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  • Date to change ₹2,000 notes prolonged: What if you happen to miss October 7 deadline

    The Reserve Bank of India (RBI) on 30 September prolonged the final day to change and deposit ₹2,000 notes until October 7, 2023.

    The earlier deadline for returning ₹2,000 notes was set to run out on Saturday.

    As per the RBI launch, the deposit or change of ₹2,000 notes at financial institution branches shall be stopped from 8 October. However, ₹2,000 notes will proceed to be authorized tender even after October 7 however might be exchanged solely at RBI places of work

    Here’s what occurs if you happen to miss the October 7 deadline.

    1) The deposit and change at financial institution branches shall be stopped.

    2) However, people or entities might attain the 19 RBI Issue Offices, the place they’ll change ₹2000 notes as much as a restrict of ₹20,000/- at a time.

    3) Submission of legitimate id paperwork and due diligence as deemed match by RBI shall be required for change in that case.

    ALSO READ: RBI extends deadline to change ₹2,000 notes until October 7; examine particulars

    4) Despite, all this ₹2000 will proceed to be authorized tender, the central financial institution mentioned clearly.

    5) Meanwhile, RBI gave exceptions to courts, legislation enforcement companies, authorities departments, or another public authority concerned in investigation proceedings or enforcement, as and when

    required, deposit, or change ₹2000 banknotes at any of the 19 RBI Issue Offices with none restrict.

    About 96 p.c of the ₹2,000 financial institution notes in circulation as of May 19, 2023, have since been returned, in response to the RBI assertion. The RBI, citing information acquired from banks, mentioned that out of the entire worth of ₹3.56 lakh crore of ₹2,000 banknotes in circulation as of May 19, 2023, ₹3.42 lakh crore has been acquired again leaving solely ₹0.14 lakh crore in circulation as on the shut of enterprise on September 29, 2023.

    On May 19, the central financial institution introduced the withdrawal of ₹2,000 foreign money payments from circulation.

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    Updated: 30 Sep 2023, 08:00 PM IST

  • Mutual funds to small saving schemes: Top 5 monetary adjustments from subsequent month

    Mutual funds to obligatory PAN, Aadhaar for small saving schemes: Top 5 monetary adjustments from subsequent month | Mint

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  • RBI more likely to lengthen 30 September ₹2000 notes deadline until THIS date: Report

    RBI more likely to lengthen 30 September deadline to return ₹2000 notes until THIS date: Report | Mint

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  • ₹2000 foreign money notice alternate: Deadline ends quickly. What occurs subsequent?

    ₹2000 foreign money notice alternate: Deadline ends in 4 days. What occurs subsequent? Check how one can deposit these notes in a financial institution | Mint

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  • How will my spouse’s curiosity revenue be taxed?

    How will my spouse’s curiosity revenue be taxed? | Mint

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  • How are good points from farm land sale taxed?

    I’m a 30-year-old software program engineer working in Kochi and have not too long ago obtained ₹10 lakh from the sale of a share of agricultural property. Is this quantity taxable? Also, if I used to be to buy a home with the proceeds, can it’s set off for revenue tax functions?

    —Name withheld on request

    Taxability on the sale of agricultural land will rely on the standing/location of the land that has been offered. Agricultural land in a rural space isn’t thought of a capital asset and subsequently achieve on sale of the identical isn’t topic to revenue tax.

    On the opposite hand, the achieve on a sale of city agricultural land is topic to revenue tax beneath the top ‘capital gains’. If the holding interval of the city land is beneath three years, the capital good points will likely be categorized as short-term. If it’s greater than three years, the capital good points will likely be categorized as long-term.

    Short-term capital good points are taxable at relevant tax charges and no exemption is accessible in opposition to the identical.

    Long-term capital good points are taxable at 20%. Further, an exemption beneath part 54F of the revenue tax Act is accessible on the long-term capital good points earned from promoting a capital asset apart from a home property. So, in your case, when you’ve got a long-term capital good points from sale of city agricultural land, tax exemption beneath part 54F will likely be accessible if you’re investing the proceeds from the sale within the buy of a residential home, topic to the fulfilment of the next situations:

    The residential home is bought inside a interval of two years from the sale of the agricultural land.

    The full quantity obtained by you from sale proceed is invested within the buy of the residential home (If full quantity isn’t invested, then the exemption will likely be accessible solely on a proportionate foundation).

    If the quantity isn’t invested inside six months, the quantity will must be parked with a financial institution within the ‘capital gains account scheme’.

    Amit Bhachawat is chief monetary officer of India Mortgage Guarantee Corporation

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    Updated: 04 Sep 2023, 11:53 PM IST

  • Seven financial modifications which will affect your cash issues

    Mutual Fund rule change to ₹2000 word: Seven financial modifications which will affect your cash issues | Mint

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  • How does ₹2000 remember withdrawal affect your monetary establishment FD prices?



    How does ₹2000 remember withdrawal affect your monetary establishment FD prices? Experts have this to say | Mint

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  • There are further ₹500 fake notes in circulation than ₹2000: RBI annual report



    There are further ₹500 fake notes in circulation than ₹2000, RBI annual report reveals | Mint

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  • Decoding the tax have an effect on of ₹2,000 phrase cash deposits

    The RBI announcement created a flurry and panic among the many many a lot that Demonetization 2.0 has arrived. Demonetization 1.0 was launched on 8 November 2016, whereby the ‘legal tender’ (official international cash) standing of ₹500 and ₹1,000 notes was discontinued with fast affect, and a restricted interval window of until 30 December 2016 was given to deposit such notes in monetary establishment accounts.

    However, this time, RBI in its press launch, has categorically clarified that the alternate of ₹2,000 notes into smaller denominations is a part of the ‘Clean Note’ protection of RBI and is not demonetization. ₹2,000 notes will proceed to remain licensed tender even after September. With this backdrop, permit us to understand the tax implications of the cash deposits being made in banks in ₹2,000 denomination notes following the RBI’s announcement on 19 May.

    It is crucial to understand that in Demonetization 1.0, which bought right here into affect from 8 November 2016 midnight, ₹500 and ₹1,000 notes had been declared as invalid international cash; resulting from this truth, any cash deposits in such notes in banks, previous the required prohibit of ₹250,000, attracted deeper scrutiny from earnings tax authorities. Under the actual drive of ‘Operation Clean Money’, plenty of a whole bunch of earnings tax notices had been issued to folks and corporations, asking for the availability of such cash deposits. The basic presumption was that any irregular and disproportionate cash deposits, put up demonetization, was nothing nevertheless the unaccounted money of such people.

    For corporations, accepting such invalid notes for doing transactions, and reserving of cash product sales all through put up demonetization interval, was not permissible, in order that they wanted to make clear the availability of such cash deposits as cash in hand as of 8 November 2016 solely and by no means previous that.

    However, this time, the RBI’s announcement is in respect of withdrawal of ₹2,000 notes from circulation solely, and it is not regarding their demonetization. Unlike the ₹500 and ₹1,000 denominated notes in Demonetization 1.0, the ₹2000 notes will proceed to remain licensed and legit international cash even after 30 September, as per the RBI’s clarification.

    Thus, this time, actual cash deposits in ₹2,000 denominated notes in monetary establishment accounts can very correctly be outlined each out of regular household monetary financial savings, or out of earlier cash withdrawals, or out of cash presents from blood kinfolk or as presents obtained on marriage occasions, or as cash product sales in case of proprietor and totally different corporations, matter to such claims, being supported by real documentary evidences.

    Cash product sales as a lot as ₹2 lakh from a person in a single day are allowed as per Income Tax provisions. Post the RBI announcement, cash product sales in ₹2,000 notes have risen sharply for all meals provide apps, petrol pumps, malls, grocery retailers, hospitals, jewellery retailers, and so forth.

    Once the businessman establishes the genuineness of cash product sales in ₹2000 notes, being executed on or after 19 May and even after 30 September, with all supporting paperwork like product sales invoices, monetary establishment statements, confirmations from customers, GST returns, co-relation of such cash product sales with purchases and shares, and so forth., then the authenticity of developing cash deposits out of such cash product sales can’t be disregarded and rejected by tax authorities, merely on account of variation inside the ratio of cash product sales inside the current interval with that of an historical occasions. There can’t be a set product sales pattern in any enterprise.

    Also, as quickly as a businessman has supplied his cash product sales as his enterprise earnings, then as soon as extra taxing the cash deposits made out of his cash product sales as unexplained cash credit score portions to double taxation, which is not permissible as per the canons of Income Tax Law.

    So, even put up the RBI announcement, these having official and actual clarification of sources of cash deposits of ₹2,000 notes needn’t panic and will go ahead with depositing their hard-earned money of their monetary establishment accounts, and will preserve intact all supporting documentary evidences in corroboration of such cash deposits.

    Mayank Mohanka is founding father of TaxAaram India and a companion at S.M Mohanka & Associates.

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    Updated: 29 May 2023, 10:47 PM IST

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