black money

Money Laundering; The Many Colours of Money

Fema / RBI - The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

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The Benami Law

Fema / RBI - The Benami Transactions (Prohibition) Amendment Act, 2016 (PBPT Act) which came into effect from 01st November 2016, after amending the 28-year-old law which was also called the Prohibition of Benami Property Transactions Act, 1988....

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Beware of The Black Money Act! 31st March deadline can make people ‘dead’

Fema / RBI - May be I am already late, with just less than a fortnight for the Financial Year to end.  For, soon after that, the killing provisions of the Black Money Act – a real ‘black’ legislation passed by this Govt. in 2015 – may help the bloodhounds of the Department to begin their devil dancing against […]...

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Important Sections under Benami Property Law

Fema / RBI - 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....

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Benami Law and Its Implications

Fema / RBI - BENAMI LAW , ITS IMPLICATIONS, COURSE OF PROCEEDINGS, PUNISHMENT. DETAILS OF THE AMENDMENTS....

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Recent Steps taken by SEBI to keep check on money laundering

Fema / RBI - Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...

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Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

Fema / RBI - In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-...

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Say no to Cash Transactions- Income Tax Dept. Advises

Fema / RBI - 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 […]...

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Exchange of Demonetized Currency Notes: CBI Searches 32 Places

Fema / RBI - 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...

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Action on Benami Property holders / Owners steeped up

Fema / RBI - 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....

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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....

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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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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....

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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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Recent Posts in "black money"

Money Laundering; The Many Colours of Money

The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

Read More
Posted Under: Income Tax |

The Benami Law

The Benami Transactions (Prohibition) Amendment Act, 2016 (PBPT Act) which came into effect from 01st November 2016, after amending the 28-year-old law which was also called the Prohibition of Benami Property Transactions Act, 1988....

Read More
Posted Under: Income Tax |

Beware of The Black Money Act! 31st March deadline can make people ‘dead’

May be I am already late, with just less than a fortnight for the Financial Year to end.  For, soon after that, the killing provisions of the Black Money Act – a real ‘black’ legislation passed by this Govt. in 2015 – may help the bloodhounds of the Department to begin their devil dancing against […]...

Read More
Posted Under: Income Tax |

Recent Steps taken by SEBI to keep check on money laundering

Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...

Read More
Posted Under: Income Tax |

Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018

In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-...

Read More
Posted Under: Income Tax |

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.]...

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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....

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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 | ,
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