Demonetisation

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Prime Minister of India Mr Narendra Modi  in an unscheduled live televised address to the nation at 20:15 Indian time (IST) on 8th October 2016 announced that circulation of all Rs.500 and Rs.1000 bank notes of Mahatma Gandhi series stands invalid and announced the issuance of new Rs.500 and Rs.2000 bank notes of new series. The banknote…

Read More Demonetization – Additional audit procedures

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UNION BUDGET 2017: RESTRICTION ON CASH TRANSACTION Limit for disallowance of business expenditure made in cash is reduced from Rs 20,000 to Rs 10,000 made to a person per day. (Limit of Rs 35,000 for payment made to transporters however continues) Above disallowance is extended on capital expenditure also by restricting depreciation and Capital Expenditure…

Read More RESTRICTION ON CASH TRANSACTIONS – UNION BUDGET 2017

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All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period after the note ban will have to be disclosed in the new one-page Income Tax return (ITR) form. The new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year (FY) 2016-17) had been recently notified by the IT Department wherein a new column…

Read More Demonenization : Cash transactions above 2 lakhs during the window-period must be shown in the IT Return

VERIFICATION OF CASH TRANSACTION: PROCEDURE BY ASSESSING OFFICERS Main Highlights of The Instructions is as under. No More Verification for cases,in general, where cash deposit is up to 2.5 lakh and having no business Income.Person having age of 70 is exempted up to Rs 5 Lakh deposit.No additional information is required to be submitted by…

Read More VERIFICATION OF CASH TRANSACTION: PROCEDURE BY ASSESSING OFFICERS

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The government has shared names of 34 chartered accountants (CAs) with the Institute of Chartered Accountants of India (ICAI) for investigation after the professionals were allegedly found to be involved in money laundering through shell companies during the demonetisation period, ICAI president Nilesh S Vikamsey said on Tuesday. ​ Last week, the government had said…

Read More Demonetisation: Narendra Modi govt hands 34 chartered accountants’ names to ICAI for money laundering investigation