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 ...
The Supreme Court today remanded Pune stud farm owner Hasan Ali Khan in Enforcement Directorate”s custody for four days, while pulling up the trial court judge who had granted bail to him dismissing the agency”s plea for his remand in a money laundering case. A bench of justices B Sudershan Reddy and S S Nijjar said it was “deeply disturbed” at the manner in which the trial court judge had rejected the ED”s contention and granted bail while giving a lengthy order for it.
Swiss banks have asked their government to reject any “mass-requests” for account details, even as the European nation plans to relax its norms for sharing banking information with countries such as India. Known for providing utmost secrecy to their customers and their assets, Swiss banks have also warned the Switzerland government against signing any automatic information exchange agreement with any foreign country.
Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects. “The focus of the Income Tax Department is real estate developers as the department has received many complaints of the involvement of black money in these deals. There is a large amount of money involved in the sale and purchase of land and huge income is generated,” a Finance Ministry source said.
The government today said it will get a new study conducted on black money stashed by Indians within and outside the country by July next year. The government has decided to get a fresh study conducted on unaccounted income and wealth, both inside and outside the country, unravelling the nature of activities engendering money laundering and its ramifications on national security, Minister of State for Finance S S Palanimanickam said in a written reply to Lok Sabha.
Presenting the General Budget 2011-12 here today, Shri Pranab Mukherjee, Finance Minister informed that to deal with the problem of generation and circulation of black money, the government has put into operation a five-fold strategy which consists of joining the global crusade against black money; creating an appropriate legislative framework; setting up institutions for dealing with illicit funds; developing systems for implementation and imparting skills to the manpower for effective action.
Facing flak over its tax-friendly regime allegedly facilitating the flow of black money, Mauritius has promised full support to India’s quest for unearthing the source and destination of such illicit wealth.At the same time, the Indian Ocean’s island nation has also asserted that it will not allow any “sensational fishing expedition” and has taken strong exception to its name being linked to each and every financial scandal.
India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of
Switzerland is willing to share information on Indians holding secret bank accounts there as part of New Delhi’s effort to bring back an estimated $1.4 trillion black money in tax havens abroad, the country’s envoy Philippe Welti has said.We now have an agreement with the Government of India. Under it if the government sends us a request, we will comply and provide the necessary information, which is asked of us, Welti told media in an interview.
The Centre on Thursday assured the Supreme Court that it would reveal the names of persons, who have stashed black money in foreign banks after registering a formal case against them. Solicitor General Gopal Subramanium, appearing before a bench head
Black money parked in tax havens abroad will be taxable income under the Direct Taxes Code Bill, the Centre told the Supreme Court on Wednesday, spelling out a host of measures to retrieve it. The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
