The impact of the demonetization drive and the rollout of the goods and services tax will make it tough to deal in cash, leading to greater compliance, digitisation and widening of the tax base, Union finance minister Arun Jaitley said. The net impact of the demonetisation exercise coupled with the GST exercise… will certainly lead … Continue reading “Demonetisation and GST to Make Cash Dealings Tough”

Several steps are being taken after the ban on black money to tighten the currency. Now the Income Tax Department is engaged in identifying those who make changes in ITR after the ban, after which they will be examined.

After the Demonetisation, the number of individual taxpayers has increased due to the strictness of the Income Tax Authorities on tax thieves. In the April-June quarter, there has been an annual increase of 40% of the average tax payments of indigenous.

At the time of filing revised tax returns who showed a sudden spike in income after demonetization should now prepare themselves to face scrutiny.

Chamber of low-cost housing projects after Demonetisation. In the January-March quarter this year, home buyers had to face the difficulties after the Demonetisation, but despite this, they have not changed the decision to buy their dream house.

ICAI asked its members, to ensure that companies have made adequate disclosures of transactions involving canceled notes before December 30, 2016.

The number of people who filed tax returns surged by 95 lakh as the government turned the heat on black money with demonetisation and various other measures, two top government officials told ET.

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 (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).

If you were greeted by empty automatic teller machines (ATMs) over the past few days, it is not because there is cash shortage only in your locality: the whole country is facing cash crunch once again, reminding people of the post-demonetisation days.

1,200 applications from accused seeking mercy under compounding of offences rules with several of them approaching authority’s post-demonetisation.