black money

Digital Currency- A New Era

Corporate Law - Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

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New reporting requirement in Auditor‘s Report

Corporate Law - What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...

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High-Value Transactions Under Scanner

Corporate Law - To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

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About Black Money/Black Market/Corruption etc

Corporate Law - The author is not an Exemplary theoretical Economist & only a normal citizen of Practical Approach in day to day normal life Present & past governments of both State & Centre were making hue & cry about eradication of Corruption & Black Money & Kala Bazaar, alleviation of poverty etc...

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Modus operandi adopted by tax evaders during demonetisation

Corporate Law - This document presents the strategy and current status of Operation Clean Money. It intends to explain the Income-tax Department's approach to verification of cash deposits as a means to promote and enhance voluntary compliance. It also contains a section on the different modus operandi adopted by tax evaders as observed and documented by...

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Relief Measures for the Farming Sector Post Demonetisation

Corporate Law - The Government decided that an additional grace period of 60 days for prompt repayment incentive @ 3% will be provided to such of the farmers whose crop loans dues fall due between 01/11/2016 to 31/12/2016 and if such farmers repay the same within 60 days from their due date in this period....

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Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

Corporate Law - Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited...

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5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Corporate Law - Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....

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GST will help in reducing generation of black money: FICCI

Corporate Law - FICCI believes that introduction of GST will help in a major way in reducing the generation of black money and the spread of the parallel economy in the country. The very framework of the tax structure whereby input tax credit is available for the subsequent activity of manufacture or trading serves as an incentive to be more tax complian...

Read More

Income Tax Department Steps-up against Benami property holders

Corporate Law - Income-tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases....

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Allowing more time to deposit Old Notes would lead to illegal trading of these SBNs

Victory Logitrans Pvt Ltd & Anr Vs Union of India & Ors (Supreme Court of India) - In a new affidavit filed before Supreme Court on 17th July 2017 Central Government  made it clear that it cannot give more time to deposit old currency notes, as  in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs ...

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Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India) - Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the spe...

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Can’t allow Deposit of Old Notes After Dec 31, 2016: Centre To SC

Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) - The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason...

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Credit of Advance Tax paid can be claimed under IDS 2016

Kumudam Publications Pvt. Ltd. Vs Central Board of Direct Taxes and ORS. (Delhi High Court) - Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme....

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Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court) - In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

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Deposit of specified bank notes with Reserve Bank

G.S.R. 611(E) - (21/06/2017) - MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the ...

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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) - (12/05/2017) - Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nat...

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax - (21/04/2017) - CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 - (20/04/2017) - The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Deposit under PMGKDS, 2016 allowed upto 30th April, 2017

Notification No. S.O. 1218(E) / Press Release No. 2016-2017/2834 - (19/04/2017) - In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done....

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Recent Posts in "black money"

Relief Measures for the Farming Sector Post Demonetisation

The Government decided that an additional grace period of 60 days for prompt repayment incentive @ 3% will be provided to such of the farmers whose crop loans dues fall due between 01/11/2016 to 31/12/2016 and if such farmers repay the same within 60 days from their due date in this period....

Read More
Posted Under: Company Law |

Demonitization: 1100 searches, 5100 verification notices and detection of Rs. 5400 crore undisclosed Income

Demonitization: From 9th November 2016 to 10th January 2017, more than 1100 searches and surveys were conducted by the ITD; more than more than 5100 verification notices issued; The undisclosed income detected in these actions was more than Rs. 5400 crore.  Disclosure of information regarding law flouters/specific taxpayers is prohibited...

Read More
Posted Under: Company Law |

Allowing more time to deposit Old Notes would lead to illegal trading of these SBNs

Victory Logitrans Pvt Ltd & Anr Vs Union of India & Ors (Supreme Court of India)

In a new affidavit filed before Supreme Court on 17th July 2017 Central Government  made it clear that it cannot give more time to deposit old currency notes, as  in case a fresh opportunity is offered for exchange of SBNs, it would lead to rampant illegal trading of these SBNs (that is, the SBNs being […]...

Read More

5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....

Read More
Posted Under: Company Law |

Digital Currency- A New Era

Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

Read More
Posted Under: Company Law |

New reporting requirement in Auditor‘s Report

What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...

Read More
Posted Under: Company Law |

GST will help in reducing generation of black money: FICCI

FICCI believes that introduction of GST will help in a major way in reducing the generation of black money and the spread of the parallel economy in the country. The very framework of the tax structure whereby input tax credit is available for the subsequent activity of manufacture or trading serves as an incentive to be more tax complian...

Read More
Posted Under: Company Law |

Deposit of specified bank notes with Reserve Bank

G.S.R. 611(E) (21/06/2017)

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the following rules, namely:- 1. Short title...

Read More

Income Tax Department Steps-up against Benami property holders

Income-tax Directorates of Investigation have identified more than 400 benami transactions up to 23 May, 2017. These include deposits in bank accounts, plots of land, flat and jewellery. Provisional attachment of properties under the Act has been done in more than 240 cases....

Read More
Posted Under: Company Law |

High-Value Transactions Under Scanner

To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

Read More
Posted Under: Company Law |
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