Taxing Black Money Holders
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Analysing Swiss Bank Accounts Data Of Indians, Says Tax Body Chief
Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.
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India Gets First Chunk Of Data On Swiss Bank Account Holders
India has got first chunk of Swiss bank account details of its nationals under a new automatic information exchange pact, a major milestone in the government's fight against black money stashed abroad.
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Over Rs 19,000 Crore In Black Money Detected After Probe Into Global Leaks
The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the Indian government said on Friday.
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'Countdown' Has Begun, Income Tax Department Warns Black Money Hoarders
The Income Tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end the Pradhan Mantri Garib Kalyan Yojana (PMGKY) window to come clean.
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Do Explain: 13 Lakh People Get SMSes, Emails For Deposits After Notes Ban
Emails and text messages have been sent today to the majority of 18 lakh people identified for making suspicious and large cash deposits after Prime Minister Narendra Modi's sudden abolition of high-value notes.
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Income Tax Department Begins Action Under Benami Act; Issues 87 Notices
Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.
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Government To Notify Scheme For Taxing Black Money Holders This Week
Government is likely to notify this week the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax on junked currency deposited in banks post demonetisation.
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No Passing Off Black Money As Current Income, Warns Income Tax Department
The Income Tax Department on Thursday warned black money holders of prosecution if they tried to pass off such wealth as current income instead of disclosing it in the one-time compliance window.
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Ensure Single Point Contact For Black Money Disclosures, Says Tax Board
To ensure confidentiality, the Income Tax Department has mandated only senior officers to be a single point of contact for those making disclosures under the one-time window provided to black money holders to come clean.
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Compliance Window For Domestic Black Money Opens Tomorrow
The 4-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on such assets will open tomorrow.
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Black Money: India Not To Press Secrecy Clause In All Cases
While seeking information from a foreign country in connection with black money stashed abroad by Indians, the Central Board of Direct Taxes (CBDT) has decided to refrain from invoking a specific treaty clause of not informing the person, except in special cases, in a bid to avoid delays.
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Black Money: Government Collects Rs 2,428 Crore Tax From 644 Entities
Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax department under the one-time black money compliance window that ended last year.
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Income Tax to Catch Hold of Blackmoney Holders Post September 30
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.
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After Switzerland Names 7 Indians, More Expected, Say Officials
As India tries to uncover who has stashed untaxed money abroad, Switzerland is, in an unusual deviation from its super-secretive banking rules, releasing the names of people who are being investigated for alleged tax evasion in their countries of origin.
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Industrialist Yash Birla Among 7 Named by Swiss Authorities: 10 Developments
Industrialist Yash Birla is among seven Indians whose names have been disclosed by Switzerland where officials are revealing bank account holders who are being investigated in their countries for alleged tax evasion.
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Analysing Swiss Bank Accounts Data Of Indians, Says Tax Body Chief
Central Board of Direct Taxes Chairman Nitin Gupta said Income Tax Department will analyse bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under black money Act in case any tax evasion was found.
-
India Gets First Chunk Of Data On Swiss Bank Account Holders
India has got first chunk of Swiss bank account details of its nationals under a new automatic information exchange pact, a major milestone in the government's fight against black money stashed abroad.
-
Over Rs 19,000 Crore In Black Money Detected After Probe Into Global Leaks
The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the Indian government said on Friday.
-
'Countdown' Has Begun, Income Tax Department Warns Black Money Hoarders
The Income Tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end the Pradhan Mantri Garib Kalyan Yojana (PMGKY) window to come clean.
-
Do Explain: 13 Lakh People Get SMSes, Emails For Deposits After Notes Ban
Emails and text messages have been sent today to the majority of 18 lakh people identified for making suspicious and large cash deposits after Prime Minister Narendra Modi's sudden abolition of high-value notes.
-
Income Tax Department Begins Action Under Benami Act; Issues 87 Notices
Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.
-
Government To Notify Scheme For Taxing Black Money Holders This Week
Government is likely to notify this week the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax on junked currency deposited in banks post demonetisation.
-
No Passing Off Black Money As Current Income, Warns Income Tax Department
The Income Tax Department on Thursday warned black money holders of prosecution if they tried to pass off such wealth as current income instead of disclosing it in the one-time compliance window.
-
Ensure Single Point Contact For Black Money Disclosures, Says Tax Board
To ensure confidentiality, the Income Tax Department has mandated only senior officers to be a single point of contact for those making disclosures under the one-time window provided to black money holders to come clean.
-
Compliance Window For Domestic Black Money Opens Tomorrow
The 4-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45 per cent on such assets will open tomorrow.
-
Black Money: India Not To Press Secrecy Clause In All Cases
While seeking information from a foreign country in connection with black money stashed abroad by Indians, the Central Board of Direct Taxes (CBDT) has decided to refrain from invoking a specific treaty clause of not informing the person, except in special cases, in a bid to avoid delays.
-
Black Money: Government Collects Rs 2,428 Crore Tax From 644 Entities
Government has collected a total of Rs 2,428.4 crore in taxes after over 600 declarations were made by stash holders to the Income Tax department under the one-time black money compliance window that ended last year.
-
Income Tax to Catch Hold of Blackmoney Holders Post September 30
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.
-
After Switzerland Names 7 Indians, More Expected, Say Officials
As India tries to uncover who has stashed untaxed money abroad, Switzerland is, in an unusual deviation from its super-secretive banking rules, releasing the names of people who are being investigated for alleged tax evasion in their countries of origin.
-
Industrialist Yash Birla Among 7 Named by Swiss Authorities: 10 Developments
Industrialist Yash Birla is among seven Indians whose names have been disclosed by Switzerland where officials are revealing bank account holders who are being investigated in their countries for alleged tax evasion.
