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 : 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 : As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein ...
Income Tax : Media reports allude to the fact that the figures reported are official figures reported by banks to Swiss National Bank (SNB) and...
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...
Challenges under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 1. Introduction 1.1 The problem of black economy is deep rooted in almost all high tax jurisdictions and has become an issue of discussion at almost all global forums. All the countries have felt the need of reducing the generation […]
The Benami Transactions (Prohibition) Act, 1988 came into force on 19th day of May, 1988. It extends to the whole of India except the State of Jammu and Kashmir. The act was only in paper and was not implemented for the reason for which it was enacted. And due to operational difficulties, non-formation of rules and relation, the Act could never come into force.
Since assessee had not disclosed any black money or asset in the income tax proceedings going against him rather he had denied the same, therefore, while respondents may proceed pursuant to the impugned notices dated December 20, 2017 to assessee under Section 10(1) of the Black Money Act calling upon them to produce the details sought for in connection with the assessment for the assessment year 2017-18 under the Black Money Act however, no coercive measures might be taken against assessee if the occasion so arose.
Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]
The Article no ways encourage taxpayers to use any of the below methods. The Article is just to let people know about what others are doing to convert their Black Monet into white money currently in India. In addition to those mentioned below there are many other methods which people use to convert their black money into white money.
As the name indicates Benami property means a property without a name. In such kind of a transaction, the person who pays for the property does not buy it under his/her own name and motive behind such a transactions of this nature is to evade payment of tax.
The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society.
Articles explains Whether accepting Specified Bank Notes (SBNs) post Demonetisation is illegal or not from Legal and Income Tax Perspective. The Government of India issued a historic notification in The Gazette of India vide Notification No. 2652 dated 8th November 2016 stating – “the Central Government hereby declares that the specified bank notes shall cease […]
(1) These rules may be called the Banning of Unregulated Deposit Schemes Rules, 2020. (2) These rules shall come into force on the date of their publication in the Official Gazette.
Government mandated Quoting of PAN for cash deposit with Bank and Post Offices if it (i) exceeds Rs. 50000 during any one day; or (ii) aggregates to more than Rs. 250000 during the period 09th November, 2016 to 30th December, 2016
