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 data on payment system indicators such as Paper Clearing, National Electronic Fund Transfer (NEFT) and National Automated Clearing House (NACH), registered growth in December, 2016 as compared to November 2016. However, the same showed a decline in January 2017 as compared to December 2016. • Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and […]
Cbi registers a case against an official of itarsi railway station and others for allegedly depositing old notes of rs.61 lakh (approx).The accused cheated the Government by accepting the licence fee in cash in the form of demonetized currency notes in violation of Government notification.
After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation.
It was alleged that during the period between 15.11.2016 and 25.11.2016, the Senior Special Assistant and Deputy Manager (Operations) of State Bank of India entered into a criminal conspiracy while the restrictions on distribution of currency notes due to demonetization were in force.
The Central Bureau of Investigation has arrested a Director, Postal Services and Senior Superintendent of Posts, Ahmedabad (Gujarat) in an on-going investigation of a case.
Demonetisation broke the backs of those who threatened national security and sent a clear message that it was no longer business as usual. Large deposits are under scrutiny to verify their authenticity.
Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt.
Representations received seeking clarification as to whether deposits made in bank account or cash in hand which are eligible for being declared under the PMGKY Scheme should exist on the date of filing of declaration under the Scheme.
Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause transient disruption in economic activity.
Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period
