black money

ICAI panel on black money to submit report in a fortnight

The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight.
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Biggest disclosure of black money – Delhi Businessman discloses Rs 73 cr black money stashed abroad

In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by the businessman identified as Satish Swahney came today after a team of Income Tax(I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungal..
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Government decides to double strength of foreign tax division

As part of efforts to fight black money, the government has decided to double the strength of the crucial foreign tax division in Finance Ministry which handles classified tax related information between India, tax haven nations and other countries.
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EC deploys 204 Indian Revenue Service officials to monitor poll expenditure

To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as 'expenditure observers' by the Election Commission. A total of 204 IRS officers, in the ranks of Additional Commissioners of Income Tax, largely drawn from various investigation wings of the department from across the country will head specially created 'flying squads' to check and take action against illegal movement of cash and t..
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Black Money Abroad – I-T department decides to reopen old tax returns of some individuals in Mumbai and Delhi

Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in Mumbai and Delhi, among others, to unearth black money stashed abroad.
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Black money – Finance Ministry decides to ask tax havens and other countries to obtain past information of banking-related transactions

Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectif..
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Voluminous info received on black money, informs IT Dept

The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has gathered voluminous data on suspicious transactions, the department informed a global Organisation for Economic Cooperation and Development, OECD conference held in New Delhi recently.
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Finance Ministry panel gets close to 3,300 suggestions on ways to curb the generation of Black Money

NEW DELHI: The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds. The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,300 suggestions through e-mail and the panel [...]
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