black money

Dematerialization of Unlisted Shares- Is it next weapon to crack down on black money??

Income Tax - Is after denomination of rupee, dematerialization of shares is next weapon? The government is planning to dematerialize the shares of unlisted limited companies to as a part of the broader the crack down on black money. There is still a very little understanding about dematerialization of shares....

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A brief study on Money Laundering Operation

Income Tax - In very simple word Money Laundering can be defined as a measure to convert illicit or illegal fund into legitimate source of Income to deflect suspicion when invested or spent....

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Digital Currency- A New Era

Income Tax - Digital currency or digital money is distinct from physical. Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology like computers, smartphones and the internet. ...

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New reporting requirement in Auditor‘s Report

Income Tax - What need to be disclosed- Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-...

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High-Value Transactions Under Scanner

Income Tax - To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

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CBI Registers 77 Cases related to Currency Note Demonetization

Income Tax - CBI has registered 77 cases and 07 Preliminary Enquiries during post demonetization relating to exchange of demonetised currency in various departments/agencies including Banks, Post Offices, Railways, Insurance companies etc. ...

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Investigation in full swing in cases related to Panama Papers: CBDT

Income Tax - The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin. The Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions....

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Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group

Income Tax - Paradise Papers indicate that out of 180 countries represented in the data of offshore entities,India ranks 19th in terms of number of names. ...

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CBI arrests Ahmedabad businessman in demonetised currency note case

Income Tax - The case relates to depositing of demonetized currency notes in UCO Bank, St. Xavier’s High School Road Branch, Ahmedabad, it was registered on 07.04.2017 on the allegations that the said accused, Propriator of Ahmedabad based private company...

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Slowdown effect of demonetisation & GST has now more or less played out: FM

Income Tax - The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetization and GST has now more or less played it out. The Union Minister for Finance an...

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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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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...

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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...

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Credit of Advance Tax paid can be claimed under IDS 2016

Kumudam Publications Pvt. Ltd. Vs Central Board of Direct Taxes and ORS. (Delhi High Court) - Court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance tax amounts paid previously relative to the assessment years or periods for which it seeks benefits under IDS scheme....

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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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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. ...

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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) ...

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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...

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Deposit of specified bank notes with Reserve Bank

G.S.R. 611(E) - (21/06/2017) - MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).-In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the ...

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Recent Posts in "black money"

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 filed Income-tax return for Assessment ...

Read More

CBI Registers 77 Cases related to Currency Note Demonetization

CBI has registered 77 cases and 07 Preliminary Enquiries during post demonetization relating to exchange of demonetised currency in various departments/agencies including Banks, Post Offices, Railways, Insurance companies etc. ...

Read More
Posted Under: Income Tax |

Investigation in full swing in cases related to Panama Papers: CBDT

The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin. The Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions....

Read More
Posted Under: Income Tax |

Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group

Paradise Papers indicate that out of 180 countries represented in the data of offshore entities,India ranks 19th in terms of number of names. ...

Read More
Posted Under: Income Tax |

CBI arrests Ahmedabad businessman in demonetised currency note case

The case relates to depositing of demonetized currency notes in UCO Bank, St. Xavier’s High School Road Branch, Ahmedabad, it was registered on 07.04.2017 on the allegations that the said accused, Propriator of Ahmedabad based private company...

Read More
Posted Under: Income Tax |

Slowdown effect of demonetisation & GST has now more or less played out: FM

The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetization and GST has now more or less played it out. The Union Minister for Finance an...

Read More
Posted Under: Income Tax |

One Suspicious Company found having with 2134 Bank A/cs

Government of India receives vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year; ...

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Posted Under: Income Tax |

Dematerialization of Unlisted Shares- Is it next weapon to crack down on black money??

Is after denomination of rupee, dematerialization of shares is next weapon? The government is planning to dematerialize the shares of unlisted limited companies to as a part of the broader the crack down on black money. There is still a very little understanding about dematerialization of shares....

Read More
Posted Under: Income Tax |

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

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 01.12.2016 from both the post offices; c) ...

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