Blackmoney

The Rs 2.000 note was a foolish move in 2016. I am glad that the foolish move is being withdrawn at least 7 years later," he added

The CBDT has claimed that the Income Tax Department has detected black money worth crores stashed abroad after it raided a leading business group involved in manufacture of textile and filament yarn.

Following the Panama leaks, the tax department had sought information in 147 actionable cases from 28 foreign jurisdictions

There was a beeline to acquire the 'hottest commodity' or dispose-off the high value Rs 500 and Rs 1,000 bank notes, which will become illegal tender at midnight.

Long queues could be seen outside ATMs

CBDT received representations from stakeholders to provide an option to value immovable property on registered value basis

The Special Investigation Team has suggested an upper limit of Rs 15 lakh on cash holding

If a person declares Rs 100 lakh as undisclosed income. As on June 1, 2016, but pays tax, surcharge and penalty of Rs 45 lakh (30 lakh + 7.5 lakh + 7.5 lakh) on same out of his other undisclosed income