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Black money declaration

23 Oct 2016

Income Tax dept to intensify crackdown on black money hoarders

With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him.

28 Sep 2016

Black money compliance window: I-T dept to accept declaration without PAN

The Central Board of Direct Taxes (CBDT) has asked tax sleuths to ask such declarants to attach a separate application in the Income Declaration Scheme (IDS) form for allotment of a fresh Permanent Account Number (PAN) to them quickly.

08 Sep 2016

Black money: Banks can accept tax dues in cash under IDS, says RBI

Under the Income Declaration Scheme 2016, which came into effect on June 1, one can come clean by paying tax, penalty and cess totalling 45 percent of the undisclosed income.

02 Sep 2016

Declare black money by September 30 or face action: PM Modi

Prime Minister Narendra Modi has warned those with black money to declare it before the given deadline of September 30, adding that stern action might be taken after that.

22 Oct 2015

Black money: I-T begins final assessment of declarations

The Income Tax department has begun the process of final assessment of those black money declarations that were made to it as part of the one-time compliance window that closed in September.

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