India & Switzerland signs ‘Joint Declaration’ for Implementation of Automatic Exchange of Information
Both the jurisdictions intend to introduce on a reciprocal basis automatic exchange of financial account information between each other beginning in...
Black Money: India & Switzerland Signs ‘Joint Declaration’ for the implementation of Automatic Exchange of Information
Fighting the menace of Black Money stashed in offshore accounts has been a key priority area for the present Government. To further this goal, Mr. Sushil Chandra, Chairman, CBDT signed the‘Joint...
Govt raises Tax demand about Rs.5377 cr against Black Money Holders in Foreign Accounts: Santosh Kumar Gangwar
In the cases of HSBC overseas bank accounts, tax demand of about Rs.5377 crore was raised till 31st March 2016, which includes demand in protective assessments. Information regarding 628 Indian...
Demonetization - 7 years Punishment for persons using Other’s Bank Account to legalize Black Money; says IT Department
The Income Tax Department to levy penalty of 7 years imprisonment for persons depositing money in other’s account during the 50 day window period. Sources reveals that the Department has decided to...
Black Money: Govt. Initiates action against Indians on the information provided by the Foreign Government regarding banks accounts held in Liechtenstein & Switzerland
Action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, based upon the information received from the German Tax...
Criminal Prosecution against Black Money Holders: Santhosh Kumar Gangwar reveals Govt's strategy for Tackling Unaccounted Income
There is no official estimation of the amount of black money within the country and stashed abroad. The Government had commissioned a study on the above through National Institute of Public Finance...
Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes: Finance Ministry
Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money...
![Black Money: PAN is Mandatory for Big Cash Deposits [Read Notification]](https://www.taxscan.in/wp-content/uploads/2016/07/PAN-Tax-Scan.jpg "Black Money: PAN is Mandatory for Big Cash Deposits [Read Notification]")