black money

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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The Benami Law

Income Tax - The Benami Transactions (Prohibition) Amendment Act, 2016 (PBPT Act) which came into effect from 01st November 2016, after amending the 28-year-old law which was also called the Prohibition of Benami Property Transactions Act, 1988....

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Beware of The Black Money Act! 31st March deadline can make people ‘dead’

Income Tax - May be I am already late, with just less than a fortnight for the Financial Year to end.  For, soon after that, the killing provisions of the Black Money Act – a real ‘black’ legislation passed by this Govt. in 2015 – may help the bloodhounds of the Department to begin their devil dancing against […]...

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Important Sections under Benami Property Law

Income Tax - Important Sections i.e. section 19, section 24, section 26, section 47, section 62 and section 63 of The Prohibition of Benami Property Transactions Act, 1988 (Amended, No. 43 of 2016) about summon, Notices, Provisional Attachment Order and Order confirming the Provisional Attachment Order etc....

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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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Income Tax Informants Reward Scheme, 2018 with higher reward

Income Tax - Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 19...

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Foreigners also eligible for reward under Benami Transactions Informants Reward Scheme, 2018

Income Tax - It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. ...

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Recent Steps taken by SEBI to keep check on money laundering

Income Tax - Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...

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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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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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Income Tax Informants Rewards Scheme, 2018: Reward up to Rs. 5 crore

F.No. 292/62/2012-IT (Inv.III)/26 - (23/04/2018) - Under Income Tax Informants Reward Scheme, 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential....

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Benami Transactions Informants Reward Scheme, 2018- Reward up to Rs. One crore

F. No. 299/31/2017-Dir (Inv. III)/22 - (23/04/2018) - Benami Transactions Informants Reward Scheme, 2018 is introduced by CBDT for regulating grant and payment of reward to a person who is an informant under this Scheme. A person can get reward up to Rs. One crore for giving specific information of benami property. Identity of the informant shall be ...

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Scrutiny assessments of revised/belated returns post-demonetisation

F. No. 225/391/2017/ITA.II - (24/11/2017) - In case of a belated return, it would be crucial to examine the trend and business practices of a particular assessee while ascertaining the legitimacy of the transactions disclosed in a belated return, filed post-demonetisation....

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Notice u/s 142(1) in cases related to substantial cash deposit during demonetisation: SOP

F.No. 225/363/2017-ITA.II - (15/11/2017) - On the basis of data analytics and information gathered during the first phase of online verification under 'Operation Clean Money', a list of assessees who had deposited substantial Cash in bank account(s) during the demonetisation period (8th November, 2016 to 30th December, 2016) but have not yet...

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black money’s Popular Posts

Recent Posts in "black money"

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

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. ...

Read More
Posted Under: Income Tax |

Know When to Say No To Cash Transaction

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...

Read More
Posted Under: Income Tax |

Benami Transaction and Sham Transactions

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...

Read More
Posted Under: Income Tax |

Income Tax Informants Reward Scheme, 2018 with higher reward

Under the Income Tax Informants Reward Scheme, 2018 a person can get reward up to Rs. 50 lakh for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 19...

Read More
Posted Under: Income Tax |

Foreigners also eligible for reward under Benami Transactions Informants Reward Scheme, 2018

It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. ...

Read More
Posted Under: Income Tax |

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 of Rs. 85,50,000/- can treated as payment...

Read More

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 the definition of ‘information’ as per...

Read More

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:-...

Read More

Income Tax Informants Rewards Scheme, 2018: Reward up to Rs. 5 crore

F.No. 292/62/2012-IT (Inv.III)/26 (23/04/2018)

Under Income Tax Informants Reward Scheme, 2018 A person can get reward up to Rs. Five crore by giving specific information about evasion of Income tax on income and assets in India and abroad. Identity of the informant shall be kept confidential....

Read More

Benami Transactions Informants Reward Scheme, 2018- Reward up to Rs. One crore

F. No. 299/31/2017-Dir (Inv. III)/22 (23/04/2018)

Benami Transactions Informants Reward Scheme, 2018 is introduced by CBDT for regulating grant and payment of reward to a person who is an informant under this Scheme. A person can get reward up to Rs. One crore for giving specific information of benami property. Identity of the informant shall be kept confidential. ...

Read More
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