Notices to 10,000 depositors post demonetisation The revenue department has issued preliminary notices to about 10,000 people under the benami law seeking source of income details as it analyses data on deposits of cancelled notes after the November 2016 demonetisation.
Benami Transaction and Sham Transactions Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit “Benami” transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting “Benami” Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988.
Unexplained deposits in focus The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the highest level.” It will also give a renewed push towards imposing […]
IT department will probe cases of spike in income under revised returns Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.
Suggestions to Control the Black Money and corruption Since a Long periods , every day and every nook & corner , there is a discussion from a common man to Senior political Leaders and on every News Paper and every day , there is a news about control of the “Black Money and “Corruption“, ratios […]
Should you disclose a deposit of less than Rs 2 lakh during demonetisation in your ITR ? In part E of the tax return form that seeks other information from assesses including bank details, another column has been added seeking details of cash deposited between November 9 and December 30, 2016 i.e. during demonetisation if […]
CAN WE CONTROL THE BLACK MONEY AND CORRUPTION? Hardly few people born with the golden spoon. And every one has only 2 hands to work, only 2 legs to walk, and each one o have only one mouth to eat , 2 ears to listen , one brain to understand and thinking. Further, there are […]