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Amid Cash Crunch Pan-India, Small Vendors Unzip e-Wallets in Odisha to keep their Businesses going

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Indian Currency, Pixabay

Bhubaneswar, Nov 20, 2016: At a time when the whole nation is facing cash crunch following the demonetisation of high denomination currency notes, the small vendors in the capital city of Odisha have adopted the smart ways of payment.

They are accepting payment through mobile and online payment services to ease the problems of common people and keep their businesses going.

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Take the case of Raju, who runs a tea shop in the Unit-II area of the capital city. He is not bothered by the demonetisation as he has set up a private ‘e-wallet’ on the popular payment platform Paytm.

“I was worried after the central government announced demonetisation of Rs 500 and Rs 1,000 notes that led to cash crunch of small notes. Then, I installed a Paytm mobile app on my phone and asked my customers to pay through my mobile wallet,” said Raju.

The street vendors and grocery shops are also accepting money from the customers through e-wallets.

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“Even though the business has suffered following the demonetisation, we are receiving money through e-wallets. It has been a great help to us at the time of cash crunch,” said Tapas Panda, a shop owner in Niladri Vihar area of Bhubaneswar.

Taking advantage of the cash crunch, the mobile wallet companies are visiting the shops and persuading them to install their apps for better money transactions.

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Meanwhile, the city people are facing a new problem. With ATMs and banks now giving away new Rs 2,000 notes, people are witnessing a clamour for change as the banks are dispensing limited number of fresh Rs 500 notes.

“I purchased grocery items of Rs 450 from a shopkeeper and handed him a Rs 2,000 note. But he refused to give back the balance change, saying he has limited Rs 100 notes. He insisted that I spend over Rs 800 to get smaller denomination notes,” said Ranjan Sahu, a resident. (IANS)

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Income Tax Officers Announce 17-point Checklist to Track Unaccounted Cash During Demonetisation

I-T Dept issues 17-point checklist to trace unaccounted DeMO cash

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income tax
Examination will take place of cash deposits from period April 2015 to November 8, 2016. Pixabay

In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those who deposited unaccounted cash during demonetisation.

In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Generals of Income Tax, the Central Board of Direct Taxes (CBDT) said that in continuation of the handling of cases related to demonetisation, a verification checklist of cash deposits has been prepared to assist the assessing officers so that deviant cases can be taken up for further study.

The CBDT move is aimed at spreading the department’s net wide and deep to catch those who deposited unaccounted cash during demonetisation.

In this latest directive to tax officers, a 17-point checklist has been created, which has to be updated on the department’s server for further action. All unaccounted cash deposits made between November 9, 2016, and December 31, 2016, will be examined as part of this plan.

The checklist also says that if a taxpayer disputes the amount, the correct amount has to be mentioned after checking with the bank.

The particulars in the checklist are — return filing compliance, the total income of the taxpayer in 2016-17, gross total income (including exempt income) of the taxpayer in FY 2016-17 and percentage of cash deposit to gross total income (including exempt income).

IT Officers
This move is aimed to catch those who deposited unaccounted cash during demonetisation. Pixabay

The assessing officers will have to check on the checklist with regard to the nature of deposit on assessment of the explanation provided by the taxpayer and the quantum of unaccounted deposits as determined by the assessing officers.

On the response side, they have to file if the explanation was acceptable, partially acceptable or not acceptable. The nature of the deposit option could be sale or advance for sale of land or any other capital asset, gift, repayment of loan and cash in hand.

Some other verification checkpoints are whether the quarterly VAT return is revised in the post-demonetisation period, if small part of the cash is deposited in or withdrawn from the bank despite having huge cash in hand, if there are large changes in the purchase and sales figures between the original and the revised VAT returns and if the changes are for genuine reasons.

The assessment procedures as per the checklist are — if the books of the accounts have been rejected, if additions have been made u/s 68 to 69D and if tax is calculated as per section 115BBE and if penalty u/s 271AAC has been levied.

income-tax
On November 8, 2016, the Government of India had announced demonetisation of all Rs 500 and Rs 1,000 banknotes. Pixabay

The examination of monthly cash sales and cash deposits lists the period from April 2015 to November 8, 2016.

Also Read: Gold Price May Increase to Rs 40,000 per 10 Gram by Diwali

On November 8, 2016, the Government of India had announced demonetisation of all Rs 500 and Rs 1,000 banknotes. It also announced the issuance of new Rs 500 and Rs 2,000 banknotes. (IANS)