Black money: Declare overseas assets, will be difficult to hide, says govt
Armed with automatic information exchange pact with the US, government Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
Jul 09, 2015, 23:53 PM IST
Info under FATCA confidential, to be used for tax purposes
The information shared under the FATCA, which India signed with the US Thursday, will be treated as confidential and will be used only for tax purposes.
Jul 09, 2015, 22:34 PM IST
Black money: Govt warns of consequences for non-disclosure of foreign assets
The Finance Ministry said that if undisclosed assets are unearthed by the tax department at a future date, then 120 percent tax and penalty would be levied on its fair market value on that date, besides a jail term.
Jul 06, 2015, 19:35 PM IST
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.
Jul 02, 2015, 20:02 PM IST
Govt opens compliance window for black money disclosure
Government on Wednesday gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such funds can be paid till December 31.
Jul 01, 2015, 20:46 PM IST
Standard format for banks to share money laundering, fraud info on anvil
The RBI, banks and law enforcement agencies are working on a standard reporting format for banks to share investigation-related information after central agencies like IB and CBI complained about receiving data in different formats making deciphering difficult.
Jun 28, 2015, 15:05 PM IST
Mauritius joins global tax convention to fight black money
In a significant boost for the global fight against black money, Mauritius has become a signatory to the multilateral framework that provides mutual administrative assistance on tax matters with India and other countries.
Jun 24, 2015, 21:48 PM IST
Evasion spoiling compliance culture, I-T will act tough: CBDT
The menace of tax evasion is "spoiling" the culture of compliance in the country and the Income Tax department will ensure that chronic evaders are not able to get away without facing court cases, a top CBDT official on Tuesday said.
Jun 16, 2015, 17:56 PM IST
EU-Switzerland accord to end banking secrecy, curb tax evasion
The European Union and Switzerland signed a major accord Wednesday to end banking secrecy for EU residents and prevent them from stashing undeclared income in Swiss banks.
May 27, 2015, 21:05 PM IST
Era of tax haven has come to an end: FM on latest Swiss move
With Switzerland making public names of some Indians with Swiss accounts, Finance Minister Arun Jaitely on Tuesday said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally.
May 26, 2015, 20:50 PM IST
Yash Birla has 'no individual account' in his name, says group
With Yash Birla's name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group Tuesday said he has "no individual bank account in his name or under his control".
May 26, 2015, 20:38 PM IST
Switzerland begins making public list of black money holders, two Indians named
Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.
May 25, 2015, 22:21 PM IST
Black money: India presses Switzerland for info on Indian accounts
This was conveyed by Finance Minister Arun Jaitley when the visiting Swiss Economic Affairs Minister Johann N Schneider-Ammann met him this evening.
May 15, 2015, 20:06 PM IST
Parliament passes Black Money Bill; to be applied to resident tax payers, says FM Jaitley
The Bill will put in strong deterrent for those who do not come clean in a one-time window being provided under the law and declared unaccounted foreign wealth.
May 13, 2015, 19:13 PM IST
Not opposed to black money bill but scrutiny necessary: Cong
Congress Monday said the party was not opposed to the black money bill but pitched for referring it to the Standing Committee when it is taken up in Rajya Sabha claiming that it was basically a criminal law bill having TADA like provisions.
May 11, 2015, 22:04 PM IST
LS clears Black Money Bill, limited time to be given to declare undisclosed income
Before the new law comes into effect, a limited period window will be provided to people to declare their till now undisclosed income and assets, pay 30 percent tax and a similar amount as penalty and escape prosecution.
May 11, 2015, 21:35 PM IST
Black money bill passed in LS; does not deal with domestic illegal money, says govt
In a move that will make the fight against tax evasion and money laundering cases faster and easier, the Lok Sabha on Monday passed the Black money bill.
May 11, 2015, 19:26 PM IST
Arun Jaitley moves Black money Bill in Lok Sabha, seeks Opp support
Finance Minister Arun Jaitley Monday moved in Lok Sabha a bill which provides for penalty and tax up to 120 percent along with criminal prosecution for those who have parked black money abroad.
May 11, 2015, 17:38 PM IST
Govt tables Black Money Bill in Lok Sabha, promises tough punishment for tax evaders
The finance minister said that it would soon become difficult for people to hide ill-gotten wealth. “The Bill doesn't deal with domestic black money,” Jaitley said.
May 11, 2015, 15:25 PM IST
Sebi cracks down on Rs 420-cr tax fraud, bars 178 entities
In a fresh clampdown on misuse of stock market platform for suspected money laundering activity, Sebi on Friday banned Pine Animation and 177 related entities from securities market for alleged tax evasion worth Rs 420 crore.
May 08, 2015, 21:49 PM IST
