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 : Learn about the taxation of undisclosed foreign income & assets under the Black Money Act, 2015, including penalties and legal pro...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
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...
Corporate Law : The High Court denied bail, holding that serious allegations of loan diversion through shell entities were supported by bank recor...
Income Tax : The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linke...
Income Tax : The issue was whether an assessment under the Black Money Act can survive once the foundational notice is held invalid. The Tribun...
Income Tax : The Tribunal held that overseas shares acquired from reinvested dividends cannot be taxed as undisclosed assets when the source is...
Income Tax : The Court upheld the deletion of penalty under the Black Money Act after finding the wife was only a joint holder and the husband ...
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 ...
Vide Notification No. 41/2022-Income Tax, Dated: 21.04.2022 CBDT designates Court in the State of Tamil Nadu as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Vide Notification No. 40/2022-Income Tax, Dated: 21.04.2022 CBDT designates Court in the State of Patna as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Vide Notification No. 39/2022-Income Tax, Dated: 21.04.2022 CBDT designates Court in the State of Delhi as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Vide Notification No. 38/2022-Income Tax, Dated: 21.04.2022 CBDT designates Court in the State of Rajasthan as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Vide Notification No. 34/2022-Income Tax, Dated: 19.04.2022 CBDT designates Court in the State of Kerala as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF […]
Vide Notification No. 32/2022-Income Tax, Dated: 19.04.2022 CBDT designates Court in the State of Uttar Pradesh as the Special Court for the purposes of section 280A(1) of Income-tax Act, 1961 and section 84 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD […]
ITAT unable to understand as to how the contraventions, if any, of the notification issued by RBI would attract the provisions of sec. 68 of the Income tax Act.
Additional Commissioner of Income Tax Vs Leena Gandhi Tiwari (ITAT Mumbai) The need to implement BMA in a strict manner, as learned Commissioner (DR) pleads for, can hardly be overemphasised. What it essentially means is that whenever any unaccounted income or undisclosed asset abroad is found, stern action, in accordance with the law, must be taken. […]
Mohan Thakur Vs ACIT (ITAT Mumbai) Facts- As per the report, information was received from the Australian taxation office that the Assessee under consideration has transferred funds amounting to 12,97,122 AU (Australian Dollars) to many of his relatives through hawala system for the period of F.Y. 2007-08 to 2012-13. Shri. Shagun Thakur (son) has claimed […]
An undisclosed foreign bank account per se can indeed be treated as an asset under section 2(11) of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act 2015.
