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News Category : Black Money

No Extension In Deadline For Black Money Disclosure Scheme
Posted Date : 24-Sep-2016 , 10:38:34 pm | Posted By CASANSAAR

Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window. In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declarat...

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Category : Black Money | Comments : 0 | Hits : 356

SIT asks RBI to share black money data with government agencies
Posted Date : 06-Sep-2016 , 07:51:26 am | Posted By CASANSAAR

The special investigation team (SIT) on black money has asked the Reserve Bank of India (RBI) to develop an institutional mechanism, in consultation with the revenue department, to share export-import and foreign exchange (forex) transaction information with investigative agencies, to curb illicit f...

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Category : Black Money | Comments : 0 | Hits : 206

Blackmoney declarants cannot pay tax from undeclared income
Posted Date : 15-Jul-2016 , 08:41:19 am | Posted By CASANSAAR

The government clarified on Thursday that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity. The Income Tax department came out with a fourth set of clarifications o...

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Category : Black Money | Comments : 0 | Hits : 479

Black money window: CBDT issues notification to ensure secrecy
Posted Date : 12-Jul-2016 , 08:16:55 am | Posted By CASANSAAR

CBDT issued a notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret.  The notification states that "no public servant shall produce before any person or authority any such document or...

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Category : Black Money | Comments : 0 | Hits : 477

Black money window will not be extended - FM
Posted Date : 29-Jun-2016 , 09:35:22 am | Posted By CASANSAAR

Finance minister Arun Jaitley on Tuesday made it amply clear that the window to disclose unaccounted wealth will not be extended beyond the four month period, ending on September 30. "(We) will not extend compliance. This is a last chance for people to declare their unaccounted income. Gov...

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Category : Black Money | Comments : 0 | Hits : 360

Black money: Govt gets Rs 17 cr tax and penalty till Nov 26
Posted Date : 03-Dec-2015 , 06:54:34 am | Posted By CASANSAAR

The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window. Minister of State for Finance Jayant Sinha, in a written reply to a question in the Upper House Rajya Sabha, on Tuesday stated th...

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Category : Black Money | Comments : 0 | Hits : 381

Black money: Income Tax Department begins final assessment of declarations
Posted Date : 22-Oct-2015 , 09:59:57 pm | Posted By CASANSAAR

The Income Tax department has begun the process of final assessment of those black money declarations that were made to it as part of the one-time compliance window that closed in September. Sources said while a final reconciliation of the total amount and number o...

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Category : Black Money | Comments : 0 | Hits : 497

CBI conducts searches, questions suspects in alleged black money transfer probe
Posted Date : 11-Oct-2015 , 09:21:13 pm | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Sunday conducted searches at 50 locations and started questioning of some of the suspects in its probe into alleged black money transfer of Rs.6000 crore to Hong Kong through Bank of Baroda camouflaged as payments for “non-existent imports&rdqu...

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Category : Black Money | Comments : 0 | Hits : 325

Doctors, Engineers lead the list of black money declarants during compliance period
Posted Date : 08-Oct-2015 , 08:11:07 am | Posted By CASANSAAR

A total of Rs 4,147 crore were declared in the 628 disclosures made during the 90-day black money compliance window that ended on September 30. Surprisingly, against the popular perception, professionals including Doctors, engineers and former senior managers who used to work overseas outnumber...

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Category : Black Money | Comments : 0 | Hits : 1079

Black Money Disclosure: 638 people declare possession of Rs 3,770 Cr
Posted Date : 01-Oct-2015 , 09:11:03 pm | Posted By CASANSAAR

As the final day of Black Money Disclosure approached 638 people have declared possession of Rs 3,770 crore, according to CBDT Chairperson Anita Kapur. Officials at Income Tax Department told ANI that people who have declared have until December 31st, 2015 for payment of taxes& penalty . ...

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Category : Black Money | Comments : 0 | Hits : 555

No action under FEMA against black money declarants: RBI
Posted Date : 24-Sep-2015 , 11:54:50 pm | Posted By CASANSAAR

In a bid to encourage disclosure of undeclared assets held abroad, the Reserve Bank of India today said no action under FEMA will be taken against declarations under one-time compliance window ending on Wednesday. “No proceedings shall lie under the Foreign Exchange Management Act, 1999 (...

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Category : Black Money | Comments : 0 | Hits : 191

Blackmoney: No compounding of cases under Act - CBDT
Posted Date : 10-Sep-2015 , 08:54:36 am | Posted By CASANSAAR

Cases of Indians holding funds stashed abroad and falling under the purview of the new anti-black money law will not have scope to enjoy the facility of compounding of the offence as compared to such provisions existing in the Income Tax Act, the CBDT has said. The Compounding of Offences is a ...

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Category : Black Money | Comments : 0 | Hits : 620

Black money : Upto Rs 15 lakh award for info against defaulters
Posted Date : 06-Sep-2015 , 09:37:42 pm | Posted By CASANSAAR

The Income Tax department has brought out new guidelines to award secret informers providing actionable clue about "untraceable" assesses who owe huge taxes and money to government including in TDS and self assessment tax category. The department last week issued a set of new instructio...

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Category : Black Money | Comments : 0 | Hits : 1072

No extension of black money compliance window - CBDT
Posted Date : 11-Aug-2015 , 07:18:30 am | Posted By CASANSAAR

The government on Monday sought to deliver a strong message to black money holders and ruled out any extension of the ongoing compliance window expiring on September 30 for disclosing tax evaded wealth kept abroad by individuals and entities. Central Board of Direct Taxes chairperson Anita...

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Category : Black Money | Comments : 0 | Hits : 391

Black money law: CAs & Assessees riled over ambiguity in rules
Posted Date : 10-Aug-2015 , 07:44:51 am | Posted By CASANSAAR

New Delhi is slowly coming under pressure to remove the anomalies in black money rules as more and more people ask for a realistic law that would encourage disclosure of foreign assets and not unleash a reign of tax terror. Members of the apex body of accounting professionals, the Institute of Ch...

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Category : Black Money | Comments : 2 | Hits : 748

FinMin to issue more FAQs on black money
Posted Date : 05-Aug-2015 , 08:29:51 am | Posted By CASANSAAR

The government will issue another set of clarifications in the form of ‘Frequently Asked Questions (FAQs)’ on the Undisclosed Foreign Income and Assets Act, popularly known as the Black Money Act. This is after a number of queries to the tax department since its earlier clarifications...

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Category : Black Money | Comments : 0 | Hits : 361

Finance Ministry to hold talkathon on new black money law on Tuesday
Posted Date : 04-Aug-2015 , 08:17:50 am | Posted By CASANSAAR

Finance Ministry will hold a talkathon on the new black money law on Tuesday during which Revenue Secretary Shaktikanta Das and CBDT Chairperson Anita Kapur will respond to the queries regarding the legislation. Talkathon is being organised by the Ministry of Information and...

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Category : Black Money | Comments : 0 | Hits : 272

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 Notified
Posted Date : 31-Jul-2015 , 09:35:28 pm | Posted By CASANSAAR

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules 2015 have been framed and notified on 2nd July, 2015 vide Notification No. 58/2015. The Rules inter-alia specify the form and manner in which declaration of undisclosed foreign asset is to be made. Rules also provide...

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Category : Black Money | Comments : 0 | Hits : 314

Recommendations of SIT on Black Money as Contained in the Third SIT Report
Posted Date : 25-Jul-2015 , 08:20:20 am | Posted By CASANSAAR

Misuse of exemption on Long Term Capital gains tax for money laundering (Reference p. 82-84 of the Third SIT Report)   This issue was deliberated by SIT during a series of meetings held on 7th January, 14th March, 08thApril and 30th April. In this regard, it is pertinent to men...

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Category : Black Money | Comments : 0 | Hits : 263

Clarification on Reports Appearing on Black Money Act
Posted Date : 14-Jul-2015 , 10:35:23 pm | Posted By CASANSAAR

Over last few days a number of reports have appeared in the media expressing views and concerns regarding the applicability of various provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015.   Some of the views expressed in these reports are based...

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Category : Black Money | Comments : 0 | Hits : 232

Black money compliance window: Income Tax department creates special office in Delhi
Posted Date : 04-Jul-2015 , 09:25:18 am | Posted By CASANSAAR

The Income Tax departmenthas set up a special office in the national capital for those wanting to utilize the recently notified one-time black money compliance window and declare their untaxed assets.  The Central Board of Direct Taxes (CBDT), the apex policy making ...

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Category : Black Money | Comments : 0 | Hits : 358

Government has given 3 months time for black money disclosure
Posted Date : 02-Jul-2015 , 08:30:06 am | Posted By CASANSAAR

Government has given three months time till 30th September for people to declare their undisclosed foreign income and assets to escape prosecution under the new Black Money Law. Those making the disclosure during this period will have further three-months time till 31st December this year to pay the...

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Category : Black Money | Comments : 0 | Hits : 681

Fake currency worth over Rs 1 cr recovered from HDFC Bank
Posted Date : 17-Jun-2015 , 09:28:03 pm | Posted By CASANSAAR

In Haryana, fake currency worth more than a crore has been recovered from an HDFC bank chest located on Golf Course Road at Gurgaon. An FIR has been lodged on the complaint of the chest manager Umesh Sharma at the Sushant Lok police station. The bank has submitted currency notes worth Rs 1,04,76,...

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Category : Black Money | Comments : 0 | Hits : 720

Black Money Bill Passed by Rajya Sabha: 10 Facts
Posted Date : 13-May-2015 , 09:58:05 pm | Posted By CASANSAAR

The black money bill was passed by the Rajya Sabha on Wednesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxati...

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Category : Black Money | Comments : 0 | Hits : 850

Cricket betting a key source of black money: SIT to SC
Posted Date : 13-May-2015 , 08:09:09 am | Posted By CASANSAAR

A day after the Lok Sabha passed the Bill to deal with black money stashed abroad, the court-appointed Special Investigating Team (SIT) has raised concern over transaction of black money in cricket betting and also over the UP government's failure to conduct proper inves...

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Category : Black Money | Comments : 0 | Hits : 287

Black Money Bill : 10 Points You Need to Know
Posted Date : 11-May-2015 , 10:29:01 pm | Posted By CASANSAAR

The black money Bill was passed by the Lok Sabha on Monday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxation of...

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Category : Black Money | Comments : 0 | Hits : 1096

Lok Sabha passes foreign Black Money Bill
Posted Date : 11-May-2015 , 10:07:08 pm | Posted By CASANSAAR

Lok Sabha on Monday passed a bill to deal with black money stashed abroad through high monetary penalty and criminal prosecution with the government allaying fears that innocent people could be harassed under the proposed “deterrent” law. Piloting the Undisclosed Foreign Income and ...

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Category : Black Money | Comments : 0 | Hits : 251

Causes and Conditions that result in generation of Black Money
Posted Date : 05-May-2015 , 10:14:13 pm | Posted By CASANSAAR

The Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, which was conducted by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financia...

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Category : Black Money | Comments : 0 | Hits : 384

Black money law - FM promises reasonable compliance window
Posted Date : 06-Apr-2015 , 01:50:03 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley on Monday promised a "reasonable compliance window" under the new black money law for persons with overseas funds to come clean, even as he asserted that targetting undeclared assets cannot be termed as 'tax terrorism'. Addressing industry represent...

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Category : Black Money | Comments : 0 | Hits : 279

Black money bill - Foreign property to be taxed at current price
Posted Date : 22-Mar-2015 , 05:13:09 pm | Posted By CASANSAAR

Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill. However, the tax and penalty would take into account the part-disclosure, if any, made by the taxpayer...

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Category : Black Money | Comments : 0 | Hits : 300

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