Tag Archives: Black Money

Steps taken by Government of India to curb generation of black money

By | March 10, 2017

Steps taken by Government to curb the generation of black money Action against black money is an on-going process. Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing… Read More »

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

By | November 22, 2016

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 »

Sugggestions to FM by judges to stop Converting black money into White

By | November 11, 2016

The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes.  The Chairman, SIT on… Read More »

Indian Govt White Paper on Black Money

By | November 11, 2016

GOVERNMENT’S WHITE PAPER ON BLACK MONEY PRESS RELEASE, DATED 16-5-2012 Foreword In the past year the public discourse on the issue of corruption and black money has come in the forefront with the active participation of the civil society and our Parliamentary institutions. Two issues have been highlighted in this debate. First, several estimates have… Read More »

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

By | November 9, 2016

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 »

Detection of black money by Indian Government

By | July 19, 2016

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 »

Foreign income can be declared before Settlement Commission if tax notice issued before enforcement of Black Money Act

By | July 15, 2016

HIGH COURT OF MADRAS Arun Mammen Kandathil M. Mammen v. Union of India T.S. SIVAGNANAM, J. W.P. NOS. 22216 TO 22219 OF 2015 M.P. NOS. 1 TO 1 AND 2 TO 2 OF 2015 JUNE  21, 2016 V.T. Gopalan, Senior Counsel and Suhrith Parthasarathy for the Petitioner. T. Promod Kumar Chopda for the Respondent. ORDER… Read More »

5th SIT report on curbing circulation of black money in India Submitted to Supreme Court

By | July 14, 2016

The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in. which are as follow :- The SIT has made the following recommendations in the Fifth Report: 1 CHAPTER: I CASH HOLDINGS 1. Provision for curbing circulation… Read More »

SIT on Black Money : Ban cash transactions above Rs. 3 Lakh in India

By | July 14, 2016

Recommendations of SIT on Black Money as Contained in the Fifth SIT Report  The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in. The SIT has made the following recommendations in the Fifth Report: Cash transactions… Read More »

Black Money curbing measure of Indian Govt

By | April 28, 2016

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

By | April 20, 2016

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

By | September 4, 2015

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

By | July 28, 2015

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

By | July 26, 2015

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

By | July 22, 2015

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 »