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 ...
NEW DELHI: The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds. The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,300 suggestions through e-mail and the panel […]
The Enforcement Directorate has issued foreign exchange violation notices to those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds. The Central Board of Direct Taxes (CBDT) has referred 17 cases to the ED in this connection as the Income Tax department has initiated prosecution action in these cases. The ED has initiated action against these account holders in Mumbai, Delhi and other cities.
Over a score of black money hoarders in the capital, most of them businessmen, will pay Rs80 crore as taxes to the Income Tax department on undisclosed income of about Rs500 crore following searches made across the city on the basis of a classified list of account holders in HSBC bank, Geneva. Sleuths of the enforcement and investigation wings of the I-T department carried out searches in the last two months on 22 individuals based in Delhi who have admitted to holding accounts and stashing funds in the foreign bank.
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.
