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Benami Transactions News
Govt measures to curb parallel economy, unaccounted transactions
Tue, Dec 19, 2017
A Task Force (TF) on Shell Companies had been constituted under the joint chairmanship of Revenue Secretary and Secretary (Ministry of Corporate Affairs) in February, 2017. The task force has met 6 times so far.
Govt to give 3-6 months for PAN-Aadhaar linkage, if Supreme Court rules in
Sun, Dec 03, 2017
The current deadline for linking the 10-digit alphanumeric PAN (Permanent Account Number), issued by the Income Tax Department, with Aadhaar is December 31.
6 steps Govt took to control Benami transactions
Wed, Jul 26, 2017
Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha, mentioned about five big steps, the government took:
Income Tax Department identifies over 400 benami transactions so far
Wed, May 24, 2017
The Income Tax Department (I-T) has announced on Wednesday of identifying over 400 benami transactions which include deposits in bank accounts, plots of land, flat and jewellery.
Benami Act violators to face double whammy of legal action: Income Tax Department
Fri, Mar 03, 2017
The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).
Benami Act to come into effect from November 1; here’s what you need to know
Sat, Oct 29, 2016
The Benami Act that seeks to give the government powers to confiscate ‘benami’ properties will come into effect from November 1, the Income Tax department said on Friday.