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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Black Money

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 : 1223

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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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 : 948

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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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 : 373

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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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 : 374

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 : 324

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 : 456

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 : 861

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 : 945

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 : 964

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 : 382

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 : 1197

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 : 338

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 : 485

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 : 369

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 : 399

Highlights of Black Money Bill
Posted Date : 20-Mar-2015 , 10:03:15 pm | Posted By CASANSAAR

The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the ...

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Category : Black Money | Comments : 0 | Hits : 625

Blackmoney Bill in Lok Sabha provides for 10 year jail, 90% tax
Posted Date : 20-Mar-2015 , 09:59:02 pm | Posted By CASANSAAR

Black Money stashed abroad will entail a 10 year rigorous imprisonment and a whopping 90% tax under the proposed stringent law that provides for a limited window of opportunity to offenders to disclose illicit wealth and escape prosecution. Acting on his Budget promise, Finance Minister Arun Ja...

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Category : Black Money | Comments : 0 | Hits : 451

`Black Money Bill, 2015: 5 terrifying penalties
Posted Date : 20-Mar-2015 , 09:52:35 pm | Posted By CASANSAAR

The so-called Black Money Bill 2015, that proposes to penalise those stashing illicit wealth abroad by imposing a 10-year rigorous imprisonment, was introduced in the Lok Sabha today – FM Arun Jaitley introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bil...

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Category : Black Money | Comments : 0 | Hits : 354

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