black money

देश में बढ़ता हवाला कारोबार, कैसे लगे लगाम

Income Tax - बैंकिंग प्रणाली आने से पहले प्रचलित पैसे के लेनदेन - हवाला कारोबार के माध्यम से होता था. आज भी यह बैंकिंग प्रणाली से ज्यादा विश्वस...

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Provisions And Taxability Under Black Money Act, 2015

Income Tax - Q.1 What is the Aim and Object of Black Money Act ? Ans. Aim is to  tax undisclosed foreign income and  foreign asset acquired  from such undisclosed foreign income and to punish the person indulging  in illegitimate means of generating money  and causing loss to the revenue. Object is to  prevent  such illegitimate income  and [&...

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Upsurge of UPI & E-Wallet Transactions Curbing the Black Economy

Income Tax - With the influx of more and more technology, financial transactions has taken an exchange platform that is totally cashless and people are becoming more dependent on e-transactions due to its advantage of being most user friendly one....

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When to Say No to Cash Transaction under Income Tax Act, 1961

Income Tax - A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

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Understanding Basics of Black Money Act, 2015

Income Tax - Understanding The Basics of Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015 (Black Money Act, 2015) Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Act, 2015, in short, Black Money Act (BMA) came into force from 01.04.2016 which seeks to tax Undisclosed Foreign Asset and Undisc...

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Systemic measures under Black Money Act yields results

Income Tax - As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of  8,216 crore has been raised. Undisclosed income of  8,465 crore (approx.) has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases....

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Govt refutes media reports of alleged black money held by Indians in Switzerland

Income Tax - Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the ...

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CBDT launches e-portal for filing tax evasion complaints

Income Tax - CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of ...

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Say no to Cash Transactions- Income Tax Dept. Advises

Income Tax - Certain types of Cash transactions have serious consequences. 1. Taking or Accepting Certain Loans, Deposits and Specified Sum: No person is permitted to accept Rs. 20.000 or more in cash a) for any loan or deposit or b) any amount in relation to transfer of any immovable property (even if transfer does not take place). […]...

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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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Assessee not become beneficial Owner because in account opening form name of the Assesse written as beneficial Owner

Addl. CIT Vs Jatinder Mehra (ITAT Delhi) - Addl. CIT Vs Jatinder Mehra (ITAT Delhi) It is apparent that assessee does not own any share capital in case of Watergate advisors Limited as well as it also does not controls the above company as he does not have any shareholding or management rights in that With respect to the mention of the name ...

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AO cannot tax Cash deposit of less than Rs. 2.5 Lakh during demonetization by housewife

Smt. Uma Agrawal Vs ITO (ITAT Agra) - The instructions of the Board, which are statutory and binding on the revenue, assessing officer has no mandate to tax the cash deposit made in the bank account by the housewife if the amount is less than 2.5 lakh, during the Demonetization Scheme of 2016...

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No incriminating material on Swiss Bank Account, no addition: ITAT Delhi

Late Shri Bhushan Lal Sawhney Vs DCIT (ITAT Delhi) - Late Shri Bhushan Lal Sawhney Vs DCIT (ITAT Delhi) Facts: 1. The IT Investigation wing had information that assessee maintained Swiss Accounts but this was vehemently denied by the assessee. 2. Swiss competent authorities provided information only from April 1, 2011. Earlier years (to which this lit...

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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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Aadhaar Linking, penalty proceedings completion due date extended

Notification No. 113/2021-Income Tax [SO. 3814(E)] | Press Release ID: 1755936 - (17/09/2021) - Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022. The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2...

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CBDT notifies court of States of Assam, Nagaland, Mizoram & Arunachal Pradesh for Black Money Act

Notification No. 60/2021-Income Tax [S.O. 1842(E)] - (11/05/2021) - Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, First Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of sect...

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CBDT notifies CIT (Appeals) for cases under Black Money Act 2015

F.No. 279/Misc./M-44/2018-ITJ - (23/03/2021) - Approval for notifying Commissioners of Income-tax (Appeals) to exercise jurisdiction over the cases under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015- reg....

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Guideline for transfer of Black Money Act case to respective Central Charges

F.No.225/24/2021/ITA-II - (23/02/2021) - To operationalize smooth transfer of Black Monet Act cases to the respective Central Charges, the following guidelines are being issued. (a) First, the Jurisdictional Income-tax Authority is required to identify the cases wherein proceedings under BM Act are pending in her/his charge....

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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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Recent Posts in "black money"

देश में बढ़ता हवाला कारोबार, कैसे लगे लगाम

बैंकिंग प्रणाली आने से पहले प्रचलित पैसे के लेनदेन - हवाला कारोबार के माध्यम से होता था. आज भी यह बैंकिंग प्रणाली से ज्यादा विश्वस...

Read More
Posted Under: Income Tax |

Aadhaar Linking, penalty proceedings completion due date extended

Notification No. 113/2021-Income Tax [SO. 3814(E)] | Press Release ID: 1755936 17/09/2021

Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022. The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2022....

Read More

Systemic measures under Black Money Act yields results

As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of  8,216 crore has been raised. Undisclosed income of  8,465 crore (approx.) has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases....

Read More
Posted Under: Income Tax |

Assessee not become beneficial Owner because in account opening form name of the Assesse written as beneficial Owner

Addl. CIT Vs Jatinder Mehra (ITAT Delhi)

Addl. CIT Vs Jatinder Mehra (ITAT Delhi) It is apparent that assessee does not own any share capital in case of Watergate advisors Limited as well as it also does not controls the above company as he does not have any shareholding or management rights in that With respect to the mention of the name […]...

Read More

Provisions And Taxability Under Black Money Act, 2015

Q.1 What is the Aim and Object of Black Money Act ? Ans. Aim is to  tax undisclosed foreign income and  foreign asset acquired  from such undisclosed foreign income and to punish the person indulging  in illegitimate means of generating money  and causing loss to the revenue. Object is to  prevent  such illegitimate income  and [&...

Read More
Posted Under: Income Tax |

Govt refutes media reports of alleged black money held by Indians in Switzerland

Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and do not indicate the quantum of much debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the ...

Read More
Posted Under: Income Tax |

AO cannot tax Cash deposit of less than Rs. 2.5 Lakh during demonetization by housewife

Smt. Uma Agrawal Vs ITO (ITAT Agra)

The instructions of the Board, which are statutory and binding on the revenue, assessing officer has no mandate to tax the cash deposit made in the bank account by the housewife if the amount is less than 2.5 lakh, during the Demonetization Scheme of 2016...

Read More

No incriminating material on Swiss Bank Account, no addition: ITAT Delhi

Late Shri Bhushan Lal Sawhney Vs DCIT (ITAT Delhi)

Late Shri Bhushan Lal Sawhney Vs DCIT (ITAT Delhi) Facts: 1. The IT Investigation wing had information that assessee maintained Swiss Accounts but this was vehemently denied by the assessee. 2. Swiss competent authorities provided information only from April 1, 2011. Earlier years (to which this litigation pertained) were not covered by t...

Read More

CBDT notifies court of States of Assam, Nagaland, Mizoram & Arunachal Pradesh for Black Money Act

Notification No. 60/2021-Income Tax [S.O. 1842(E)] 11/05/2021

Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, First Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh for the purposes of section 84 of the Black Money (Undisclosed F...

Read More

Upsurge of UPI & E-Wallet Transactions Curbing the Black Economy

With the influx of more and more technology, financial transactions has taken an exchange platform that is totally cashless and people are becoming more dependent on e-transactions due to its advantage of being most user friendly one....

Read More
Posted Under: Income Tax |

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