Currency Ban: How penalty CANNOT be imposed on cash deposits in bank account under Income Tax Act, 1961

By Paras Mehra November 12, 2016

This article would discuss about the penal provisions and related aspects where government is claiming to levy 200% penalty on cash deposit in bank above 2.5 lakh with regard to currency ban in India.

Going for Cash Deposit / Cash Exchange in Bank OR for ATM Withdrawal – Things to take care

By Agam Gupta November 10, 2016

People going bank to deposit or exchanging the old Rs. 500 or Rs. 1000 notes are bit confused about what documents they should bring with them and What amount can be withdrawn from ATM/Bank.

Penalty on Cash deposit of Rs.500/1000 note in Bank Account in India

By Paras Mehra November 10, 2016

Everybody is living with the fear that government will slap 200% penalty for sure.How government will levy penalty or tax on the cash deposit in bank account of the public.

Cash Deposit Limit in Bank – Rs. 2.5 Lakh– Beware Income Tax has an Eye

By Agam Gupta November 9, 2016

Government has warned that Cash Deposits above Rs. 2.5 lakh during the 50 day time period of returning Rs. 500 and Rs. 1000 notes could be taxed and over and above a 200% penalty.

Rs.500/ Rs. 1000 banned: 20 points you must know about the withdrawal of legal tender

By Paras Mehra November 8, 2016

With a ban on Rs.500 and Rs.1000 currency note, India did a surgical strike on the menace of corruption, black money, terror funding etc. This is one of the biggest and the boldest step ever takes by any Prime Minister on the issue of black money.

Procedure to Start Export Business from India

By Agam Gupta September 22, 2016

This Inforgraphic includes what are major steps involved in launching the export from India, what is the export procedure to be followed to carry out a export from India.

How to Avail Tax Benefits Under Startup India Scheme

By Paras Mehra September 21, 2016

In This article, we are talking about the 3 years tax benefits that a startup would get if registered under Startup India scheme initiated by Government of India.

7 Mistakes to avoid by MSME and Startups under Proposed GST Regime

By Paras Mehra September 14, 2016

In this article, we will discuss the impact of GST on small business and startups with turnover up to 50 Lakh. GST has a concept of composition scheme, where one has to pay tax @ 1% or 2% on the total turnover with lesser compliance.