black money

Benami Transactions – Meaning and Consequences

Income Tax - Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person....

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Challenges under Black Money Act, 2015

Income Tax - Challenges under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 1. Introduction 1.1 The problem of black economy is deep rooted in almost all high tax jurisdictions and has become an issue of discussion at almost all global forums. All the countries have felt the need of reducing the generation [&helli...

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Benami Transactions (Prohibition) Amendment Act, 2016- Brief Analysis

Income Tax - The Benami Transactions (Prohibition) Act, 1988 came into force on 19th day of May, 1988. It extends to the whole of India except the State of Jammu and Kashmir. The act was only in paper and was not implemented for the reason for which it was enacted. And due to operational difficulties, non-formation of rules and relation, the Act could...

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Treatment of Cash Sales as Unexplained Cash Credit | Section 68

Income Tax - Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]...

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OCM/Demonetisation Cases & Vivad Se Vishwas Scheme 2020

Income Tax - The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

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No proposal to stop circulation of Rs 2,000 notes

Income Tax - An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in denomination of Rs 2,000 notes....

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Black money of Rs. 4 crore seized since declaration of Maharashtra Elections

Income Tax - Four crore rupees worth of black money seized since declaration of Maharashtra Assembly Elections: DGIT (Investigation). DG of Income Tax (Investigation) briefs the media on steps taken by the Income Tax Department to curb use of black money and cash in elections...

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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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Coercive measures cannot be taken against taxpayer in case he challenges Black Money Act

Anila Rasiklal Mehta Vs Union of India (Bombay High Court) - Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling up...

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Benami Law- Amended Provision of 2016 has no relevance without provisions of Act of 1988

Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) - Tulsiram Vs ACIT (Benami Prohibition) (Chhattisgarh High Court) To decide the core issue whether the amended Benami Transactions (Prohibition) Amendment Act, 2016 can be made applicable for initiating proceedings against the petitioner in respect of the properties which were purchased or acquired pr...

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Adjudicating authority obliged to examine stand of alleged Benamindar: HC

Kailash Assudani Vs CIT (Madhya Pradesh High court) - Kailash Assudani Vs CIT (Madhya Pradesh High court) A plain reading of Sub-section (3) of Section 26 of Prohibition of Benami Property Transaction Act, 1988 makes it clear that the adjudicating authority is obliged to examine the stand of alleged Benamindar in reply to the show cause notice. He is f...

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Adjudicating Authority only can decide on Benami nature of property

Kailash Assudani Vs CIT (Madhya Pradesh High Court) - Kailash Assudani Vs CIT (Madhya Pradesh High Court) High Court held that It is the Adjudicating Authority who is to decide the question of Benami nature of the property. The proceedings under Section 24 of the Act contemplates the issuance of show cause notice as to why the property specified in the...

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Statute cannot have any retrospectivity unless expressly provided therein

Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) - Ganpati Dealcom Pvt. Ltd. Vs Union of India & Anr. (Calcutta High Court) By an amendment an existing Act is supplemented by new provisions adding to or subtracting from it. It is usual that parts of the existing Act are retained. Say for example, there is a provision in the existing Act for pena...

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Banning of Unregulated Deposit Schemes Rules, 2020

Notification No. S.O. 663 (E) - (12/02/2020) - (1) These rules may be called the Banning of Unregulated Deposit Schemes Rules, 2020. (2) These rules shall come into force on the date of their publication in the Official Gazette....

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Share secret info about overseas black money with ED, CBI only with permission: CBDT to I-T Officials

F.No. 500/163/2017/FT&TR-III - (18/09/2019) - India's sovereign obligation to keep the information obtained through the EOI process of tax treaties with the other jurisdictions confidential. Any disclosure of the information received under tax treaties with unauthorized persons, either intentionally or by accident, is a serious matter. The fiel...

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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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Recent Posts in "black money"

Benami Transactions – Meaning and Consequences

Benami transaction means; a transaction or an arrangement, where the property is transferred to or held by a person, and consideration for such property has been provided or paid by another person....

Read More
Posted Under: Income Tax | ,

Challenges under Black Money Act, 2015

Challenges under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 1. Introduction 1.1 The problem of black economy is deep rooted in almost all high tax jurisdictions and has become an issue of discussion at almost all global forums. All the countries have felt the need of reducing the generation [&helli...

Read More
Posted Under: Income Tax |

Benami Transactions (Prohibition) Amendment Act, 2016- Brief Analysis

The Benami Transactions (Prohibition) Act, 1988 came into force on 19th day of May, 1988. It extends to the whole of India except the State of Jammu and Kashmir. The act was only in paper and was not implemented for the reason for which it was enacted. And due to operational difficulties, non-formation of rules and relation, the Act could...

Read More
Posted Under: Income Tax |

Coercive measures cannot be taken against taxpayer in case he challenges Black Money Act

Anila Rasiklal Mehta Vs Union of India (Bombay High Court)

Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling upon them to produce the details sought fo...

Read More

Treatment of Cash Sales as Unexplained Cash Credit | Section 68

Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]...

Read More
Posted Under: Income Tax |

OCM/Demonetisation Cases & Vivad Se Vishwas Scheme 2020

The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

Read More
Posted Under: Income Tax |

5 Ways People Use to Convert Black Money into White Money

The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money....

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Posted Under: Income Tax |

Benami Property- Simplified Meaning

As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax....

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Posted Under: Income Tax |

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Posted Under: Income Tax |

Legality of accepting Specified Bank Notes post Demonetisation

Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the sp...

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Posted Under: Income Tax | ,

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