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 ...
As per Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016, Taxes will have to be paid first and then scheme can be availed on production of tax receipt, unlike recent Income Disclosure Scheme
While Searches have been carried out in 291 cases across country, 295 cases have been covered by survey action. In addition to these, open enquiries have been effected in more than 3000 cases.
Central Government hereby- (i) notifies the Principal Commissioner or the Commissioner, as the case may be, who exercises the jurisdiction under section 120 of the Income-tax Act, 1961 (43 of 1961)
(1) These rules may be called the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana Rules, 2016. They come into force from date of their publication in the Official Gazette.
CBDT notifies 17th day December, 2016, as date on which Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 comes into force.
This Scheme may be called Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 and come into force from 17th December 2016 and shall be valid till 31st March 2017.
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from tomorrow i.e.17th December, 2016 and to remain open for declarations up to 31st March, 2017.
Banks and Prepaid Payment Instrument issuers shall not levy any charges on customers for transactions upto Rs. 1000 settled on IMPS, USSD and UPI systems.
Banks were advised to cap MDR for debit card transactions at not exceeding 0.25% of transaction amount for value upto ₹ 1000 and not exceeding 0.50% of transaction amount for value above above ₹ 1000/- and upto ₹ 2000/-
The restriction imposed on foreign citizens by which they were permitted to exchange foreign exchange for Indian currency notes only up to a limit of ₹ 5000/- per week till December 15, 2016, is been extended till 31st December 2016.
