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Black money law News

20 May 2019

SC to hear Centre's plea on applicability of black money law on Tuesday

The Centre is also aggrieved by the interim order of the high court that restrained the Income Tax (I-T) department from taking any action against VVIP chopper scam accused Gautam Khaitan, against whom a black money case has been lodged.

01 Sep 2015

Govt must build trust for compliance window success: Kidwai

The government needs to assure against any "witch-hunt" to make the compliance window under the new black money law a success and it's a "pity" that the people do not believe its credibility, HSBC's India head Naina Lal Kidwai has said.

31 Aug 2015

Black money: Swiss banks ask Indians to utilise 'compliance window'

Spooked by the new black money law, a number of Swiss and other European banks have begun asking Indian clients to disclose their accounts to the tax authorities back home as they fear being accused of 'abetting' the hoarding of untaxed assets.

21 Aug 2015

Govt to issue 2nd set of FAQs on black money law soon: Das

In a bid to clarify issues related to the black money law the government will soon come out with second set of Frequently Asked Questions (FAQs).

17 Aug 2015

CBDT to clarify on bank a/c disclosures under black money law

As per the rules released by the I-T department in July, CBDT had asked persons having undisclosed foreign bank accounts to provide sum total of credits since the opening of the account.

07 Aug 2015

Shine in Modi govt wearing off; black money law vengeful: Rahul Bajaj

Bajaj, who has been an ardent admirer of Prime Minister Narendra Modi in the past, said the government was creating roadblocks for itself in many of its initiatives, including in terms of ease of doing business.

04 Aug 2015

Black money: Names can be revealed in public interest, says govt

Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.

Finance Ministry

03 Aug 2015

FinMin to hold talkathon on new black money law Tuesday

Finance Ministry will hold a talkathon on the new black money law Tuesday during which Revenue Secretary Shaktikanta Das and CBDT Chairperson Anita Kapur will respond to the queries regarding the legislation.

14 Jul 2015

Black money law: FinMin wants people to address queries to CBDT

Finance Ministry Tuesday dismissed some media reports on the new black money law as "surmises" and asked people to address queries directly to the revenue department.

03 Jul 2015

Tax, penalty to be levied at market price under black money law

Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.

03 Jul 2015

Govt notifies rules for asset valuation under black money law

Government has notified the rules for calculating overseas income and assets under the stringent foreign black money law that came into force on July 1.

11 Jun 2015

FinMin to soon issue FAQs on new black money law

The Finance Ministry is likely to soon issue FAQs explaining the provisions of the new black money law and also to clarify whether one-time compliance window can be availed by persons already under probe.

31 May 2015

Now, Rs 2 lakh penalty for not answering tax authorities queries

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000.

14 May 2015

Black money: Compliance window in the next 2-3 weeks

Under the new law, persons having unaccounted wealth will be given an opportunity through a compliance window to come clean by declaring their assets and pay penalty and tax of 60 percent.

22 Mar 2015

Black money law: Foreign property to be taxed at current price

Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.

Compliance window

20 Mar 2015

Compliance window in black money law is not amnesty: Govt

The short window for declaring undisclosed assets under the proposed black money law will spare tax payers of prosecution but will have to pay tax and penalty as it won't be an amnesty scheme.

18 Mar 2015

Short window to declare overseas assets under black money law

The Union Cabinet last night approved the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015 with a view to put in place a legal framework to unearth black money and illicit assets stashed abroad.

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