black money

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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About Black Money/Black Market/Corruption etc

Income Tax - The author is not an Exemplary theoretical Economist & only a normal citizen of Practical Approach in day to day normal life Present & past governments of both State & Centre were making hue & cry about eradication of Corruption & Black Money & Kala Bazaar, alleviation of poverty etc...

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Demonetisation helped in reducing volume of cash transactions: FM

Income Tax - Aadhar Legislation will stand the test of constitutionality; Demonetisation helped in reducing the volume of cash transactions and increase in digital payments, widening of the tax base and more formalization of the economy among others; No reverse in financial inclusion process possible for policy makers. ...

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Impact of Demonetization on Black Money, Widening of Tax Base and Direct Tax Collections

Income Tax - The Government launched a concerted drive against black money with Demonetization being an important step in that direction. Among the main objectives of Demonetization was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetization on black money...

Read More

Demonetization benefited Indian Economy & People: FM

Income Tax - The Government of India decided to cancel the Legal Tender Status of Rs. 1000 and Rs. 500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out black money, (ii) eliminate Fake Indian Currency Notes (FICN), (iii) to strike at the root of financing of terrorism and left wing extremism, (iv) to convert n...

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98.96% of SBNs come back to the RBI after demonetization

Income Tax - Taking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far....

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25% growth in number of Income Tax Returns filed

Income Tax - Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

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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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Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court) - In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

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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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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) - (12/05/2017) - Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nat...

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax - (21/04/2017) - CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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Recent Posts in "black money"

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

Demonetisation helped in reducing volume of cash transactions: FM

Aadhar Legislation will stand the test of constitutionality; Demonetisation helped in reducing the volume of cash transactions and increase in digital payments, widening of the tax base and more formalization of the economy among others; No reverse in financial inclusion process possible for policy makers. ...

Read More
Posted Under: Fema / RBI |

Impact of Demonetization on Black Money, Widening of Tax Base and Direct Tax Collections

The Government launched a concerted drive against black money with Demonetization being an important step in that direction. Among the main objectives of Demonetization was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetization on black money...

Read More
Posted Under: Fema / RBI |

Demonetization benefited Indian Economy & People: FM

The Government of India decided to cancel the Legal Tender Status of Rs. 1000 and Rs. 500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out black money, (ii) eliminate Fake Indian Currency Notes (FICN), (iii) to strike at the root of financing of terrorism and left wing extremism, (iv) to convert n...

Read More
Posted Under: Fema / RBI |

98.96% of SBNs come back to the RBI after demonetization

Taking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far....

Read More
Posted Under: Fema / RBI |

25% growth in number of Income Tax Returns filed

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

Read More
Posted Under: Fema / RBI |

Govt identifies 18 lakh persons whose cash transactions did not appear in line with their tax profile

i. About 18 lakh persons whose cash transactions did not appear in line with their tax profile were identified and approached through email/sms. ii. More than 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore. Out of this record number of 5.27 lakh responses we...

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Posted Under: Fema / RBI |

A brief study on Money Laundering Operation

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....

Read More
Posted Under: Fema / RBI |

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

Relief Measures for the Farming Sector Post Demonetisation

The Government decided that an additional grace period of 60 days for prompt repayment incentive @ 3% will be provided to such of the farmers whose crop loans dues fall due between 01/11/2016 to 31/12/2016 and if such farmers repay the same within 60 days from their due date in this period....

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Posted Under: Fema / RBI |
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