Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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                            <div align="justify">-The Economic Times<br /><br /><em>MUMBAI: </em>As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks.<br /><br />Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs and gyms; in all these cases their books would show that cash changed hands before Tuesday evening when demonetization of 500 and 1000 rupee bills was announced. On the other hand, taxmen in several cities have told their superiors that there is no provision in the law to automatically slap penalty on such cash being deposited in banks, according to I-T officials, tax practitioners and bankers ET spoke to.<br /><br />&ldquo;There can be penalty on escaped income. But what do you do if someone deposits a crore with bank, pays 33% tax, and discloses the amount as income in his tax return filed for the assessment year &rsquo;17-18? Even if it&rsquo;s driven by demonetization, this is technically voluntary declaration and shown as `income from other source&rsquo;. This has been discussed in our meetings over the past few days&hellip; To impose penalty on this money, there has to be retrospective amendment of the income tax law,&rdquo; said a senior tax official.<br /><br />Please <a href="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms" title="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-The Economic Times<br /><br /><em>MUMBAI: </em>As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks.<br /><br />Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs and gyms; in all these cases their books would show that cash changed hands before Tuesday evening when demonetization of 500 and 1000 rupee bills was announced. On the other hand, taxmen in several cities have told their superiors that there is no provision in the law to automatically slap penalty on such cash being deposited in banks, according to I-T officials, tax practitioners and bankers ET spoke to.<br /><br />&ldquo;There can be penalty on escaped income. But what do you do if someone deposits a crore with bank, pays 33% tax, and discloses the amount as income in his tax return filed for the assessment year &rsquo;17-18? Even if it&rsquo;s driven by demonetization, this is technically voluntary declaration and shown as `income from other source&rsquo;. This has been discussed in our meetings over the past few days&hellip; To impose penalty on this money, there has to be retrospective amendment of the income tax law,&rdquo; said a senior tax official.<br /><br />Please <a href="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms" title="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-The Economic Times<br /><br /><em>MUMBAI: </em>As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks.<br /><br />Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs and gyms; in all these cases their books would show that cash changed hands before Tuesday evening when demonetization of 500 and 1000 rupee bills was announced. On the other hand, taxmen in several cities have told their superiors that there is no provision in the law to automatically slap penalty on such cash being deposited in banks, according to I-T officials, tax practitioners and bankers ET spoke to.<br /><br />&ldquo;There can be penalty on escaped income. But what do you do if someone deposits a crore with bank, pays 33% tax, and discloses the amount as income in his tax return filed for the assessment year &rsquo;17-18? Even if it&rsquo;s driven by demonetization, this is technically voluntary declaration and shown as `income from other source&rsquo;. This has been discussed in our meetings over the past few days&hellip; To impose penalty on this money, there has to be retrospective amendment of the income tax law,&rdquo; said a senior tax official.<br /><br />Please <a href="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms" title="http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms">click here</a> to read more. <br /></div>                                                           
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Income Tax officials unsure how to slap 200% penalty on income mismatch -Kiran Kabtta Somvanshi & Sugata Ghosh

Published on Nov 14, 2016   Modified on Nov 14, 2016

-The Economic Times MUMBAI: As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks. Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs and gyms; in all these cases their books would show that cash changed hands before Tuesday evening when demonetization of 500 and 1000 rupee bills was announced. On the other hand, taxmen in several cities have told their superiors that there is no provision in the law to automatically slap penalty on such cash being deposited in banks, according to I-T officials, tax practitioners and bankers ET spoke to. “There can be penalty on escaped income. But what do you do if someone deposits a crore with bank, pays 33% tax, and discloses the amount as income in his tax return filed for the assessment year ’17-18? Even if it’s driven by demonetization, this is technically voluntary declaration and shown as `income from other source’. This has been discussed in our meetings over the past few days… To impose penalty on this money, there has to be retrospective amendment of the income tax law,” said a senior tax official. Please click here to read more.

The Economic Times, 14 November, 2016, http://economictimes.indiatimes.com/wealth/tax/income-tax-officials-unsure-how-to-slap-200-penalty-on-income-mismatch/articleshow/55406673.cms

Tagged with: Currency demonetisation Demonetisation Income Declaration Scheme Income Tax Taxation

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