Tag Archives: Black Money

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 »