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In India, Black money refers to funds earned on the black market, on which income and other taxes have not been paid. But Indian Govt. took a very great step against the black money and a step to assess this income whether the income is located in India or abroad and now let me come to the main point of discussion that is:
Any transaction within the definition of ‘benami transaction’ shall attract consequential action under the Benami Transactinos (Prohibition) Act, 1988 after the enactment of the Benami Transactions (Prohibition) Amendment Bill, 2015. Clause 4 of the Benami Transactions (Prohibition) Amendment Bill, 2015 defines a benami transaction to mean, –
Money Laundering is the processing of criminal proceeds to disguise its illegal origin. Terrorism, Illegal arms sales, Financial Crimes, Smugglings, Activities of Organized Crimes, Including drug trafficking, Prostitution rings
Jama kharchi is all about converting black money to white. Jama kharchi companies ‘accommodate’ accounting entries that help both the companies and give 2-4% commission to the go-between.
Black money has been the raging topic these days especially with the Government notifying the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 and the Supreme Court also creating a Special Investigation Team to handle the issue of stashing away unaccounted money abroad.
THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 (referred to here as ‘the Act’) as passed by the Parliament received the assent of the President on the 26th of May 2015. It levies tax on undisclosed assets held abroad by a person who is a resident in India at the rate of 30 percent of the value of such assets, provides for a penalty equal to 90 percent of the value of such asset, and also provides for rigorous imprisonment of three to ten years for wilful attempt to evade tax in relation to a undisclosed foreign income or asset.
The CBDT had, in 2013, brought out a Manual to provide guidance to field officers on the scope and manner of exchange of tax-related information under the various tax treaties and agreements that India has entered into. Since then, there has been an increasing global consensus on the necessity of cooperation amongst countries to tackle the problem of offshore tax evasion and avoidance.
Investments are made in the secondary share markets with a view to capturing gains. In this market, out of nearly 8,000 listed companies, several scrips are not traded regularly. With the collusion of promoters, some brokers arrange for price(s) with purchase of such scrips at nominal costs, and sales at exorbitant prices, with a view to receiving money on sale as ‘capital gain’ when the long term gain is subjected to a ‘nil’ or nominal rate of tax.
The Electronic filing of Form 6 under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 has been enabled under the menu “e-File” after login. Taxpayers are requested to e-File Form 6 during the compliance window which ends on September 30, 2015.[Refer Notification No. 58/2015 dated 02/07/2015]
Over last few days a number of reports have appeared in the media expressing views and concerns regarding the applicability of various provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015.
