Lok Sabha has passed Income Tax Amendment Bill, which provides yet another opportunity to black money holders to legalise their wealth.
"There is sufficient cash available with the Reserve Bank of India and banks. Circulation of notes in respect of Rs 100 has already been increased," Minister of State for Finance Arjun Ram Meghwal said.
Muthoot Securities Limited (MSTL), the broking and wealth management division of The Muthoot Group, has launched an innovative product - iWill that offers online Will writing that can be completed in just 30 minutes.
Witnessing an exponential growth in terms of day-to-day transactions after demonetisation, Paytm is touching more than five million transactions in one week as compared to the combined average daily number of payment transactions seen by debit and credit cards in India.
In the latest notification, Reserve Bank of India (RBI) has allowed withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits.
In order to help Dalit and tribal entrepreneurs, the All India Confederation of SC/ST Organisations – Parisangh – urged Prime Minister Narendra Modi to open a separate bank. The proposal put forward is to start a bank with Rs 1 lakh in capital.
Foreign lender HSBC on Monday launched its Unified Payments Interface (UPI) for corporates in the country.
The tax department will not ask for the source of funds deposited in banks from November 10 -- post demonetisation of high value notes, if the entire income is declared and 50 percent taxes paid on it, Revenue Secretary Hasmukh Adhia said Monday.
Providing breather to its around 50 lakh pensioners amid difficulties being faced in banks due to demonetisation, retirement fund body EPFO has extended the last date for submission of life certificate till January 15.
Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 percent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 percent await those who don't disclose but are caught.
Finance Minister Arun Jaitley, on Monday, tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted wealth.
Banks will be accepting the first installments of tax payments under the Income Disclosure Scheme 2016 with creating any hassle for the declarant or seek any source of funds.
Even the deposits of demonetised notes of Rs 500 and Rs 1,000 up to Rs 2.5 lakh are going to come under the scanner of tax authorities.
In the wake of cash crunch scenario presently post demonetisation, insurance regulator Irdai has asked life insurance companies to provide an additional window of 30 days to policy holders for paying premium.
With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.
After calling for special relief measures for poor hit by demonetisation, industrialist Ratan Tata on Saturday termed the move as one of the three most important economic reforms that will help fight black money.
Labour Ministry will launch a campaign in association with Department of Financial services to open bank accounts of workers, who do not have one till date, in the organised as well as unorganised sector on Saturday.
Public can continue to withdraw up to Rs 24,000 per week from their bank accounts, including withdrawals from ATM, the Reserve Bank said today.