Blackmoney Law

People keeping 'benami' properties to evade taxes will get up to seven years rigorous imprisonment and fine, as per a new law aimed at checking black money in real estate sector.

Government has bolstered the capabilities of the elite Financial Intelligence Unit (FIU), which can now dish out volumes of data on suspicious transactions in 72-hours flat and gain access to secret database of offenders maintained by various law enforcement agencies in the country.

The rush of black money declarants peaked at the Income Tax office here as the deadline for disclosure of wealth stashed abroad expired tonight but there was no indication about the quantum of money that has come into the taxman's net.

All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned today.

The Income Tax department has launched a e-filing link on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government.

India should take advantage of the virtual crisis gripping the Swiss banking sector due to global campaign against bank secrecy laws to deal with the blackmoney issue, BJP leader L K Advani has said.

Finance Minister Pranab Mukherjee has made it clear that due process of law will be followed in tackling cases of blackmoney stashed abroad and alleged tax evader Hassan Ali Khan will not be allowed to escape from the country. "Hassan Ali has not been allowed to leave the country. Supreme Court directions in this regard will be observed," he said ...

People keeping 'benami' properties to evade taxes will get up to seven years rigorous imprisonment and fine, as per a new law aimed at checking black money in real estate sector.

Government has bolstered the capabilities of the elite Financial Intelligence Unit (FIU), which can now dish out volumes of data on suspicious transactions in 72-hours flat and gain access to secret database of offenders maintained by various law enforcement agencies in the country.

The rush of black money declarants peaked at the Income Tax office here as the deadline for disclosure of wealth stashed abroad expired tonight but there was no indication about the quantum of money that has come into the taxman's net.

All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned today.

The Income Tax department has launched a e-filing link on its official website for declaring illegal foreign assets and black money using the one-time compliance window notified recently by government.

India should take advantage of the virtual crisis gripping the Swiss banking sector due to global campaign against bank secrecy laws to deal with the blackmoney issue, BJP leader L K Advani has said.

Finance Minister Pranab Mukherjee has made it clear that due process of law will be followed in tackling cases of blackmoney stashed abroad and alleged tax evader Hassan Ali Khan will not be allowed to escape from the country. "Hassan Ali has not been allowed to leave the country. Supreme Court directions in this regard will be observed," he said ...