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...
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”.
Switzerland has said exchanging details of bank accounts with India would be possible once the tax treaty, aimed at tracking black money, between the two nations is revised. “India and Switzerland are in renegotiations to adapt the existing double taxation treaty. Once this revised double taxation treaty comes into force, it will be possible to exchange account details,” Swiss Federal Tax Administration spokesman Beat Furrer told PTI in an email reply.
As reported by us earlier The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money. The government plans a comprehensive revision of the existing tax treaties with 25 countries, including the Swiss Confederation, Mauritius, Malaysia, Norway and the Netherlands among others.
The Government has been rightly concerned about the component of black money in real estate transactions and consequent evasion of tax. With a view to curb the said menace and to tax the unaccounted money, the Government has time and again made amendments in the Income-tax Act (Act) by introducing different provisions to tackle the issue.
Air passengers carrying large amounts of money can be detained by authorities for questioning. Such detention cannot be dubbed as violation of a citizen’s personal liberty, the Supreme Court has ruled.The court has held that such frisking and detaining of passengers by the authorities is in national interest. Otherwise, terrorists and vested interests would carry out their activities unchecked, it said.
The income tax (IT ) department in a raid on a chartered accountant (CA) last week unearthed a money laundering racket running into over Rs 1,000 crore. The CA, Mukesh Choksi, through his several companies generated fake bills showing share transactions in the name of his customers who wanted to convert their black money into white. The department also recovered a pay order of 1 million and came across another onetime transfer of Rs 10 crore in a private bank account.
Earlier, the entities that fell under the ambit of the law included only chit fund companies, banking companies, financial institutions and housing finance companies. The amendment now says any company registered under section 25 of the Indian Companies Act, 1956, and/or as a trust or society under the Societies Act, 1860, or any similar state legislation, will be brought under the purview of PMLA.
Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed incomes to the different years. Tax evaders generally manage to divert the focus to procedural and legal issues and often invent new evidence to explain undisclosed income. By the time search r
Swiss banks may have handed over client details to the US, but they have said India is not welcome there on a name-fishing expedition. “Swiss law and even the Organisation for Economic Co-operation and Development’s (OECD) model tax convention do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the […]
The cash reward scheme for officers of the Investigating Wing of the Income Tax Department is bad in law and ultra vires the Constitution, the Kolkata Bench of the Central Administrative Tribunal has held.
