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 unexpected withdrawal of large currency notes earlier this month is the latest and boldest move of the government to date to tackle the corruption and tax evasion that have long hurt state revenues. However, the move has been poorly implemented and is at best a one-time crackdown on illegal cash. Longer-term solutions to corruption […]
Remedial measures taken include:-(1) The Farmers are permitted to draw upto Rs.25,000 per week in cash from their Know your Customer (KYC) compliant account subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).
Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged.
Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomination which was done following provisions of RBI Act, 1934
Even after demonetization, buyer of real estate will be tempted to withdraw money from bank account and to pay nearly 50% purchase price in unaccounted way. Buyer will be tempted to do such a malpractice because, it can save stamp duty and registration fees in this way. On the other hand, seller will also not take any objection to this modus operandi because it will save income tax and VAT/GST by this practice.
India economy has been the pride of world. It has been showcased as the only growing economy – a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is that correct?
There are limits on deposits on “Small Account” under Pradhan Mantri Jan Dhan Yojana (PMJDY). Government is not proposing to increase this limit.
Apprehension of retrospective amendment in the Income Tax Act was anticipated by almost all the tax professionals as 200% penalty was not possible in the present framework of law.
Government has set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the Economic Offences Wing of State Police, Intelligence/Enforcement agencies of the Central Government and also to the Ministry of Finance.
Government has advised RBI to set up a Special Cell to monitor the receipt of fake currency notes and inform such instances to the Economic Offences Wing of State Police, Intelligence/Enforcement agencies of the Central Government.
