There is no bar in keeping the cash in the bank lockers but it may attract investigation by the income tax department. Tax officials may require explanation to understand the source of every receipt or property
Tax evasion is not a modern concept since it traces its origins back to when the concept of taxation emerged in Kautilya’s book ‘Arthashastra’ which refers to different types of taxes and punishments as a countermeasure
In order to address the issue of black money, the government banned cash transactions of Rs 2 lakh and above starting April 1, 2017. Any amount over Rs 2 lakh will have to be paid by account payee cheque, bank draft or electr
DEMONETISATION of high-value currency notes was done to clamp down on black money, among other things. As a fallout of this decision, focus also shifted to urging people to move towards cashless transactions.
With a huge amount of money flowing into the banking system after demonetisation, the government has tightened its grip on tax evaders. It has now given people with black money a last chance to come clean by availing the Prad
In order to reduce the quantum of cash transaction in any goods and services, the Finance Act 2016 expanded the scope of section 206C to provide that a seller shall collect tax at the rate of 1% from the purchaser on sale in