Black Money Law

Paytm PB aftershocks: Fintechs step up customer outreach with target ads

The company is generating good response from the potential bidders as it is focusing primarily on products in surgical and post surgical as well as chronic care

Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

After SC verdict on Benami law, experts weigh in on the Black Money law

The Black Money law penalises the concealment of foreign income and imposes criminal liability for attempting to do so

London or Londongrad? What makes the UK a hub for global 'dirty money'

According to reports, the 'questionable funds' in the UK amount to over $125 billion every year. What makes London a hub for money laundering? Find out here

Rs 14,820 crore tax demand raised under black money law, says govt

On questions on money deposited in Swiss banks by Indians, Sitharaman said: "There is no official estimate of amount of money deposited by Indian citizens and companies in Swiss banks".

HC grants more time to Vadra for reply to I-T notices under black money law

The court listed the matter for further hearing on August 10.

ITAT ruling to help tax department recover black money stashed abroad

Swiss account holder to cough up tax on Rs 200 cr, rules ITAT

I-T notice in 422 cases involving undisclosed income of Rs 12,600 cr: Govt

The Income Tax department has issued notices under foreign black money law in 422 cases involving undisclosed assets and income of over Rs 12,600 crore till December 2019, Parliament was informed on Tuesday. Minister of State for Finance Anurag Singh Thakur said the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since it came into force on July 1, 2015. "As a result, as on December 31, 2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over Rs 12,600 crore," he said in a written reply to the Rajya Sabha. With regard to deposits made in unreported foreign bank accounts in HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore levied. About 204 prosecution complaints have been filed. "Sustained investigations conducted in the cases revealed by ...

SC stays HC order disallowing black money law to operate retrospectively

The bench issued notice to Khaitan and asked him to file his response to the government's petition within six weeks