Cash transactions 2016

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…

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Demonetisation – Submission of Online Response for verification of Cash Deposits The online verification of cash deposits during demonetization has been enabled on the e-filing portal (for taxpayers) which will be synchronized with the internal verification portal of Income Tax Department (ITD). Data analytics will be used to select cases for verification, based on approved…

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