Undisclosed Foreign Income And Assets
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Police Question Gujarat Man Who Declared Over 13,000 Crores In Black Money
Mahesh Shah, the Ahmedabad-based businessman, who had gone missing after declaring black money worth over Rs 13,000 crore in October, surfaced today before being swiftly taken away by the Income Tax and police officials for questioning.
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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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New Bill Likely to Control Tax Evasion
A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.
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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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Black Money Bill Passed in Lok Sabha
The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.
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Government Makes All-Out Bid to Pass Black Money Bill
As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.
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Compliance Window on Black Money Will Be For a Few Months: Revenue Secretary
Black money holders abroad will get a "few months" of compliance window to disclose their assets after a new stringent black money Bill is passed by Parliament in the session beginning tomorrow, Revenue Secretary has said.
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Police Question Gujarat Man Who Declared Over 13,000 Crores In Black Money
Mahesh Shah, the Ahmedabad-based businessman, who had gone missing after declaring black money worth over Rs 13,000 crore in October, surfaced today before being swiftly taken away by the Income Tax and police officials for questioning.
-
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.
-
New Bill Likely to Control Tax Evasion
A month after Parliament passed the black money bill - which targets those curb the stashing of illegal wealth abroad -- a new law is in the pipeline to control tax evasion, sources said.
-
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.
-
Black Money Bill Passed in Lok Sabha
The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.
-
Government Makes All-Out Bid to Pass Black Money Bill
As it struggles to push its land reforms past an aggressive opposition, the Modi government has firmed up a strategy that will turn the rival parties into bystanders when it brings another key legislation, the Black Money bill, for Parliament's approval.
-
Compliance Window on Black Money Will Be For a Few Months: Revenue Secretary
Black money holders abroad will get a "few months" of compliance window to disclose their assets after a new stringent black money Bill is passed by Parliament in the session beginning tomorrow, Revenue Secretary has said.
