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Posted Date : 21-May-2019 , 06:13:31 pm | Posted By CASANSAAR
The Supreme Court Tuesday stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe offenders. A vacation bench headed by Justice Arun Mishra also stayed the May 16 order of the high court...
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Posted Date : 24-Jul-2018 , 08:00:59 am | Posted By CASANSAAR
The Finance Ministry has refused to share copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of Parliament. The then UPA government had in 2011 commissioned these studies by Delhi-based Nationa...
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Posted Date : 07-Sep-2017 , 10:01:12 pm | Posted By CASANSAAR
Black money worth Rs 4,900 crore was disclosed by 21,000 people under the Pradhan Mantri Garib Kalyan Yojna (PMGKY), the stash money declaration window announced by the government post demonetisation, an official said. The Income Tax Department, a top government official told PTI, has colle...
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Posted Date : 07-May-2017 , 07:15:46 pm | Posted By CASANSAAR
A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years. CBI sources said the shell companies were allegedly being used by the accused to divert lo...
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Posted Date : 08-Apr-2017 , 08:29:31 am | Posted By CASANSAAR
There is no official estimate of black money held in scrapped Rs 500 and Rs 1,000 notes that have been left undeposited with banks during the demonetisation period. "There is no official estimation of the amount of black money in form of old Rs 500/1000 that have not been deposited during th...
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Posted Date : 05-Apr-2017 , 08:49:48 pm | Posted By CASANSAAR
Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominently include placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act...
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Posted Date : 25-Mar-2017 , 09:17:25 am | Posted By CASANSAAR
Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through...
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Posted Date : 02-Mar-2017 , 08:46:15 am | Posted By CASANSAAR
The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a para...
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Posted Date : 10-Feb-2017 , 11:13:54 pm | Posted By CASANSAAR
Finance Ministry on Friday informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10. According to sources, in its response to th...
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Posted Date : 26-Jan-2017 , 10:07:57 pm | Posted By CASANSAAR
With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees. The I-T department has already found that post dem...
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Posted Date : 09-Jan-2017 , 07:40:13 am | Posted By CASANSAAR
The reports on the quantum of black money held by Indians in the country and abroad cannot be made public, country’s two premier institutes that conducted studies on the ill-gotten wealth on the finance ministry’s directive said. The UPA government had in 2011 asked three institutes &...
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Posted Date : 01-Jan-2017 , 10:23:30 pm | Posted By CASANSAAR
RBI on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, the last day for depositing the invalid currency notes in banks. Resident Indian citizens who were abroad from November 9 to December 30 can ...
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Posted Date : 30-Dec-2016 , 08:03:05 am | Posted By CASANSAAR
The 50-day deadline to deposit the old 500 and 1,000 rupee notes in banks comes to an end today, however, people, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30....
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Posted Date : 29-Dec-2016 , 11:33:18 am | Posted By CASANSAAR
The Enforcement Directorate on Thursday arrested Delhi-based lawyer Rohit Tandon on allegations of getting over Rs. 60 crore in trashed notes recycled. The accused had got the cash exchanged through Kolkata-based businessman Paras Mal Lodha and Kotak Mahindra Bank branch manager Ashish Kumar, who...
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Posted Date : 28-Dec-2016 , 03:06:05 pm | Posted By CASANSAAR
The Cabinet today approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes beyond a cut-off. The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liabi...
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Posted Date : 27-Dec-2016 , 08:32:18 am | Posted By CASANSAAR
With the old Rs 500 and Rs 1000 currency notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes. According to report, the government is planning for a new ordinance on holding of old notes and is l...
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Posted Date : 17-Dec-2016 , 12:04:20 pm | Posted By CASANSAAR
Offering one last chance to black money holders, the Indian government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation. Offering tax dodgers confidentially and immunity from prosecution under the ne...
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Posted Date : 05-Dec-2016 , 08:43:41 am | Posted By CASANSAAR
An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016. On 1st Octob...
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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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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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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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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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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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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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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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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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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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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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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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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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