STATEMENT OF OBJECTS AND REASONS: Evasion of taxes deprives the nation from critical resources. It also puts a disproportionate burden on the honest taxpayers. Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 could possibly be used for concealing black money. It is, therefore, important that the Government amends […]
Read More »Following are the notices can be serviced to the person who has not filed his income tax return: Section 142(1) Inquiry before assessment: Assessing Officer may a notice to any person who has filed his return u/s 139 or time period of filing of return have been expired. Where the return has not been filed, […]
Read More »Almost 86% of cash transactions were made through Rs 500 and Rs 1,000 notes which were recently scrapped by Indian Government. Indian economy is expected to be 95% cash economy. So we can say 80% of economy was run by 500 and 1000 notes and this is in cash. This will put a dent in […]
Read More »The impact of the amendments could be listed as under: (i) Quote PAN for any cash deposit in a bank account or post office exceeding Rs. 50,000 on any one. (ii) Quote PAN if Cash deposit aggregating to more than Rs. 2,50,000 in a bank account or post office from 09.11.2016 to 30.12.2016. (iii) Cash […]
Read More »Press Information Bureau Government of India Ministry of Finance Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money Converters and be a Partner in this Crime of Converting Black Money into White through this method and help join the Government in eradicating it. It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for income tax is Rs. […]
Read More »Source: livelaw.in The Supreme Court today refused to interfere with the central government’s decision to demonetise Rs 1,000 and Rs 500 currency notes but sought an affidavit as to what urgent extra measures can be taken to put an end to the severe inconvenience people faced. The bench headed by Chief Justice T S Thakur […]
Read More »The “White Paper on Black Money” presents the different facets of black money and its complex relationship with policy and administrative regime in the country. It also reflects upon the policy options and strategies that the Government has been pursuing in the context of recent initiatives, or need to take up in the near future, […]
Read More »Some politicians and like minded people criticises the Government decision and stated it is done in hurry and also connected politically. Here are few facts stating that it was done with full planning and the exercises starts from the first day Mr. Modi Became Prime Minister: 1. More than 60 crores Bank Accounts opened in […]
Read More »Dear Friends, There are so many calculations are rotating on social networking and whats app regarding the black money or unaccounted money if found in the possession of any person or deposited in their bank accounts. The messages rotated are giving the benefits of slab rates on the unaccounted money. This is for the information […]
Read More »Dear Cash Depositor, Following are the situations which can make your nights sleepless if you are depositing unaccounted money in your bank accounts: The person who have not filed his income tax return: 1. Notice under section 142(1). 2. Notice under section 148. 3. Assessment under section 153A i.e. income tax raid. 4. Directions under […]
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