Tag Archives: Black Money

Retrieval of Black Money stashed in Foreign Countries : Indian Govt Steps

Retrieval of Black Money stashed in Foreign Countries The Government has taken several measures to effectively tackle the issue of black money, particularly black money stashed away abroad. Such measures, which are an ongoing process, include putting in place robust legislative and administrative frameworks, systems and processes with focus on capacity building and integration of… Read More »

Rs 500 and Rs 1000 Note aboilshed in India: Historic Announcement

Historic announcements on ending corruption and black money by PM; Five hundred and one thousand rupee notes will no longer be legal tender from midnight tonight In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the… Read More »

Decline in amount of black money in foreign banks

Decline in amount of black money in foreign banks While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the… Read More »

Detection of black money by Indian Government

Detection of black money by Government Recognizing various limitations under the existing legislation [Income-tax Act, 1961, etc.], the Government enacted a new law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ – to specifically and effectively tackle the issue of black money stashed away abroad. This has, inter… Read More »

Govt steps to curb menace of Black Money

Government takes various steps in last two years to curb the menace of Black Money both within and outside the country.  The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken… Read More »

Black Money curbing measure of Indian Govt

The Measures taken by the Government to Curb Black Money in the Country The Government has taken several measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems… Read More »

72 ways to Tackle Black Money in India

Black Money in India 1.  (a) Make stringent laws. (b) There should be community policing.  2.  Those who are having accounts abroad must be given life imprisonment without mercy & delay.  3.  CCTV cameras 24 hours for all government officials – police/lawyers/judges/doctors/sales tax officers/MLAs/CMs/PM etc.  4.  Minimize paper currency and increase electronic money (cards).  5. … Read More »

Clarifications on Tax Compliance for black money

Circular No. 15 of 2015 F. No. 142/18/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 3rd September, 2015 Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter referred to… Read More »

Anonymous donations tax treatement

Offerings received in donation boxes of temple can’t be taxed as black money under Sec. 115BBC IN THE ITAT MUMBAI BENCH ‘G’ Gurudev Siddha Peeth v. Income-tax Officer, Ward- 1 (1), Kalyan R.C. SHARMA, ACCOUNTANT MEMBER AND SANJAY GARG, JUDICIAL MEMBER IT APPEAL NOS. 3466 AND 3467 (MUM.) OF 2012 [ASSESSMENT YEARS 2007-08 & 2008-09… Read More »

SIT on Black money

Recommendations of SIT on Black Money as Contained in the Third SIT Report Misuse of exemption on Long Term Capital gains tax for money laundering Misuse of Participatory notes for money laundering Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report) Action under PMLA for Trade Based Money laundering Use of… Read More »

E filing Form No 6

CBDT releases Java Utility for e-filing Form No 6 to declare black money July 22, 2015 CBDT releases Java Utility for E filing Form No 6 to declare black money  The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (‘Black Money Act’) has been enforced from July 1, 2015. The… Read More »