said to be deposited in banks in blow to Modi’s black money fight
8 years, 2 months ago

97% banned notes said to be deposited in banks in blow to Modi’s black money fight

Live Mint  

New Delhi: Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, according to people with knowledge of the matter, dealing a blow to Prime Minister Narendra Modi’s drive to unearth unaccounted wealth and fight corruption. Banks have received Rs14.97 trillion as of 30 December, the deadline for handing in the old bank …

India currency chaos continues as limits put on cash machines amid panic over withdrawal of high value rupee notes
8 years, 2 months ago

India currency chaos continues as limits put on cash machines amid panic over withdrawal of high value rupee notes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India’s banking system remains in …

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report
8 years, 2 months ago

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report

India TV News  

In another firm step against black money hoarders, the Income Tax Department, based on estimates that unaccounted money worth Rs 4 lakh crore may have flown into bank accounts post demonetisation, is gearing up to serve notices to those who cannot explain the source of the money. According to a Times of India report, the data accumulated by the I-T …

Holding old Rs500, Rs1,000 notes won’t land you in jail, minimum fine Rs10,000
8 years, 2 months ago

Holding old Rs500, Rs1,000 notes won’t land you in jail, minimum fine Rs10,000

Live Mint  

New Delhi: The government has made holding of more than 10 junked Rs500 and Rs1,000 notes a penal offence punishable with a minimum Rs10,000 fine, but the harsher four-year jail term has been dropped. The Specified Bank Notes Cessation of Liabilities Ordinance, approved on Wednesday by the Cabinet headed by Prime Minister Narendra Modi, allows individuals to hold no more …

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8
8 years, 2 months ago

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8

India TV News  

Demonetisation: 60 lakh depositors put Rs 7 lakh crore in banks since November 8 The government has said that deposits totalling Rs 7 lakh crore were made by some 60 lakh individuals and companies following the announcement to demonetize high-valu currency notes on November 8. The government has also The government has said that deposits totalling Rs 7 lakh crore …

Criticism from public, Opposition forces RBI to lift cap on Rs 5,000
8 years, 3 months ago

Criticism from public, Opposition forces RBI to lift cap on Rs 5,000

Deccan Chronicle  

New Delhi: The Reserve Bank of India withdrew its Monday’s circular for banks to question those depositing more than Rs 5,000 in junked currency, as the move had quickly led to mounting criticism both from the public and Opposition parties. The circular had diluted the government’s earlier assurance that banks would accept old Rs 500 and Rs 1,000 notes — …

Banks stop questioning depositors after fresh RBI directive
8 years, 3 months ago

Banks stop questioning depositors after fresh RBI directive

India TV News  

Following the RBI’s circular to banks exempting KYC-compliant accounts from scrutiny even if the deposited amount exceeded Rs 5000, banks today began accepting the junked Rs 500 and Rs 1000 notes without any questions. Banks were yesterday directed by the Reserve Bank of India to seek an explanation from customers depositing over Rs 5,000 as to why they had failed …

RBI takes a U-turn, now withdraws restriction on KYC accounts with deposits above Rs 5,000
8 years, 3 months ago

RBI takes a U-turn, now withdraws restriction on KYC accounts with deposits above Rs 5,000

Firstpost  

After banning old Rs 500 and Rs 1,000 notes on 8 November, the government had allowed all of the cash holdings with any person to be deposited in bank accounts till December 30. On 19 December, the central bank had said that now-defunct notes in excess of Rs 5,000 shall be credited to only KYC-compliant accounts and if the accounts …

Deposit All Your Old Rs.500, 1,000 Notes At One Go, Tell Banks Why You Didn’t Deposit Earlier: RBI
8 years, 3 months ago

Deposit All Your Old Rs.500, 1,000 Notes At One Go, Tell Banks Why You Didn’t Deposit Earlier: RBI

Live Law  

If they go and deposit once, no questions are going to be asked to them, ‘clarifies’ FM.With 10 days more to go for the deadline to deposit the demonetised Rs. 1,000 notes, the Reserve Bank of India has issued yet another notification stating that the deposit in demonetised currency in excess of ₹ 5,000 into a bank account will be …

Bank deposits in old notes over Rs 5000 only once till Dec 30: RBI
8 years, 3 months ago

Bank deposits in old notes over Rs 5000 only once till Dec 30: RBI

India TV News  

In the latest move to curb the laundering of unaccounted cash into bank accounts, the Reserve Bank of India today said that deposits over Rs 5000 in old Rs 500 and Rs 1000 denominations can be made only once per account before December 30. The money will be credited to the account only after receiving a satisfactory reply from the …

Mamata questions tax exemption on deposits in old notes by political parties
8 years, 3 months ago

Mamata questions tax exemption on deposits in old notes by political parties

Live Mint  

Kolkata: West Bengal chief minister Mamata Banerjee on Saturday questioned the government’s decision to give income tax exemption on deposits by political parties in old Rs500 and Rs1,000 notes, saying the timing of the announcement shows that there may be “an ulterior motive”. Her statement came a day after revenue secretary Hasmukh Adhia stated that political parties depositing old Rs500 …

Even Rs 2 lakh deposit can land you in trouble. Know how
8 years, 3 months ago

Even Rs 2 lakh deposit can land you in trouble. Know how

India TV News  

In a move that should worry those allowing misuse of their bank accounts for depositing black money during the 50-day window till December 30, the central bank has ordered banks to provide data on such accounts as the government gears up for the next phase of its anti-black money campaign. But after the surge in Jan Dhan accounts, RBI has …

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