Income Tax : The FAQs explain that FAST-DS, introduced through the Finance Act, 2026, offers eligible taxpayers a one-time opportunity to discl...
Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
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 : 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...
Income Tax : The ITAT Jaipur held that a remittance received from a foreign employer under a retirement plan did not amount to concealment of f...
Income Tax : The ITAT held that penalty under Section 43 of the Black Money Act was not justified where foreign bank deposits arose from overse...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : The Delhi ITAT held that notifications issued under TOLA extending limitation periods applied only to specified statutes and not t...
Corporate Law : The Supreme Court ruled that Section 7 of the Prevention of Corruption Act covers attempts to obtain undue advantage through subor...
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 ...
Explore the rules, tax implications, and measures against black money in real estate transactions. Understand the impact on the industry and corrective steps taken by the government.
Explore Delhi High Court’s decision allowing the revenue to challenge Black Money Act proceedings in PCIT vs. Ashok Kumar Singh. Detailed analysis of the judgment.
Explore Income Tax Department’s advisory on reducing cash transactions. Learn about societal, individual, and national factors driving the push towards electronic transactions. Dive into the provisions, penalties, and incentives aimed at creating a transparent and accountable financial ecosystem.
Embarking on an exploration of the Black Money Act, 2015 (BMA), this article navigates through 25 crucial FAQs, unraveling the intricacies of Undisclosed Foreign Income and Assets (UFIA). From the foundational understanding of BMA’s genesis to the comprehensive constitution of seven chapters and 88 sections, we delve into the meaning of UFIA, financial interests abroad, special features, applicability, and the roles of taxpayers. Throughout, we decipher the chargeability of income tax, allowance of expenditures, and set-off losses.
Explore 2023 updates to Prevention of Money-laundering (Maintenance of Records) Rules. Learn how these changes impact trust, control, and reporting.
Delhi High Court held that PayPal is liable to be viewed as payment system operator and obliged to comply with reporting entity obligation as placed under PMLA
In the case of Vikash Marda Vs Union Of India, the Calcutta High Court instructs CIT(A) to expedite pending appeals concerning assessments made under the Black Money Act.
Learn about Benami properties, their definition, motive, and legal implications. Explore examples of Benami transactions and the consequences for Benamidars and Beneficial Owners.
Delhi High Court quashes the penalty order issued under Black Money Act, citing the department’s failure to consider assessee’s email.
The penalty was levied for the non-disclosure of a life insurance policy held outside India in the income tax return. The ITAT ruled that the non-disclosure was a bonafide mistake and that the policy had been surrendered in the previous financial year.
