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 ...
RBI advises banks to send daily report to RBI with details of Specified Bank Notes (SBNs). It has been observed that the banks are sending the reports with significant delay causing severe inconvenience in collation and consolidation of data at RBI.
With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than ₹ 50,000/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN
PM Modi reviewed position for Second consecutive day yesterday regarding smooth supply and availability of currency notes; Among major decisions taken during Meeting include to continue to give highest importance to ensure convenience for the public;
While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
Launches feature to help find an #ATMwithCash near you Mumbai, November 15, 2016: Walnut, India’s leading personal finance management app, has launched a new feature that allows users to find a working #ATMwithCash, by tracking aggregate ATM withdrawals across India in real time. Having access to cash is vital in situations such as a medical […]
It has come to our notice that some people are coming again & again, banks to use indelible ink to stop multiple withdrawals: DEA secretary
Arjuna (Fictional Character): Krishna,Rs.500 and Rs.1000 notes have ceased to be a valid tender for legal transactions from midnight of 8th November 2016. This has resulted in a huge impact on cash transactions. Its true that pay tax and relax.
government extended suspension of fees on all toll plazas on National Highways across the country till the midnight of 18.11.16. Earlier the exemption had been allowed till the midnight of 11.11.16, and then extended till 14.11.16.
The Prime Minister Shri Narendra Modi reviewed the position regarding the supply and availability of currency notes yesterday late evening and took certain decisions to further activate the dispensing of cash through the networks of Banking Correspondents (BCs), Post Offices, ATMs, Banks and E-payment systems.
