Black Money Law
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Rs 13,566 Crore Tax Demands Raised In 4 Years: Minister
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.
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Names Can be Revealed in Public Interest: Government on Black Money
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government today said details of information provided during the one-time compliance window can be revealed in the public interest.
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Black Money: Declare Offshore Assets Before September 30, Warns Government After Signing New Pact With US
Armed with the automatic information exchange pact with the US, the government has asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
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Black Money Compliance Window Not to Apply if Proceedings Already On: Government
The government has said Indians against whom information has been received from foreign nations on overseas accounts or assets won't be eligible to use compliance window to make voluntary disclosures under the stringent new black money law.
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Black Money Law Comes into Force From July 1
The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said.
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Government Extends Deadline for Declaring Black Money Till September 30
The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.
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Rs 2 Lakh Penalty for Not Answering Tax Authorities' Queries
Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.
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Cabinet Clears Bill on Black Money, to be Introduced in Parliament This Session: Sources
The cabinet has cleared the black money bill, which proposes to provide muscle to tax authorities in dealing with people stowing illegal wealth abroad, sources told NDTV. The bill is likely to be introduced in the current session of Parliament, they added.
-
Rs 13,566 Crore Tax Demands Raised In 4 Years: Minister
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.
-
Names Can be Revealed in Public Interest: Government on Black Money
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government today said details of information provided during the one-time compliance window can be revealed in the public interest.
-
Black Money: Declare Offshore Assets Before September 30, Warns Government After Signing New Pact With US
Armed with the automatic information exchange pact with the US, the government has asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
-
Black Money Compliance Window Not to Apply if Proceedings Already On: Government
The government has said Indians against whom information has been received from foreign nations on overseas accounts or assets won't be eligible to use compliance window to make voluntary disclosures under the stringent new black money law.
-
Black Money Law Comes into Force From July 1
The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said.
-
Government Extends Deadline for Declaring Black Money Till September 30
The Finance Ministry has extended the deadline for declaring undisclosed foreign income or black money till September 30. However, assets declared within the 'compliance window' will invite a 30 per cent tax and a penalty of the same amount which can be paid by December 31.
-
Rs 2 Lakh Penalty for Not Answering Tax Authorities' Queries
Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President.
-
Cabinet Clears Bill on Black Money, to be Introduced in Parliament This Session: Sources
The cabinet has cleared the black money bill, which proposes to provide muscle to tax authorities in dealing with people stowing illegal wealth abroad, sources told NDTV. The bill is likely to be introduced in the current session of Parliament, they added.
