black money

Legality of Tax Havens and Black Money

Income Tax - Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...

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Demonetisation & its impact on Tax collection & Formalisation of Economy

Income Tax - The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...

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Few tips to Prevent Income Tax Raids

Income Tax - One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A tax raid may also be conducted against a person in possession of undisclosed income or prop...

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Benami Transaction and Sham Transactions

Income Tax - Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit Benami transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting Benami Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988...

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Money Laundering; The Many Colours of Money

Income Tax - The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

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Action on those Converting Black Money into White during Demonetization

Income Tax - Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 201...

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Govt attaches Benami Properties valued over Rs. 4,300 crores

Income Tax - As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores....

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Steps for Curbing Black Money stashed abroad Lead Positive Results

Income Tax - The Government of India has taken various steps for curbing the black money stashed abroad, which have led to positive results. These steps include, inter alia, the following: 1. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Infor...

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Prompt investigation in fresh series of cases pertaining to ‘Panama Papers’

Income Tax - The fresh release made in the media today under ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the Multi Agency Group (MAG) already constituted for facilitating coordinated and speedy investigation. ...

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Know When to Say No To Cash Transaction

Income Tax - ACCEPT cash of Rs. 2,00,000 or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion RECEIVE OR REPAY Rs. 20,000 or more in cash for transfer of Immovable Property PAY more than MAO in cash relating to expenditure of business/profession...

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Delhi HC Judgment on adjustment of Advance Tax under PMGK Scheme, 2016 and other issues

Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others (Delhi High Court) - Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax o...

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RTI Seeking date of deposit of Rs. 15L In Citizens’ Accounts is not ‘Information’

Sh. Mohan Kumar Sharma Vs Central Public Information Officer (Central Information Commission) - It is held that information sought regarding date of deposit of Rs. 15 Lakhs in the account of each citizen as promised by PM Narendra Modi and how print media houses came to know before the announcement of PM Narendra Modi about the demonetisation, etc. of the RTI application does not fall under th...

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SC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes

Rohit Tandon Vs. The Enforcement Directorate (Supreme Court of India) - While upholding the proceedings against Advocate Rohit Tandon, a three judge bench of the Supreme Court confirmed the Delhi High Courts’ order denying bail for possession and conversion of Demonetized Currency....

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RTI hints Fraud in note exchange at Delhi Post Office Branches: CIC Orders Inquiry

Ramswaroop Vs PIO (Central Information Commission) - The appellant sought to know: a) how many persons exchanged old notes for new notes at Pinto Park branch and also in 3 Wing Branch of Post Office in Air Force area, during the period 08.11.2016 to 25.11.2016 after demonetization; b) total amount of new currency issued for the period 08.11.2016 to 01...

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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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Prohibition of Benami Property Transactions (Removal of Difficulties) Order, 2018

Order No. S.O.5194 - (09/10/2018) - Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person ...

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CBDT notifies CIT(A) for respective CCA regions under Black Money Law

F.No. 279/Misc./M-44/2018-ITJ - (01/10/2018) - Notification in respect of assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)- reg....

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Restriction on disclosure of information received under PMGKY Scheme

Notification No. 59/2018 - (01/10/2018) - No public servant shall produce before any person or authority, any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties regarding the PMGKY Scheme, other than those specified in section 199-O of Taxation...

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The Fugitive Economic Offenders Act, 2018

NO. 17 OF 2018 - (31/07/2018) - Govt notifies Fugitive Economic Offenders Act, 2018. It shall be deemed to have come into force on the 21st day of April, 2018. The provisions of this Act shall apply to any individual who is, or becomes, a fugitive economic offender on or after the date of coming into force of this Act....

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How to deal with info under Benami Transactions Informants Reward Scheme, 2018

F.No. 299/31/2017/Dir (Inv.III)/21 - (23/04/2018) - CBDT has released Guidelines for Departmental officers for dealing with information under the Benami Transactions Informants Reward Scheme, 2018, which is as follows:-...

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Recent Posts in "black money"

Prohibition of Benami Property Transactions (Removal of Difficulties) Order, 2018

Order No. S.O.5194 (09/10/2018)

Whereas, sub-section (1) of section 48 of the Prohibition of Benami Property Transactions Act,1988 provides that a person preferring an appeal to the Appellate Tribunal under said Act may either appear in person ...

Read More

CBDT notifies CIT(A) for respective CCA regions under Black Money Law

F.No. 279/Misc./M-44/2018-ITJ (01/10/2018)

Notification in respect of assigning jurisdiction to Commissioner (Appeals) under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BM Act)- reg....

Read More

Restriction on disclosure of information received under PMGKY Scheme

Notification No. 59/2018 (01/10/2018)

No public servant shall produce before any person or authority, any such document or record or any information or computerised data or part thereof as comes into his possession during the discharge of official duties regarding the PMGKY Scheme, other than those specified in section 199-O of Taxation Laws (Second Amendment) Act, 2016...

Read More

Legality of Tax Havens and Black Money

Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...

Read More
Posted Under: Corporate Law |

Demonetisation & its impact on Tax collection & Formalisation of Economy

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...

Read More
Posted Under: Corporate Law |

Few tips to Prevent Income Tax Raids

One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A tax raid may also be conducted against a person in possession of undisclosed income or prop...

Read More
Posted Under: Corporate Law |

Action on those Converting Black Money into White during Demonetization

Appropriate action by the Income-tax Department (ITD) and other Law Enforcement Agencies has been taken against those involved in the misuse of the Scheme of Demonetization. Such actions by the Income-tax Department included among others, conducting search and survey actions in relevant cases. During the period November 2016 to March, 201...

Read More
Posted Under: Corporate Law |

The Fugitive Economic Offenders Act, 2018

NO. 17 OF 2018 (31/07/2018)

Govt notifies Fugitive Economic Offenders Act, 2018. It shall be deemed to have come into force on the 21st day of April, 2018. The provisions of this Act shall apply to any individual who is, or becomes, a fugitive economic offender on or after the date of coming into force of this Act....

Read More

Govt attaches Benami Properties valued over Rs. 4,300 crores

As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores....

Read More
Posted Under: Corporate Law |

Steps for Curbing Black Money stashed abroad Lead Positive Results

The Government of India has taken various steps for curbing the black money stashed abroad, which have led to positive results. These steps include, inter alia, the following: 1. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Infor...

Read More
Posted Under: Corporate Law |

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