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 ...
Application for deposit under Pradhan Mantri Garib Kalyan Deposit Scheme shall be made in Form II, indicating amount, full name, PAN, Bank Account details and address of declarant.
Taxation Laws (Second Amendment) Act, 2016 / Taxation and Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 received assent of President on 15th December, 2016.
NITI Aayog announces launch of the schemes – Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana – for incentivising digital payment
If we read the above circular strictly, it exempts seizure of only gold ornaments and jewellery and does not cover gold coins and gold bars. So the income tax officers can seize the gold coins and bars even if the weight is within the limits specified in the above circular in case you are not able to explain source of such gold coins and bars.
Among 141 participating countries, India ranked 81st on the Global Innovation Index in 2015. This year, India’s ranking improved to 66th.This is all thanks to the developments India has been making. The latest such development is demonetisation. It has increased the countrys dependence on digital payment processes.
It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law.
FM Said that Demonetisation is actually a step in the direction of less cash economy. It’s our strategy that from high cash dominated economy we should become a less cash economy where the amount of paper currency comes down. Cash will still exist and there would be a greater digitisation.
While there is no single, internationally-agreed definition, typically, the black economy refers to people who operate entirely outside the tax system or who are known to tax authorities but deliberately misreport their tax (and superannuation) obligations. The black economy can also include those engaged in organised crime, including those who engage in the production and sale of prohibited goods.
Assessee can deposit his unaccounted cash into bank and declared it as a current year’s income in next year’s tax return i.e. next Assessment year 2017-18.
There has been a media report about one of the RBI staff at Bengaluru as well. Let me clarify that it was a junior functionary of the Reserve Bank of India
