black money

5 Ways People Use to Convert Black Money into White Money

Income Tax - The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money....

Read More

Benami Property- Simplified Meaning

Income Tax - As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

Read More

Lovers of Money and tax non-compliance society

Income Tax - The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

Read More

Legality of accepting Specified Bank Notes post Demonetisation

Income Tax - Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the sp...

Read More

Updated list of Transactions in which PAN is to be quoted

Income Tax - Government mandated Quoting of PAN for cash deposit with Bank and Post Offices if it (i) exceeds Rs. 50000 during any one day; or (ii) aggregates to more than Rs. 250000 during the period 09th November, 2016 to 30th December, 2016 ...

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

Status of Unaccounted Income/Wealth Inside & Outside Country

Income Tax - : The illegal economy consists of the income produced by those economic activities pursued in violation of legal statutes defining the scope of legitimate forms of commerce. Participants of illegal economy engage in the production and distribution of prohibited goods (drugs, for example) and services (prostitution, counterfeit currency, a...

Read More

Clean Transactions, Cleaner Economy, Go Cashless, Go Clean

Income Tax - DON’T √ 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 Rs.  10,000 in cash relating to […]...

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

SC set aside Delhi HC order restraining I-T dept from taking action Gautam Khaitan

Union of India and Ors. Vs Gautam Khaitan (Supreme Court) - Union of India and Ors. Vs Gautam Khaitan (Supreme Court) Scheme of the Black Money Act is to provide stringent measures for curbing the menace of black money. Various offences have been defined and stringent punishments have also been provided. However, the scheme of the Black Money Act also provid...

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

Banning of Unregulated Deposit Schemes Act, 2019

NO. 21 OF 2019 - (31/07/2019) - THE BANNING OF UNREGULATED DEPOSIT SCHEMES ACT, 2019- NO. 21 OF 2019- An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or...

Read More

Banning of Unregulated Deposit Schemes Bill, 2019 Passed by Lok Sabha

Bill No. 182-C of 2019 - (24/07/2019) - AS PASSED BY LOK SABHA ON 24.07.2019 Bill No. 182-C of 2019 THE BANNING OF UNREGULATED DEPOSIT SCHEMES BILL, 2019 —————— ARRANGEMENT OF CLAUSES —————— CHAPTER I PRELIMINARY CLAUSES 1. Short title, extent and commencement. 2. Defination CHAPTER II BANNING OF UNREGULATED DEPOSI...

Read More

Recent Posts in "black money"

5 Ways People Use to Convert Black Money into White Money

The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money....

Read More
Posted Under: Income Tax |

Benami Property- Simplified Meaning

As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

Read More
Posted Under: Income Tax |

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

Read More
Posted Under: Income Tax |

Legality of accepting Specified Bank Notes post Demonetisation

Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the sp...

Read More
Posted Under: Income Tax | ,

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

Updated list of Transactions in which PAN is to be quoted

Government mandated Quoting of PAN for cash deposit with Bank and Post Offices if it (i) exceeds Rs. 50000 during any one day; or (ii) aggregates to more than Rs. 250000 during the period 09th November, 2016 to 30th December, 2016 ...

Read More
Posted Under: Income Tax |

Benami Law, 2016

Benami Property: Any property which is the subject matter of a benami transaction and also includes the proceeds from such property. Benamidar: A person or a fictitious person, as the case may be, in whose name the benami property is transferred or held and includes a person who lends his name....

Read More
Posted Under: Income Tax |

Analysis of Income Tax Assessment of demonetisation cases

In its ongoing Operation Clean Money drive (OCM), Various cases were selected for scrutiny assessment for AY 2017-18 where large amount of CASH was deposited during demonetisation period i.e. 9th November 2016 to 31st December 2016. It is observed that while passing order for scrutiny assessment for cash deposited during demonetisation pe...

Read More
Posted Under: Income Tax |

Money Laundering – Practical Cases in India

What is Money Laundering? Money laundering simply means conversion of black money (DirtyMoney) into white money (Clean Money) where the black money may not become white legally but appear to have become so. The process of Money Laundering is also known as Jama Kharchi in India. Some of the prevalent practical methods are discussed here. [...

Read More
Posted Under: Income Tax |

Taxation of Deposits Made With Banks in SBNs

The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of [&...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,538)
Company Law (5,541)
Custom Duty (7,671)
DGFT (4,158)
Excise Duty (4,341)
Fema / RBI (4,045)
Finance (4,205)
Income Tax (32,363)
SEBI (3,365)
Service Tax (3,534)

Search Posts by Date

April 2020
M T W T F S S
« Mar    
 12345
6789101112
13141516171819
20212223242526
27282930