black money

Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

Income Tax - A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]...

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Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization

Income Tax - Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean ...

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Refund of Tax & Penalty paid under Income Declaration Scheme, 2016

Income Tax - The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]...

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Rationalisation of Provisions of Black Money Act

Income Tax - Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 The existing provisions of section 2 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the BM Act) provide inter alia that the “assessee” means a person who is resident in India within [&...

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Amendment in black money Act- A nightmare for few

Income Tax - The budget 2019 was announced on 5th July 2019 and finally the wait was over for various tax payers who had lot of expectations to get some tax relief after Modi 2.0 came into action. Where this budget proved to be favorable for corporates and start-ups while in other hand it hit the upper rich […]...

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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...

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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...

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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 […]...

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Menace of illicit deposit schemes cracked down

Income Tax - And the day has come when the risk to remain tight in a BUDS has become more painful……. Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDS) with effect from 21.02.2019 Menace of illicit deposit schemes cracked down Meaning of Deposit A deposit has been defined to mean: An amount of money received by way of […]...

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Cabinet approves Banning of Unregulated Deposit Schemes Ordinance, 2019

Income Tax - Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the ...

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Landmark Judgment: Benami Amendment Act, 2016 not applicable from retrospective effect: HC

Niharika Jain W/o Shri Andesh Jain Vs Union of India (Rajasthan High Court) - Court has no hesitation to hold that the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its wisdom for its enforcement; cannot have retrospective effect....

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Onus to prove that transaction were benami rests on plaintiff: SC

Mangathai Ammal (Died) through LRs Vs Rajeswari & Others (Supreme Court of India) - Mangathai Ammal (Died) through LRs Vs Rajeswari & Others (Supreme Court) In the case of Jaydayal Poddar it is held that the burden of proving that a particular sale is benami and the apparent purchaser is not the real owner, always rests on the person asserting it to be sold. In P. Leelavathi it...

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After amendments Onus of proving a benami transaction rests entirely on owner/ benamidar

Shri Akashdeep Vs Manpreet Estates LLP (Appellate Tribunal For PBPT Act) - Shri Akashdeep Vs Manpreet Estates LLP (Appellate Tribunal For PBPT Act) It is correct that after amendment in Prohibition of Benami Property Transactions Act, 1988 (PBPT Act) , the onus of proving a benami transaction rests entirely on the shoulders of the respondents. Before amendment, the burden ...

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Financial assistance for property purchase cannot be sole factor to hold transaction as benami

Smt. P. Leelavathi (D) by LRs Vs V. Shankarnarayana Rao (D) by LRs (Supreme Court of India) - Properties were purchased by the defendant with some financial assistance from his father, however, the same cannot be sole determinative factor to hold the transaction as benami in nature.The plaintiff has miserably failed to establish and prove the intention of the father to purchase properties fo...

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Prosecution proceedings justified on failure to disclose foreign bank accounts under Black Money and Imposition of Tax Act, 2015

Shrivardhan Mohta Vs Union of India (Calcutta High Court) - Where assessee was given an opportunity to make the disclosure with regard to foreign bank accounts and the amount lying thereat however assessee failed to avail the  opportunity to make disclosure with regard thereto while submitting his return in the proceedings under search and seizure and also ...

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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...

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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...

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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...

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EC slams CBDT for ‘Insolent’ Counter Advisory over I-T Raids

No. 76/Instructions/2019 - (10/04/2019) - The Election Commission of India expresses its deep sense of anguish about the casual and trivial manner in which the advisory to be absolutely neutral, impartial and non, discriminatory has been responded to by Department of Revenue, Ministry of Finance vide letter F. No. A.50050/15/2019-Ad. I date...

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Cases of substantial cash deposit during demonetisation period- Reg.

F. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 - (15/03/2019) - Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notice under section 142(1) of the I. T. Act has remained non-complied...

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Recent Posts in "black money"

Insight Into Benami Transactions (Prohibition) Amendment Act, 2016

A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]...

Read More
Posted Under: Income Tax |

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 framing of assessment in demonetisation relate...

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 incidental thereto....

Read More

Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization

Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean ...

Read More
Posted Under: Income Tax |

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 DEPOSIT SCHEMES 3. Banning of Unregulated Depo...

Read More

Landmark Judgment: Benami Amendment Act, 2016 not applicable from retrospective effect: HC

Niharika Jain W/o Shri Andesh Jain Vs Union of India (Rajasthan High Court)

Court has no hesitation to hold that the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its wisdom for its enforcement; cannot have retrospective effect....

Read More

Refund of Tax & Penalty paid under Income Declaration Scheme, 2016

The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]...

Read More
Posted Under: Income Tax |

Rationalisation of Provisions of Black Money Act

Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 The existing provisions of section 2 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the BM Act) provide inter alia that the “assessee” means a person who is resident in India within [&...

Read More
Posted Under: Income Tax |

Cabinet approves Banning of Unregulated Deposit Schemes Bill, 2019

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
Posted Under: Income Tax |

Amendment in black money Act- A nightmare for few

The budget 2019 was announced on 5th July 2019 and finally the wait was over for various tax payers who had lot of expectations to get some tax relief after Modi 2.0 came into action. Where this budget proved to be favorable for corporates and start-ups while in other hand it hit the upper rich […]...

Read More
Posted Under: Income Tax |

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