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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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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