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Demonetisation: Lok Sabha passes new Income Tax Amendment Bill Demonetisation: Lok Sabha passes new Income Tax Amendment Bill

Lok Sabha has passed Income Tax Amendment Bill, which provides yet another opportunity to black money holders to legalise their wealth.

Govt not to extend December 30 deadline for depositing old notes; says RBI, banks have enough cash Govt not to extend December 30 deadline for depositing old notes; says RBI, banks have enough cash

"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.

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Post demonetisation Paytm hitting more than five million transactions in one week Post demonetisation Paytm hitting more than five million transactions in one week

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.

 Withdrawals of deposits made in current legal tender allowed beyond current limits: RBI Withdrawals of deposits made in current legal tender allowed beyond current limits: RBI

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. 

SC/ST Bank sought on lines of Mahila Bank to help Dalit and tribal entrepreneurs SC/ST Bank sought on lines of Mahila Bank to help Dalit and tribal entrepreneurs

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.

HSBC launches its Unified Payments Interface for corporates in India

Foreign lender HSBC on Monday launched its Unified Payments Interface (UPI) for corporates in the country.

Demonetisation: I-T dept will not ask for source of bank deposits Demonetisation: I-T dept will not ask for source of bank deposits

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.

 

Demonetisation: EPFO pensioners can submit life certificate till January 15 Demonetisation: EPFO pensioners can submit life certificate till January 15

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.

New black money scheme proposed; pay 50% tax on unaccounted deposits or 85% if caught New black money scheme proposed; pay 50% tax on unaccounted deposits or 85% if caught

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.

IT Amendment bill tabled in Lok Sabha; proposes 30% tax on undisclosed income plus 10% penalty IT Amendment bill tabled in Lok Sabha; proposes 30% tax on undisclosed income plus 10% penalty

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 to accept payments under Income Disclosure Scheme till 2017 without seeking source Banks to accept payments under Income Disclosure Scheme till 2017 without seeking source

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.

Demonetisation: Currency deposits up to Rs 2.5 lakh may still fall under Income Tax scanner Demonetisation: Currency deposits up to Rs 2.5 lakh may still fall under Income Tax scanner

 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.

Demonetisation: Life insurance policy holders get 30 days more for paying premium Demonetisation: Life insurance policy holders get 30 days more for paying premium

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.

Income Tax department reminds IDS declarants to pay tax by Nov 30 Income Tax department reminds IDS declarants to pay tax by Nov 30

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.

Demonetisation among 3 most important economic reforms: Ratan Tata Demonetisation among 3 most important economic reforms: Ratan Tata

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.

Govt to launch campaign to open workers' bank accounts today Govt to launch campaign to open workers' bank accounts today

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.

Bank customers can continue to withdraw up to Rs 24,000/week Bank customers can continue to withdraw up to Rs 24,000/week

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.

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