Income Tax : The scheme allows eligible taxpayers to declare undisclosed foreign income or assets with payment of prescribed dues and limited i...
Income Tax : The Finance Bill, 2026 proposes immunity from prosecution for undisclosed foreign assets below ₹20 lakh, excluding immovable pro...
Income Tax : Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attra...
Income Tax : Learn about the taxation of undisclosed foreign income & assets under the Black Money Act, 2015, including penalties and legal pro...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
Income Tax : A summary of government agencies' efforts to curb black money, including search operations, tax assessments under the Black Money ...
Corporate Law : CBDT starts a campaign for AY 2024-25 to assist taxpayers in accurately reporting foreign assets and income in ITR under Black Mon...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents le...
Income Tax : Explore Income Tax Department's advisory on reducing cash transactions. Learn about societal, individual, and national factors dri...
Corporate Law : The High Court denied bail, holding that serious allegations of loan diversion through shell entities were supported by bank recor...
Income Tax : The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linke...
Income Tax : The issue was whether an assessment under the Black Money Act can survive once the foundational notice is held invalid. The Tribun...
Income Tax : The Tribunal held that overseas shares acquired from reinvested dividends cannot be taxed as undisclosed assets when the source is...
Income Tax : The Court upheld the deletion of penalty under the Black Money Act after finding the wife was only a joint holder and the husband ...
Income Tax : The CBDT has amended its instruction on the Black Money Act raising the exemption for prosecution to ₹20 lakh for certain foreig...
Income Tax : KSCAA urges Union Finance Minister to reform Black Money Act (BMA) penalties. Sug-gestions include amnesty, proportional fines, hi...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Corporate Law : Explore 2023 updates to Prevention of Money-laundering (Maintenance of Records) Rules. Learn how these changes impact trust, contr...
Income Tax : CBDT notifies Special Courts in Odisha vide Notification No. 127/2022-Income Tax | Dated: 26th December, 2022 under Black Money ...
A. Background: Corruption has been a social evil which has been bothering the world at large in various degrees. India has also not been spread by the sigma of corruption. After Independence the euphoria that had been generated in the fight against the British, gradually decreased and the ability to wield power at all costs […]
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 framing of assessment in demonetisation related
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 incidental thereto.
Practical Aspects on Completion of Assessments regarding Substantial Cash Deposits made during demonetization We all remember the date 08 November 2016 when our Hon’ble Prime Minister Shri Narendra Modi took huge step and demonetized the specified bank notes (SBN) i.e. Rs.500 and Rs.1000 currency notes. This was the step taken to clean black money from […]
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 DEPOSIT SCHEMES 3. Banning of Unregulated Deposit Schemes. 4. Fraudulent default in Regulated […]
The existing provisions of section 187 of the Finance Act, 2016 provide, inter alia, that the tax, surcharge and penalty in respect of the undisclosed income, declared under the Income Declaration Scheme, 2016 (the Scheme) shall be paid on or before a notified due date. In order to address genuine concern of the declarants, it […]
Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 The existing provisions of section 2 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the BM Act) provide inter alia that the “assessee” means a person who is resident in India within […]
Court has no hesitation to hold that the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its wisdom for its enforcement; cannot have retrospective effect.
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 banning of Unregulated Deposit […]
The budget 2019 was announced on 5th July 2019 and finally the wait was over for various tax payers who had lot of expectations to get some tax relief after Modi 2.0 came into action. Where this budget proved to be favorable for corporates and start-ups while in other hand it hit the upper rich […]
