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 ...
Jayant Sinha: A Very High Priority Needs to be Given to Investment Including Investment in Infrastructure to Achieve G-20’s Collective Growth Objective; Strongly Advocated for Full and Fast Implementation of Automatic Exchange of Information Within the Agreed Timeframe and on a Global Scale Which Would Help India to Trace Transactions of Money Illegally Earned or […]
Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage; Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of […]
Draft Scheme for Channelizing Black Money India needs Infrastructure development in a big way. Any amount of foreign investment will not be sufficient for the infrastructure development India need and that too in a rapid phase. No person is without tension in safeguarding the money earned through dubious means and 60 to 75% of the […]
Placed below are the relevant portions of the Second Report of the Special Investigation Team (SIT) on Black Money which was recently submitted by the SIT to the Hon’ble Supreme Court: I. In response to the directions issued by the SIT, CBDT has directed various Assessing Officers to finalize the assessments for all actionable cases (427), whose names are appearing in the HSBC list received by the Department.
CA. M. Lakshmanan Whatever said and done everybody will agree that the higher the rate of tax the higher will be the generation of Black Money. We follow the progressive rate of taxation for Income Tax which is the main cause for creation of Black Money. Even in uniform rate of taxation higher the income, […]
Relevant Portions of the Second Report of the Special Investigation Team (SIT) on Black Money Released; On the Directions of SIT, CBDT Directs Various Assessing Officers to Finalize the Assessments for all Actionable Cases (427), whose names are appearing in the HSBC List Received by the Department.
New item in COBRAPOST.com on 26-11-2014 titled Operation Black Ninja: Sell Me Houses to Launder My Iii-Gotten Millions – Request to carry out enquiries and take necessary action deem fit – reg. Please find enclosed a copy of the above referred news item alleging that 35 real estate companies are willing to take illicit money and convert it into legit by allowing their clients to buy properties. You may visit the following link on the interne for full details http://www.cobraoost.com.
Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money Keeping in view its Much Higher Magnitude and Chase Those Sectors Where its Most Prevalent; Reviews with Senior Officers of the Department the Achievement of Budgeted Targets of Direct Taxes for 2014-15 and Action There of
The government will on Wednesday give the entire list of black money account holders to the Supreme Court, Finance Minister Arun Jaitley said emphasising that no one will be protected. Rejecting the Centre’s stand on disclosure of name of blackmoney holders abroad, the Supreme Court on Tuesday ordered Centre to disclose all the names of […]
Switzerland has indicated willingness to provide information in respect of cases where investigations have been carried out by our IT Department independently from what Swiss Government considers as stolen data.
