Undisclosed Foreign Income And Assets
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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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Foreign Assets Worth Rs 200 Crore Found After Raids On Congress Leader
Tax officials have recovered foreign assets worth over Rs 200 crore after raids against Haryana Congress leader Kuldeep Bishnoi and his family, the Income Tax Department said on Sunday.
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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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Government Detects Nearly Rs 44K Crore In Undisclosed Income
Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed today.
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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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Black Money Bill Likely in Lok Sabha Today
The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.
-
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.
-
Foreign Assets Worth Rs 200 Crore Found After Raids On Congress Leader
Tax officials have recovered foreign assets worth over Rs 200 crore after raids against Haryana Congress leader Kuldeep Bishnoi and his family, the Income Tax Department said on Sunday.
-
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.
-
Government Detects Nearly Rs 44K Crore In Undisclosed Income
Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years, Parliament was informed today.
-
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.
-
Black Money Bill Likely in Lok Sabha Today
The government is set to move the Undisclosed Foreign Income and Assets Bill or the black money bill in Lok Sabha today. The lower house sitting has been extended for three days.
