Mamtora & Associates
Chartered Accountants

RBI instructs all banks to discontinue issuance of Rs. 2000/- banknotes with immediate effect dated May 19, 2023. Rs. 2000/- banknotes will continue to be a Legal Tender. Member of public are encouraged to either deposit or exchange Rs. 2000/- notes into their bank branches. Deposit into bank accounts can be made without restrictions subject to compliance with KYC & Other applicable statutory/regulatory requirements. The facility for deposit/exchange of Rs. 2000/- banknotes shall be available for members of the public upto September 30, 2023. The facility for exchange of Rs. 2000/- banknotes will be available at the bank branches starting from May 23, 2023 upto a limit of Rs. 20000/- at a time. The facility for exchange will also be available at the 19 Regional Offices (#1)  of the RBI having issue Departments until September 30, 2023. The exchange facility shall be provided free of cost by the banks. Business Correspondents (BCs) may also be allowed to exchange Rs. 2000/- bank...

Section 54 of Income Tax Act provides for exemption from capital gains on transfer of long-term capital asset being a residential house property subject to following conditions: Assessee should be either an INDIVIDUAL or HUF Asset transferred is a long-term (#1) capital asset being a RESIDENTIAL house property Capital gains arising on transfer of such property should be invested in purchasing / constructing one NEW RESIDENTIAL house property. So to get maximum benefit of section 54 exemption, assesse will be required to invest 100% of the capital gains. New asset purchased / constructed should not be located outside India. New residential house can be purchased either 1 year before the date of sale or 2 years after the date of sale. In case where new residential house is being constructed, the construction should be completed within 3 years from the date of sale. In case where whole of the capital gains are not invested in purchase / construction of new residential house, exemption wi...

(Text of the Notification) MINISTRY OF FINANCE  (Department of Revenue)  NOTIFICATION  New Delhi, the 3rd May, 2023  S.O. 2036(E).— In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies that the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the following activities- (i) buying and selling of any immovable property;  (ii) managing of client money, securities or other assets;  (iii) management of bank, savings or securities accounts;  (iv) organisation of contributions for the creation, operation or management of companies;  (v) creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities,  shall be an activity for the purposes of said su...