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DEMONETISATION CASH DEPOSIT
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...
- Deposited Rs 80 lakh cash during demonetisation: ITAT rejects property purchase claim, calls it unexplained incomeA Surat businessman's Rs 80 lakh cash deposit during demonetisation was deemed unexplained by ITAT Surat. The tribunal rejected his claim o...
- 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...
- With Covid restrictions gone, demonetisation cash deposits back under the taxman's scannerTax assessments for 2016-17 were completed by December 31, 2019 when it became time-barred. But in cases where tax returns were not picked ...
- 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...
- 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.
- 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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