Tag Archives: demonetization

Demonetization : Some municipalities collected 13000 Crore Tax – PM Modi

Text of PMs Speech at a function to commemorate Constitution Day, at Parliament House Annexe, 26 Nov 2016 आदरणीय सुमित्रा जी एवं उपस्थित सभी वरिष्‍ठ महानुभाव 26 नवंबर संविधान दिवस के रूप में मनाना 2015 से प्रारंभ किया| कल्‍पना ये है कि हमारी नई पीढ़ी इस सविंधान के साथ उसकी प्रक्रिया के साथ उसके उद्देश्‍यों… Read More »

Demonetization – RBI updated FAQ’s 25 Nov 2016

Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 25, 2016) (Updated as on November 25, 2016) (Updated as on November 23, 2016) (Updated as on November 22, 2016) (Updated as on November 21, 2016) (Updated as on November 18, 2016)… Read More »

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000 Ministry of finance has conveyed vide F.No. 1/04/2016-NS, dated: 22.11.2016 that subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes. Small Saving Schemes include Post Office Savings… Read More »

No penalty on possession of high denomination notes if period to encash expired

Facts of the case The Income-tax Officer for the assessment year, namely, 1978-79 had levied a penalty of Rs. 95,000 after completion of the assessment proceedings for the relevant assessment year by invoking the provisions under section 271(1)(c) of the Income-tax Act, 1961 (‘Act’ for short), on the ground, that though the assessee is the… Read More »