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 : 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...
Income Tax : Delhi High Court quashes the penalty order issued under Black Money Act, citing the department's failure to consider assessee's em...
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...
India is Asia’s fourth largest exporter of illicit capital with an estimated outflow of a whopping USD 104 billion between 2000 and 2008, according to a US-based think tank which ranks China as the number one source of illegal money. In its latest r
The Income Tax Department may conduct a probe of its own into the Rs 400 crore fraud exposed at Citibank’s Gurgaon branch to ascertain if black money found its way into the ponzi scheme designed by Relationship Manager Shivraj Puri .
After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the quantum and nature of unaccounted money in the country.
India has begun the trail for money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that has India has written to 78 countries for amend
The Income Tax department is probing the source of investments in the real estate firm Ireo for alleged violations of FDI norms and evasion of taxes in bringing a whopping Rs8,000 cr through tax havens.The Income Tax department is probing the country
Black money stashed abroad by Indians will now be traced more efficiently as Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India) have signed a pact to exchange information on tracking unaccounted funds, say official sources.
Government of India has taken several punitive and deterrent steps to unearth black money. These include scrutiny of returns, surveys, search and seizure action, imposition of penalty and launching of prosecution in appropriate cases.
Life insurance companies anticipate a fall in premium collected through unit-linked pension products. This is due to the Insurance Regulatory and Development Authority (IRDA) making life cover compulsory with pension plans.
The carrying of a huge sum itself gives rise to a legitimate suspicion; the intelligence officers of revenue are, therefore, entitled to satisfy themselves, not only that the money is from a legitimate source, but also satisfy themselves that such a large amount is being carried for a legitimate purpose; therefore, even if the carrier is not guilty of any offence in carrying the money, the verification or seizure may be warranted to ensure that the money is not intended for commission of a crime or offence.
India will not tax foreign funds at their point of entry as the government believes the economy is resilient enough to absorb the dollar deluge. Such a tax on foreign inflows — called the Tobin tax, after its proponent, 1981 Economics Nobel winner James Tobin of the US — is being fiercely advocated by the EU and the UK, while Brazil has already imposed a 2 per cent levy. Finance minister Pranab Mukherjee, however, does not favour a tax on finances entering India. He told Parliament today that “the market mechanisms have sufficient resilience and have been functioning normally”.
