Corporate Law : Explore the Prevention of Money Laundering Act (PMLA), its implications, recent amendments, and the role of financial professional...
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 : 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...
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 : Read Madras High Court's judgment granting 45 days to obtain bank statements for tax case under Black Money & Income Tax Act....
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...
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...
Amid mounting global pressure on Swiss banks to act against clients having illicit wealth, the country’s financial market regulator has found loopholes in the banks’dealing with the foreign political figures. In one of the first-of-its-kind initiative against any hoarding of illicit wealth and money laundering through Swiss banks, the Swiss financial market supervisory authority FINMA has conducted an audit on dealings of all Switzerland-based banks with PEPs (Politically Exposed Persons).
BJP MP Varun Gandhi on Friday sought names of Members of Parliament and others who have allegedly stashed black money in the accounts of HSBC, Geneva, the details of which have recently been shared with the Finance Ministry. The young MP from Pilibhit in Uttar Pradesh has shot off a six-point RTI application seeking names […]
The Central Board of Direct Taxes, Department of Revenue, it has been decided with the approval of competent authority that the Committee to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer and abroad and its recovery shall be co-chaired by Member (investigation), CBDT.
India and Switzerland will start exchanging information on tax-related matters from the next fiscal after the new tax information exchange treaty is ratified by the Swiss Parliament on Thursday, paving the way for obtaining data on black money stashed in Switzerland.
A special voluntary disclosure scheme for bringing back black money stashed away in tax havens abroad may be in the offing. The Central Board of Direct Taxes (CBDT) is understood to be ‘seriously considering’ recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in 1996 to tap funds lying abroad for productive use in India.
Government has formulated a five pronged strategy to tackle the menace of black money which is as below: (i) Joining the global crusade against black money, (ii) Creating an appropriate legislative framework,(iii) Setting up institutions for dealing with Illicit Funds,(iv) Developing systems for implementation (new manpower policy); and (v) Imparting skills to the manpower for effective action (constant training for skill development).
The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money. A nine-member committee is looking into India’s Double Taxation Avoidance Treaty Agreements (DTAAs) with various countries and a report is expected in September, ICAI president G Ramaswamy said today.
A Committee headed by the Chairman, CBDT has been constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including inter alia (a) declaring wealth generated illegally as national asset: (b) enacting/amending laws to confiscate and recover such assets; and (c)exemplary punishment against its perpetrators.
Names of chronic income tax defaulters would be made public as part of government’s crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed Sunday that the government was working on a number of strategic initiatives to curb generation of black money and for its detection, including the feasibility and methodology of putting the names of chronic tax defaulters in public domain.
With an aim to check flow ofblack money and evasion of taxes through stock market, market regulator Sebi has decided to imposehefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitatingtax evasion and flow of black money through fictitious trades in lieu of hefty commissions.
