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CASH DEPOSIT DEMONETISATION
Think property makes you rich? These 5 facts tell a different storyAs per a 2017 RBI report, a typical middle-class Indian family puts 70-80% of its net worth into realty. No asset class would be considered...- RBI rate cuts partly passed on to borrowers in FY26, lending rates fall but not fully: ReportRBI's repo rate cuts in FY26 were only partially passed on to borrowers, with lending rates declining but not matching the full policy redu...
- Cash is king again? India’s withdrawals surge 12% in early April, highest since post-demonetisationThe Indian economy is witnessing a historic milestone as the currency in circulation hits 42.3 trillion rupees. This remarkable jump of mor...
- Direct tax mop-up misses FY26 target; Collections rise 5%India's direct tax collections saw a modest rise in FY26. However, the total mop-up missed the revised target by ₹81,000 crore. Both corpor...
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- No income tax scrutiny on cash deposits up to Rs 2.5 lakh by housewives post demonetisation: ITATThe appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-...
- The rise of cash a transient symptomThe huge increase in India’s cash in circulation during the pandemic is no cause for alarm. Central bank data shows that currency in circul...
- Cash is back in the system with a bangCurrency in circulation is at Rs 19.38 lakh crore, higher than pre-demonetisation levels.
- Unusual cash deposits hit Rs 1.7L cr after note ban: RBIThe share of the low-cost CASA deposits in total bank deposits increased from 35.2% in October 2016 to 40.6% in March 2017, before declinin...
- Round 2: Taxmen to scrutinise cash depositsThe income-tax department, which issued tax notices and summoned individuals who had made suspicious transactions, has now started pursuing...
- Demonetisation: How taxmen plan to investigate suspicious cash depositsIn case of cash receipts from exempt income such as agriculture, officials will verify these against earlier returns filed by individuals t...
- New agency to probe anomalies in I-T returns filed post notebanOn black money issue, Radha Mohan Singh said be it Mayawati or Congress President Sonia Gandhi's son-in-law Robert Vadra, no one will be sp...
- Govt analyses cash deposits in last 10 days of demonetisation"Income Tax Department is already taking actions in cases where cash deposits above Rs 50,000 have been made without quoting of PAN."
- First time since note ban, deposits fall 0.7% in December 23 fortnightFor the fortnight to December 23, deposits collected by banks stood at Rs 10,516,237 crore, down by 0.7 per cent.
- Rs 4 lakh crore of cash deposits so far may be suspect; depositors likely to get I-T noticeAn exercise is on to verify the genuineness of the deposits and tally them with tax returns. I-T has already served around 5,000 notices.
- Use old notes to pay taxes, penalty under IDS: Modi govtDeclarations under PMGKY would be subject to a total tax of about 50% and a quarter of the amount declared would be locked in interest-free...
- New cash deposit limits: 6 things you need to know about depositing old notes in banksThe RBI on Monday issued a fresh set of limits for deposits over Rs 5,000 to check laundering of unaccounted cash using bank accounts.
- Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi governmentIn cases where tax evasion is admitted, 60% levy will be charged (30% tax plus 30% penalty). In every other case, the levy will be 90% (30%...
- Demonetisation effect: Cash deposit machines not to work for 6 weeksThere are close to 30,000 cash deposit machines in the country and they have made life easier for banks in accepting bulk deposits.
- Bank deposit to see sharp decline once withdrawal norms ease: Moody'sMoody's said the trend of significant inflows will continue for the next 3-4 weeks.
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