Diabytes
Cash Transactions News
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The PIL has been moved by BJP leader Advocate Ashwini Upadhyay and it may come up for hearing in the court on Friday.
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Arun Jaitley has said demonetisation and GST will make cash transactions a lot more difficult and lead to greater compliance as well as expansion of tax base.
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Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday.
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The government has asked companies to disclose details about transactions involving scrapped notes post demonetisation till December 30.
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President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns.
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Making it compulsory for account-holders to maintain a minimum balance, the State Bank of India (SBI) said on Thursday said it will be charging defaulters a penalty from April 1 onwards.
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The government has not taken any decision on levying a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000 and above as suggested by the high- powered Chief Ministers' panel, Economic Affairs Secretary Shaktikanta Das said on Thursday.
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Armed with information about unaccounted cash of Rs 4.7 lakh crore, deposited by 18 lakh individuals, the government on Thursday said that queries have been sent to those 10 lakh people through SMS, email so far.
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As the Income Tax Department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.
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Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley on Wednesday proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.
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Explaining how easy is the technology about cashless tansactions to learn, Defence Minister Manohar Parrikar on Sunday said a minor child can easily teach a related mobile application to the elder generation.
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Government is examining SIT's recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said Tuesday.
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The government is likely to ban cash transactions over Rs 3 lakh following recommendations from the Supreme Court-appointed Special Investigation Team.
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The Special Investigation Team (SIT) on black money has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy.
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Tax department's ability to detect large cash transactions is being strengthened to check the menace of black money as bulk of it remains within India, Finance Minister Arun Jaitley said on Sunday.
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To check generation of domestic black money, the government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said on Sunday.
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The all cash transaction will strengthen the company's end -to-end capabilities in integrated engineering design and production, Cyient said in a statement.
Researchers have reportedly discovered a major flaw in the new contactless bank cards, which could allow users to carry out unlimited cash transactions sans the PIN .
Only a quarter of Indian adults have either an active bank account or an active mobile money account.
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