The Central Board of Direct Taxes (CBDT) has extended the deadline of the Compounding of Offences under Direct Taxes till January 31, 2020. According to the Circular, taxpayers to avail of a “one-time” facility to...
Fighting the menace of Black Money stashed in offshore accounts is a key priority area for the Government of India. Following the agreement between Prime Minister Narendra Modi and Swiss President Mr Ueli” Maurer for...
The Income Tax Department has conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman. Intelligence...
The Central Board of Direct Taxes ( CBDT ) has issued a detailed guidelines for compounding offences under the direct tax law replacing the old guidelines issued in the year 2014. The guidelines, issued on...
The Supreme Court, on Tuesday stayed the order of the Delhi High Court wherein it was held that the black money law enacted in 2016 could not be allowed to operate with retrospective effect from...
The income tax officers have conducted a raid on at least 50 locations in Delhi and Madhya Pradesh including the homes of Madhya Pradesh Chief Minister Kamal Nath’s Kamal Nath’s former private secretary and former...
The Indian Government has made significant strides in the last 4 years in taking India to new heights in terms of the welfare of the citizenry, the overall structure& growth of the economy, and creating...
The Central Government has notified the constitution of special courts under section 280A(1) of the Income Tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the non-residents are not required to disclose the details of their foreign bank accounts and assets to the Indian Income Tax department....
The Appellate Authority has asked the Board of Discipline of the Institute of Chartered Accountants of India ( ICAI ) to reconsider the disciplinary proceedings against two Chartered Accountants allegedly indulged in converting Black Money...
The newly revised threshold monetary limits for the department to file appeals at various levels — appellate tribunals, High Courts and the Supreme Court will not be applied in cases where foreign black money is...
The Government has collected Rs. 2,476 as Tax and Penalty under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 said Minister of Finance for State Shiva Pratap Shukla in the...
Names of 1.20 Lakh more Shell Companies are soon to be de-registered due to non-compliances, the Government said on Tuesday. It was said that as part of fighting against the black money menace, the Nearly...
The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of...
Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act, which came into force w.e.f 1st November,...
The Government has taken several measures to effectively control and curb the prevalence of parallel economy and unaccounted transactions. Major steps in this regard constitute:- Enactment of the Black Money (Undisclosed Foreign Income and Assets)...
Sleuths of the Directorate of Revenue Intelligence ( DRI ), a pioneer Intelligence Agency of the Government of India, zeroed in on office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores...
In what is undoubtedly a major breakthrough in its fight against black money and shell companies, vital information has been received by the Government of India from 13 banks regarding the bank account operations and...
The Central Board of Direct Taxes (CBDT) on Thursday allowed the declarants under PKGKY 2016 scheme to correct the errors in the challans. Compulsory deposits challan under PMGKD are not under CBDT power as the Scheme...
Pursuant to the action of the Ministry of Corporate Affairs of cancellation of registration of around 2.10 lakh (2,09,032) defaulting companies and subsequent direction of the Ministry of Finance to banks to restrict operations of...
The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also...
© 2020 Taxscan | Simplifying Tax Laws; Developed by Nextline