black money

Important Sections under Benami Property Law

Corporate Law - 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....

Read More

Benami Law and Its Implications

Corporate Law - BENAMI LAW , ITS IMPLICATIONS, COURSE OF PROCEEDINGS, PUNISHMENT. DETAILS OF THE AMENDMENTS....

Read More

Meaning of benami property, benami transaction, benamidar & beneficial owner

Corporate Law - Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]...

Read More

Black Money Act: Joint Director can approve order imposing penalty

Corporate Law - Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein....

Read More

“Keep Away” From Benami Transations

Corporate Law - I-T started initiating action under the new benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016. As per the act benami property includes movable or immovable, tangible or intangible, corporeal or incorporeal property. It empowers provisional attachment and subsequent confiscation of benami properties....

Read More

Say no to Cash Transactions- Income Tax Dept. Advises

Corporate Law - DO NOT 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. DO NOT RECEIVE OR REPAY Rs. 20,000/- or more in cash for transfer of immovable Property. DO NOT PAY more than Rs. 10,000/- in cash […]...

Read More

Exchange of Demonetized Currency Notes: CBI Searches 32 Places

Corporate Law - Central Bureau of Investigation has today conducted searches at 32 places including the Administrative Office & 17 branches of a Maharashtra based Co-operative Bank Ltd., and the residential premises of the accused persons at Pune, Baramati and Lonavala(Maharashtra) in an on-going investigation of a case relating to alleged exchange of de...

Read More

Action on Benami Property holders / Owners steeped up

Corporate Law - Income Tax Department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties....

Read More

Operation Clean Money- Details of work carried out in campaign

Corporate Law - Details of work carried out in the Operation Clean Money campaign are as under: The cash deposit data was analysed to identify persons whose cash transactions did not appear in line with the tax payer’s profile. Preliminary assessment was undertaken to analyse distribution of large cash deposits across various taxpayer segments (e.g. Bu...

Read More

Increase in number of tax payers post demonetization

Corporate Law - During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores....

Read More

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....

Read More

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...

Read More

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 ...

Read More

Man Seeks exchange of Seized old notes after discharge from case

Abhishek Shukla Vs Union of India & Ors. (Supreme Court of India) - Abhishek Shukla, who was discharged by the trial court in 2013 IPL spot-fixing case in July 2015, has moved the Supreme Court seeking a direction to the Reserve Bank of India (RBI) to accept demonetised Rs. 500 and Rs. 1,000 currency notes with a face value of Rs. 5 lakh, which was seized by the spe...

Read More

Can’t allow Deposit of Old Notes After Dec 31, 2016: Centre To SC

Victory Logitrans Pvt & Anr Vs Union of India & Ors (Supreme Court of India) - The Central Government on 07th April informed the Supreme Court vide a 27-page affidavit that there is no need to open the window allowing all categories of people to deposit old demonetised notes of Rs 500 and Rs 1000 after December 31, 2016 under some special circumstances as no justifiable reason...

Read More

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....

Read More

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...

Read More

PMGKY 2016- Clarification on correction in Payment Challan

F.No.225/231/2017-ITA-II - (27/09/2017) - Petitions have been received in CBDT from the declarants under the Pradhan Mantri Garib Kalyan Yojana, 2016, Scheme (`PMGKY') pointing out instances where incorrect challans were used for making payment of liability under the Scheme or some of the particulars in the challans were filled wrongly. ...

Read More

SOP on implementation of Benami Property Transactions Act, 1988

F.No. 414/63/2016-IT(Inv.I) - (10/08/2017) - Standard Operating Procedure (SOP) with regard to implementation of of Benami Property Transactions Act, 1988 (as amended by Benami Transactions (Probibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv) ...

Read More

Amendment in Jurisdiction under Black Money Law

Notification No. 72/2017-Income Tax/ S.O. 2321(E) - (25/07/2017) - Central Board of Direct Taxes hereby makes the following amendment in the notification of Central Board of Direct Taxes, number S.O. 1590(E), dated the 16th May, 2017...

Read More

Recent Posts in "black money"

Important Sections under Benami Property Law

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....

Read More
Posted Under: Income Tax |

Benami Law and Its Implications

BENAMI LAW , ITS IMPLICATIONS, COURSE OF PROCEEDINGS, PUNISHMENT. DETAILS OF THE AMENDMENTS....

Read More
Posted Under: Income Tax |

Meaning of benami property, benami transaction, benamidar & beneficial owner

Whoever enters into any benami transaction on and after the date of commencement of the Benami Transactions (Prohibition) Amendment Act, 2016, shall, notwithstanding anything contained in sub-section (2), be punishable in accordance with the provisions contained in Chapter VII.]...

Read More
Posted Under: Income Tax |

Black Money Act: Joint Director can approve order imposing penalty

Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein....

Read More
Posted Under: Income Tax |

Say no to Cash Transactions- Income Tax Dept. Advises

DO NOT 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. DO NOT RECEIVE OR REPAY Rs. 20,000/- or more in cash for transfer of immovable Property. DO NOT PAY more than Rs. 10,000/- in cash […]...

Read More
Posted Under: Income Tax | ,

Exchange of Demonetized Currency Notes: CBI Searches 32 Places

Central Bureau of Investigation has today conducted searches at 32 places including the Administrative Office & 17 branches of a Maharashtra based Co-operative Bank Ltd., and the residential premises of the accused persons at Pune, Baramati and Lonavala(Maharashtra) in an on-going investigation of a case relating to alleged exchange of de...

Read More
Posted Under: Income Tax |

“Keep Away” From Benami Transations

I-T started initiating action under the new benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016. As per the act benami property includes movable or immovable, tangible or intangible, corporeal or incorporeal property. It empowers provisional attachment and subsequent confiscation of benami properties....

Read More
Posted Under: Income Tax |

Action on Benami Property holders / Owners steeped up

Income Tax Department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties....

Read More
Posted Under: Income Tax |

Fund the political party you support in a Transparent Manner : Electoral Bonds Regime Begins

The conventional system of political funding is to rely on donations.  These donations, big or small, come from a range of sources from political workers, sympathisers, small business people and even large industrialists....

Read More
Posted Under: Income Tax |

Keep Away From Benami Transactions

PROHIBITION OF BENAMI PROPERTY TRANSACTION ACT, 1988 Salient Features:  The Prohibition of Benami Property Transactions Act, 1988 (the Benami Act) came into effect from 01.11.2016 Benamidar (In whose name benami property is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are pr...

Read More
Posted Under: Income Tax |
Page 1 of 7112345...102030...Last »

Browse All Categories

CA, CS, CMA (3,599)
Company Law (3,635)
Custom Duty (6,780)
DGFT (3,553)
Excise Duty (4,086)
Fema / RBI (3,341)
Finance (3,588)
Income Tax (26,318)
SEBI (2,792)
Service Tax (3,304)

Search Posts by Date

February 2018
M T W T F S S
« Jan    
 1234
567891011
12131415161718
19202122232425
262728