black money

When to Say No to Cash Transaction under Income Tax Act, 1961

Income Tax - A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

Read More

Understanding Basics of Black Money Act, 2015

Income Tax - Understanding The Basics of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Black Money Act, 2015) Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisc...

Read More

What to do with ‘Black Money’- Ways to convert it – ‘opportunities’ galore

Income Tax - The subject lures any reader because most of us are in possession of ‘Black Money’ & are interested in finding a device to convert  their ‘dirty money’ nicknamed as ‘Black money’ into ‘White money’. The moment the colour of the money changes from dark, dingy, gloomy & frightening &#...

Read More

Remembering Demonetisation on its Fourth Birth Anniversary!!!

Income Tax - The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

Read More

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Income Tax - Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

Read More

CBDT launches e-portal for filing tax evasion complaints

Income Tax - CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of ...

Read More

Say no to Cash Transactions- Income Tax Dept. Advises

Income Tax - Certain types of Cash transactions have serious consequences. 1. Taking or Accepting Certain Loans, Deposits and Specified Sum: No person is permitted to accept Rs. 20.000 or more in cash a) for any loan or deposit or b) any amount in relation to transfer of any immovable property (even if transfer does not take place). […]...

Read More

No proposal to stop circulation of Rs 2,000 notes

Income Tax - An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes....

Read More

Black money of Rs. 4 crore seized since declaration of Maharashtra Elections

Income Tax - Four crore rupees worth of black money seized since declaration of Maharashtra Assembly Elections: DGIT (Investigation). DG of Income Tax (Investigation) briefs the media on steps taken by the Income Tax Department to curb use of black money and cash in elections...

Read More

Cabinet approves Banning of Unregulated Deposit Schemes Bill, 2019

Income Tax - Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 201, Bill to be introduced in ensuing session of Parliament The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019.  It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The b...

Read More

Coercive measures cannot be taken against taxpayer in case he challenges Black Money Act

Anila Rasiklal Mehta Vs Union of India (Bombay High Court) - Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling up...

Read More

Benami Law- Amended Provision of 2016 has no relevance without provisions of Act of 1988

Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) - Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) To decide the core issue whether the amended Benami Transactions (Prohibition) Amendment Act, 2016 can be made applicable for initiating proceedings against the petitioner in respect of the properties which were purchased or acquired pr...

Read More

Adjudicating authority obliged to examine stand of alleged Benamindar: HC

Kailash Assudani Vs CIT (Madhya Pradesh High court) - Kailash Assudani Vs CIT (Madhya Pradesh High court) A plain reading of Sub-section (3) of Section 26 of Prohibition of Benami Property Transaction Act, 1988 makes it clear that the adjudicating authority is obliged to examine the stand of alleged Benamindar in reply to the show cause notice. He is f...

Read More

Adjudicating Authority only can decide on Benami nature of property

Kailash Assudani Vs CIT (Madhya Pradesh High Court) - Kailash Assudani Vs CIT (Madhya Pradesh High Court) High Court held that It is the Adjudicating Authority who is to decide the question of Benami nature of the property. The proceedings under Section 24 of the Act contemplates the issuance of show cause notice as to why the property specified in the...

Read More

Statute cannot have any retrospectivity unless expressly provided therein

Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) - Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) By an amendment an existing Act is supplemented by new provisions adding to or subtracting from it. It is usual that parts of the existing Act are retained. Say for example, there is a provision in the existing Act for pena...

Read More

CBDT notifies CIT (Appeals) for cases under Black Money Act 2015

F.No. 279/Misc./M-44/2018-ITJ - (23/03/2021) - Approval for notifying Commissioners of Income-tax (Appeals) to exercise jurisdiction over the cases under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- reg....

Read More

Guideline for transfer of Black Money Act case to respective Central Charges

F.No.225/24/2021/ITA-II - (23/02/2021) - To operationalize smooth transfer of Black Monet Act cases to the respective Central Charges, the following guidelines are being issued. (a) First, the Jurisdictional Income-tax Authority is required to identify the cases wherein proceedings under BM Act are pending in her/his charge....

Read More

Banning of Unregulated Deposit Schemes Rules, 2020

Notification No. S.O. 663 (E) - (12/02/2020) - (1) These rules may be called the Banning of Unregulated Deposit Schemes Rules, 2020. (2) These rules shall come into force on the date of their publication in the Official Gazette....

Read More

Share secret info about overseas black money with ED, CBI only with permission: CBDT to I-T Officials

F.No. 500/163/2017/FT&TR-III - (18/09/2019) - India's sovereign obligation to keep the information obtained through the EOI process of tax treaties with the other jurisdictions confidential. Any disclosure of the information received under tax treaties with unauthorized persons, either intentionally or by accident, is a serious matter. The fiel...

Read More

Check list for Cash deposited during demonetisation

F.No.225/145/2019-ITA-II - (09/08/2019) - Board has earlier issued above referred SOPs/Instruction/Internal Guidance Note regarding handling of cases related to demonetisation. In continuation of the same, a Verification Checklist-cash deposits is enclosed herewith for providing assistance to AOs for verification of cash deposits and framin...

Read More

Recent Posts in "black money"

When to Say No to Cash Transaction under Income Tax Act, 1961

A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

Read More
Posted Under: Income Tax | ,

CBDT notifies CIT (Appeals) for cases under Black Money Act 2015

F.No. 279/Misc./M-44/2018-ITJ 23/03/2021

Approval for notifying Commissioners of Income-tax (Appeals) to exercise jurisdiction over the cases under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- reg....

Read More

Understanding Basics of Black Money Act, 2015

Understanding The Basics of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Black Money Act, 2015) Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisc...

Read More
Posted Under: Income Tax |

Guideline for transfer of Black Money Act case to respective Central Charges

F.No.225/24/2021/ITA-II 23/02/2021

To operationalize smooth transfer of Black Monet Act cases to the respective Central Charges, the following guidelines are being issued. (a) First, the Jurisdictional Income-tax Authority is required to identify the cases wherein proceedings under BM Act are pending in her/his charge....

Read More

CBDT launches e-portal for filing tax evasion complaints

CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of ...

Read More
Posted Under: Income Tax |

What to do with ‘Black Money’- Ways to convert it – ‘opportunities’ galore

The subject lures any reader because most of us are in possession of ‘Black Money’ & are interested in finding a device to convert  their ‘dirty money’ nicknamed as ‘Black money’ into ‘White money’. The moment the colour of the money changes from dark, dingy, gloomy & frightening &#...

Read More
Posted Under: Income Tax |

PPT on Benami Transactions

Benami Transactions One should not enter into any benami transaction as its consequences are severe and unescapable. Please find attached herewith insights on the Prohibition of Benami Property Transactions Act, 1988. Benami property means any property which is the subject matter of a benami transaction and also includes the proceeds f...

Read More
Posted Under: Income Tax |

Remembering Demonetisation on its Fourth Birth Anniversary!!!

The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

Read More
Posted Under: Income Tax |

Beware‼ Penalty on cash receipt of Rs. 2 Lakhs or more

Krishna, from 1st April 2017, for accepting cash people have become very much conservative. Please tell me what precautions anyone should take while accepting cash?...

Read More
Posted Under: Income Tax | ,

Analysis of Issues Involved in Retrospective Applicability of Benami Law

The retrospective applicability of Benami law has been a subject matter of controversy, particularly after the amendments introduced in year 2016. In this article, an attempt is being made to identify and analyse various issues involved, and discuss the present judicial stand on such issues pending final verdict by Hon’ble Supreme Court...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,332)
Company Law (7,099)
Custom Duty (8,392)
DGFT (4,506)
Excise Duty (4,467)
Fema / RBI (4,613)
Finance (4,880)
Income Tax (36,523)
SEBI (3,896)
Service Tax (3,695)

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930