All about Converting your Black Money to White – The New Declaration Scheme Proposed

By Paras Mehra November 29, 2016

Government has proposed to tax the black money @ 83% if caught. Further it has also came forward with new declaration scheme introduced to give another opportunity to the black money hoarders. The tax rate under IDS is 49.9% with 25% deposit for four year

Income Tax Penalty on Unaccounted Cash Deposit - 50% tax Penalty plus 4 year Lock-in

By Agam Gupta November 27, 2016

The proposed amendments to the Income-tax Act will enable the Income-tax officers, to levy a minimum of 50% tax and a 4-year lock-in of the half with zero percent instrument of the remaining of the disclosed unaccounted cash deposits.

Demonetisation – Cash Deposits combinedly Exceeds Rs. 2.5 Lakh or Rs. 50,000 in a day requires Pan Card

By Agam Gupta November 18, 2016

If someone is depositing more than Rs. 50,000 in a day or combinedly deposit more than Rs. 2.5 Lakh between 9th November to 30th December, he needs to quote his Pan to the Bank.

5 mistakes to avoid under panic against the Rs 500/Rs 1000 note ban in India

By Paras Mehra November 12, 2016

You will see everyone rushing towards banks, ATM, machines, post offices, etc. There is no need for panic. Your money will be safe. You just need to deposit it before December 30, 2016.

Currency Ban: How penalty CANNOT be imposed on cash deposits in bank account under Income Tax Act, 1961

By Paras Mehra November 12, 2016

This article would discuss about the penal provisions and related aspects where government is claiming to levy 200% penalty on cash deposit in bank above 2.5 lakh with regard to currency ban in India.

Going for Cash Deposit / Cash Exchange in Bank OR for ATM Withdrawal – Things to take care

By Agam Gupta November 10, 2016

People going bank to deposit or exchanging the old Rs. 500 or Rs. 1000 notes are bit confused about what documents they should bring with them and What amount can be withdrawn from ATM/Bank.

Penalty on Cash deposit of Rs.500/1000 note in Bank Account in India

By Paras Mehra November 10, 2016

Everybody is living with the fear that government will slap 200% penalty for sure.How government will levy penalty or tax on the cash deposit in bank account of the public.

Cash Deposit Limit in Bank – Rs. 2.5 Lakh– Beware Income Tax has an Eye

By Agam Gupta November 9, 2016

Government has warned that Cash Deposits above Rs. 2.5 lakh during the 50 day time period of returning Rs. 500 and Rs. 1000 notes could be taxed and over and above a 200% penalty.

Rs.500/ Rs. 1000 banned: 20 points you must know about the withdrawal of legal tender

By Paras Mehra November 8, 2016

With a ban on Rs.500 and Rs.1000 currency note, India did a surgical strike on the menace of corruption, black money, terror funding etc. This is one of the biggest and the boldest step ever takes by any Prime Minister on the issue of black money.