Income Tax Amendment Bill tabled in Lok Sabha; 30 pc tax on undisclosed income

Continuing with the crackdown on black money, the Narendra Modi government is looking to introduce a new tax structure for undisclosed income. The new tax scheme will be called Pradhan Mantri Garib Kalyan Yojana for income disclosure. Now, 25% of undisclosed income post demonetisation has to be deposited in the Pradhan Mantri Garib Kalyan Deposit [...]

By | November 28th, 2016|Revenue|Comments Off on Income Tax Amendment Bill tabled in Lok Sabha; 30 pc tax on undisclosed income

Govt Eases Cash Withdrawal Norms, Exchange Limit Increased to Rs 4500 Per Day

With public anger rising across the country over limited cash availability, the government eased key restrictions including raising daily withdrawal limit from bank counters and ATM as well as hiking the amount of old and now defunct currency notes that can be exchanged. To augment cash supplies, newly printed hard-to-fake Rs 500 notes were also [...]

By | November 15th, 2016|Revenue|Comments Off on Govt Eases Cash Withdrawal Norms, Exchange Limit Increased to Rs 4500 Per Day

Currency demonetisation: Modi warns of more action against black money holders

Prime minister Narendra Modi warned of more action against people holding illicit cash even as anger rose across the country on Saturday with ATMs running dry and banks struggling to dispense cash three days after the government demonetised high-value banknotes. Union finance minister Arun Jaitley said it would take two-three weeks to upgrade the automated [...]

By | November 14th, 2016|Revenue|Comments Off on Currency demonetisation: Modi warns of more action against black money holders

RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley

The RBI's original proposal was to issue high-value new currency notes in the denominations of Rs 5,000 and Rs 10,000, but the Narendra Modi government finally decided to go in for Rs 2,000 denominations, Finance Minister Arun Jaitley said on Saturday. "RBI's original proposal was to issue Rs 5,000 and Rs 10,000 currency notes, one, [...]

By | November 13th, 2016|Revenue|Comments Off on RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley

Demonetisation: Indians abroad confused, turned down by banks

For many Indians living abroad, and holding Indian currency notes of Rs 500 and Rs 1,000, the confusion and chaos is as much as it is back home.  On Tuesday, soon after the government announced that existing notes of Rs 500 and Rs 1,000 would no longer be legal tender from midnight, several expatriate Indians [...]

By | November 10th, 2016|Revenue|Comments Off on Demonetisation: Indians abroad confused, turned down by banks

Where all can you use your Rs 500, Rs 1000 notes for next 72 hours?

In an unprecedented crackdown against black money, the Narendra Modi government has announced that all existing Rs 500 and Rs 1000 notes will be rendered illegal! For all those who are wondering what they can do with their Rs 500 and Rs 1000 notes in the case of emergency, the government has given a 72 [...]

By | November 9th, 2016|Revenue|Comments Off on Where all can you use your Rs 500, Rs 1000 notes for next 72 hours?