IT department is acting swiftly during Demonetization A capture of a picture of notice sent by Dy. Director of Income tax to M/s Sitaram enterprises that is spreading on social media, has created quite a ruckus in the business and tax consultant communities.
All the fuss about Currency Demonetization All legal tenders of Rs.500 and Rs. 1000 became invalid w.e.f 9th November.As Narender Modi has announced currency demonetization
Bank Notes of Rs. 500 and 1000 , A Legal Tender Government of India vides notification 2652 dated November 08, 2016 has withdrawn the “Legal Tender” status of ₹ 500/- & ₹ 1000/- Bank Notes (hereinafter referred as “specified bank notes”) from 09/11/2016.
Tax department can slap on black money holders by Penalties, prosecution Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice […]
Depositing black money? Ready for income tax notices Black money refers to the sum that you own which is unaccounted i.e. which you have not declared to the income tax department as having earned or received. In simple words, the amount on which tax was payable to the government as per the income tax laws, […]