Corporate Law : Dive into the nexus between Electoral Bonds and money laundering in India, exploring legislative challenges, compliance requiremen...
Income Tax : This type of black money primarily originates from illegal cash transactions. These funds often end up in foreign banks, making it...
Income Tax : Explore implications of Black Money Act on foreign assets and income for residents. Understand disclosure requirements, penalties,...
Income Tax : Explore the rules, tax implications, and measures against black money in real estate transactions. Understand the impact on the in...
Income Tax : Embarking on an exploration of the Black Money Act, 2015 (BMA), this article navigates through 25 crucial FAQs, unraveling the int...
Income Tax : Explore Income Tax Department's advisory on reducing cash transactions. Learn about societal, individual, and national factors dri...
Goods and Services Tax : GST Council recommended that State can decide on imposition of requirement of e-Way bill for intra-state movement of gold & preci...
Income Tax : Undisclosed credits of Rs. 20,353 crore detected with respect to 930 India linked entities in Panama and Paradise Paper Leaks As o...
Income Tax : As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein ...
Income Tax : Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and...
Income Tax : Delhi High Court allows NRI businessman to travel, quashing the LOC opened for investigation under the Black Money Act, setting co...
Income Tax : Explore Delhi High Court's decision allowing the revenue to challenge Black Money Act proceedings in PCIT vs. Ashok Kumar Singh. D...
Corporate Law : Delhi High Court held that PayPal is liable to be viewed as payment system operator and obliged to comply with reporting entity ob...
Income Tax : In the case of Vikash Marda Vs Union Of India, the Calcutta High Court instructs CIT(A) to expedite pending appeals concerning ass...
Income Tax : Delhi High Court quashes the penalty order issued under Black Money Act, citing the department's failure to consider assessee's em...
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 ...
Income Tax : Designation of the Courts in the Himachal Pradesh Special Courts for the purposes of section 280A of the Income tax Act, 1961 and ...
Income Tax : Notification No. 68/2022- Income Tax- Designation of Courts in Uttarakhand as Special Court for the purposes of section 280A of t...
Income Tax : Vide Notification No. 44/2022-Income Tax, Dated: 22.04.2022 CBDT designates Court in the State of Madhya Pradesh as the Special C...
Additional Commissioner of Income Tax Vs Leena Gandhi Tiwari (ITAT Mumbai) The need to implement BMA in a strict manner, as learned Commissioner (DR) pleads for, can hardly be overemphasised. What it essentially means is that whenever any unaccounted income or undisclosed asset abroad is found, stern action, in accordance with the law, must be taken. […]
Mohan Thakur Vs ACIT (ITAT Mumbai) Facts- As per the report, information was received from the Australian taxation office that the Assessee under consideration has transferred funds amounting to 12,97,122 AU (Australian Dollars) to many of his relatives through hawala system for the period of F.Y. 2007-08 to 2012-13. Shri. Shagun Thakur (son) has claimed […]
An undisclosed foreign bank account per se can indeed be treated as an asset under section 2(11) of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act 2015.
हाल में ही किए गए आयकर छापे जो कि गुजरात, मध्यप्रदेश और पश्चिम बंगाल स्थित व्यापारिक समूह पर हुए, ये सभी ग्रुप स्टील, केमिकल, लोहा, शिक्षा, अस्पताल, कंस्ट्रक्शन, बिल्डर, आदि व्यापार में लिप्त है. करीब 1500 करोड़ के अवैध और काले धन के लेनदेन की जानकारी समूह के मालिकों और मैनेजरों के वाट्सऐप चेट एवं […]
Undisclosed credits of Rs. 20,353 crore detected with respect to 930 India linked entities in Panama and Paradise Paper Leaks As on 01.10.2021, total undisclosed credits amounting to Rs. 20,353 crore have been detected with respect to 930 India linked entities in the Panama and Paradise Paper Leaks. This was stated by Union Minister of […]
बैंकिंग प्रणाली आने से पहले प्रचलित पैसे के लेनदेन – हवाला कारोबार के माध्यम से होता था. आज भी यह बैंकिंग प्रणाली से ज्यादा विश्वसनीय, कम खर्चीला, आसानी और समयबद्ध तरीके से निष्पादित किया जाता है. और शायद यही कारण है कि हवाला के माध्यम से पैसे देश या विदेश के किसी भी कोने में भेजना या मंगाना बेहद आसान है और वो भी बिना किसी रिकॉर्ड रखें या पहचान बताए.
Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022. The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2022.
As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of 8,216 crore has been raised. Undisclosed income of 8,465 crore (approx.) has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases.
Addl. CIT Vs Jatinder Mehra (ITAT Delhi) It is apparent that assessee does not own any share capital in case of Watergate advisors Limited as well as it also does not controls the above company as he does not have any shareholding or management rights in that With respect to the mention of the name […]
Q.1 What is the Aim and Object of Black Money Act ? Ans. Aim is to tax undisclosed foreign income and foreign asset acquired from such undisclosed foreign income and to punish the person indulging in illegitimate means of generating money and causing loss to the revenue. Object is to prevent such illegitimate income and […]
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