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 ...
1. Any person may make a declaration in respect of any income, in the form of cash or deposit in an account maintained by the person with specified entityon or before 01.04.2017.
Prime Minister Narendra Modi has boldly taken strong steps of Demonetization for unearth undesired Black Money. Naturally, those who are effected chunk who are holding huge cash will attempt all their means to get rid of them.
NITI Aayog has constituted a Committee of Chief Ministers representing different political parties to examine and promote the use of digital payment systems across the country.
Income declared under this scheme will attract tax of 30% plus 33% surcharge on tax ( known as ‘Pradhan Mantri Garib Kalyan Cess’ ) plus penalty equal to 10% of undisclosed income which will be equal to 50% of undisclosed income.
With the Government bringing de-monetisation to curb black money. It has also been said by the Prime Minister that the next target of the Govt. would be Benami Property. Here we are going to see all about benami property or benami transactions.
Cash withdrawal from a bank account over the counter shall be such as may be specified by the Reserve Bank of India from time to time: Provided that cash withdrawal from a current account shall be such as may be specified by the Reserve Bank of India from time to time:
Wef 03.12.2016 Old Rs. 500 notes cannot be used at for purchase of petrol, diesel and gas at the stations operating under authorisation of Public Sector Oil Marketing Companies and at airline ticketing counters at airports for purchase of tickets
FM has presented in Lok Sabha on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL, 2016 to tax at higher rates with penalty, Cash Deposit in Bank accounts out of Black Money
Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not attract any basic customs duty.
After banning the 500/1000 currency notes, there were panic all around the country. Everybody was running for solution but no one finding it so. Government was keeping a close eye on every activity of the people. Further, people were finding the illegal ways to convert their black money.
