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Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
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...
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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...
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Income Tax : The ITAT held that penalty under Section 43 of the Black Money Act was not justified where foreign bank deposits arose from overse...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
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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 ...
Demonetisation is simultaneously a threat, a challenge and an opportunity .This bold step must yield target dividends unless further supported by many more revolutionary reforms Government must take may be in a phased manner but with more preparedness, integrity and strong political will power .
Recent demonetization of high value notes has resulted in unprecedented rush at bank branches and ATMs, non-availability of cash and banks filled with crowd has resulted in most of the people turning to cashless economy.
Up to 30.12.2016 payment towards tax, penalty and deposit under Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Bank Notes of Rs. 500 and Rs.1,000 denomination issued by RBI.
The change in the presumptive rate of 8% to 6% on digital transactions made by the govt. can be understood through the below examples
In this tough time of demonetization where everyone is facing lack of liquidity and fear of having actual turnover shown in bank accounts as compared to past trends, one may use age old provision provided during the time of British colonial rule
For the first time ever probably most of us would have come across the word demonetization. Demonetization is an act on taking back the status of legal tender to currency notes.
First Demonetization was taken place in 1946 by then Government of India. RBI offered clients to exchange their old notes of the denomination of Rs.100 with the new one.
Over the period from November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth ₹ 5,92,613 crore have been issued to public either over counter or through ATMs.
It is seen from the media reports that there is a general impression that is being created that the Government is bringing an amendment to the Payment of Wages Act to make mandatory the payment of wages to the workers only through cheque or accounts transfers. This is not the correct position.
RBI has removed following conditions on deposit of cash in demonetised Old Notes of Rs. 500 and Rs. 1000 in bank account, which has been put by its Circular dated 19.12.2016
