Income Tax : The FAQs explain that FAST-DS, introduced through the Finance Act, 2026, offers eligible taxpayers a one-time opportunity to discl...
Income Tax : The Jaipur Tribunal held that every foreign asset or remittance cannot be treated as undisclosed wealth under the Black Money Act....
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 : 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...
Income Tax : The ITAT Jaipur held that a remittance received from a foreign employer under a retirement plan did not amount to concealment of f...
Income Tax : The ITAT held that penalty under Section 43 of the Black Money Act was not justified where foreign bank deposits arose from overse...
Income Tax : ITAT Ahmedabad held that penalty under Section 43 of the Black Money Act could not be imposed when foreign assets were subsequentl...
Income Tax : The Delhi ITAT held that notifications issued under TOLA extending limitation periods applied only to specified statutes and not t...
Corporate Law : The Supreme Court ruled that Section 7 of the Prevention of Corruption Act covers attempts to obtain undue advantage through subor...
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 ...
A Swiss Parliamentary Committee has given the go-ahead to the revised tax treaty between India and Switzerland that would eventually allow Indian government access to secret Swiss bank accounts of Indian tax evaders. The amendments to the treaty will now be placed before the Swiss Parliament for final approval.
Prime Minister Manmohan Singh said there is ‘no instant solution’ to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. ‘There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of due taxes’, he said.
Prime Minister Manmohan Singh on Wednesday said there is “no instant solution” to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. “There is no instant solution to
Germany gave information about 26 accounts held by Indians in LGT Bank, but tax evasion proceedings could be initiated against only 18 resident citizens, the Centre informed the SC on Wednesday. The Centre handed a sealed report containing the name
The Bharatiya Janata Party on Tuesday asked the Centre to immediately declare names of the Indians who had stashed black money in Swiss Banks. The United Progressive Alliance government should, without any hesitation, make public names of all
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
