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 ...
The Govt passed the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21st Feb, 2019 to ban unregulated deposits. Article explains Who are Depositor and deposit taker, Banning of Unregulated Deposit schemes (UDS), What is Unregulated Deposit Scheme(UDC) and Regulated Deposit Scheme(RDS), What kind of deposits are considered under the Banning of Unregulated Deposit Schemes […]
Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed.
Whether Banning of Unregulated Deposit Schemes Ordinance, 2019 also applicable to deposits, unsecured loans etc. accepted / taken for normal trading, manufacturing etc. activities or for personal needs.
Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of an advance or […]
The President has assented The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People; The purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the interest […]
, Unregulated Deposits Scheme Ordinance is an Ordinance to ban unregulated deposits as well as to protect the interest of Depositors. This ordinance was introduced on 21-Feb-2019. Everyone needs to study this ordinance of deposit and protect himself rather than believing on fake news.
Introduction: – 1. On 21.02.2019, Govt. Of India has brought Banning of Unregulated Deposit Schemes Ordinance 2019 with following objectives: – a) For banning of unregulated deposits schemes; b) To protect the interest of depositors; and c) Other matters relating to or connected to the above two objectives 2. The Banning of Unregulated Deposit Schemes […]
(1) This Ordinance may be called the Banning of Unregulated Deposit Schemes Ordinance, 2019. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall come into force at once.
Cabinet approves Promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of Unregulated Deposit Schemes Ordinance, 2019. Benefits: The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the country launched by rapacious operators, which at present […]
This DPT 3 form is a multipurpose form which may be in use for i) return of deposits, ii) return of disclosure of money or loan received by a company but not considered as deposit as per rules and iii) one time return for disclosure of details of outstanding money or loan received by a company but not considered as deposit.
