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Black Money News
Black Money crackdown: Income Tax office asks citizens to report suspicious cash transactions in Lok Sabha Elections 2019
Thu, Mar 14, 2019
To ensure that a free and fair election is conducted, a 24x7 control room is set up, to curb the utilisation of black money during the General Elections 2019.
Demonetisation: Revealed! Who placed government's proposal to ban Rs 500, Rs 1000 notes before RBI Board?
Wed, Mar 13, 2019
Demonetisation, Note Ban: The government's proposal to ban Rs 500 and 1000 notes was placed by the then RBI Deputy Governor Rama Subramaniam Gandhi before its board, which resolved to back the move in "larger public interest" though some directors raised concerns about short-term negative impact
EC formed committee to stop Black Money
Tue, Mar 12, 2019
Election commission of India has formed a committee to stop Black Money and will monitor the transaction during elections
Where is Black Money? Report reveals this location, two years after demonetisation
Fri, Feb 22, 2019
Contrary to the popular belief, reports of three studies commissioned by the government say that 90-97.2% of the black money is inside the country while only 2.8-19% has been taken out of the country.
Black money crackdown: Undisclosed assets worth Rs 6,000 cr detected
Wed, Jan 09, 2019
"As an outcome of the actions taken by the Income-tax Department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' (The Black Money Act), as on October 31, 2018, undisclosed foreign assets and income valued at over Rs 6,000 crore have been detected," Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Rajya Sabha.
Black money crackdown: Income Tax dept seizes Rs 25 cr cash after survey on pvt vault in Chandni Chowk
Tue, Dec 04, 2018
The Income Tax Department has seized over Rs 25 crore cash after surveying a 300-safes strong private vault in the Chandni Chowk market area here, officials said on Monday.
Black money: Swiss government agrees to share details of 2 Indian firms
Sun, Dec 02, 2018
One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.
Beware! Got Black Money? Get ready to give up this whopping amount in India
Wed, Nov 14, 2018
Income Tax on black money in India: Have you got black money? You may end up paying a big price, if yes.
Black money crackdown: Income-Tax dept launches major drive against thousands of individuals
Tue, Oct 23, 2018
The department, in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by "thousands of Indians", the officials added. The CBDT Chairman Sushil Chandra confirmed the move but refused to elaborate.
Soon, Government to make it compulsory for unlisted companies to issue shares in demat form
Sun, Aug 26, 2018
The proposed move would help in enhancing transparency in ownership at corporates, curb benami transactions and bolster the efforts to weed out shell companies that are allegedly used for illicit activities, they said.
Black money crackdown: PM Modi says hoarders will not be spared
Thu, Aug 16, 2018
The Prime Minister said the government has eliminated middlemen and bogus beneficiaries by transferring government benefits to those who actually deserve them. This has led to the elimination of 6 crore bogus beneficiaries who previously cornered subsidised cooking gas LPG, pension, and scholarships, saving Rs 90,000 crore for the exchequer.
All deposits by Indians in Swiss banks not black money: Govt
Fri, Jun 29, 2018
The government today said all the deposits by Indians in Swiss bank accounts cannot be termed black money and action will be taken against persons parking illegal funds overseas after Switzerland starts sharing real-time account details from January onwards.
Black money: Arun Jaitley takes to Facebook to counter accusations; read full text of blog here
Fri, Jun 29, 2018
Almost 18 lakh people were identified who had made deposits disproportionate to their returned incomes. The use of technology helped the tax department significantly. Most of the functioning of the Income-tax Department is now online, returns are filed online, queries are addressed online, assessment orders are handled online and refunds are also made online. Technology is also used for reconciliation purposes in order to detect those who should be filing returns but are non-filers.
Strong action to be taken against illicit Swiss deposits, says Finance Minister Piyush Goyal
Fri, Jun 29, 2018
Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.
Black Money: 2.25 lakh companies to be struck-off by FY19, all details here
Sat, Jun 09, 2018
As many as 3,09,619 directors were also disqualified u/s.164(2)(a) read with Section 167(1) of the Companies Act, 2013 for non-filing of Financial Statements or Annual Returns for a continuous period of immediately preceding 3 financial years (2013-14, 2014-15 & 2015-16).
IT department revises Income Tax Informants Reward Scheme; You can get reward up to Rs 5 crore, here's how
Sun, Jun 03, 2018
The NDA government has from time-to-time taken various measures in dealing black money, which is why, the Income Tax Department is leaving no stone unturned by carrying out investigations in various offices, houses and states.
Benami properties, black money bounty: Win Rs 5 cr from govt; here is how
Sat, Jun 02, 2018
The I-T department stated that the reward amount for information under the Foreign Black money Act has been kept high at Rs 5 crore to make it "attractive to potential sources" in foreign countries, adding "Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015."
Earn Rs 5 cr! Join fight against benami transactions, black money, get paid big amounts
Fri, Jun 01, 2018
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, the department has announced a reward of Rs 1 crore and even Rs 5 crore for providing information about benami transactions and properties, income earned on such properties by hidden investors as well as on black money stashed abroad.
Crackdown on black money: SIT reviews cryptocurrencies; directs clampdown
Sun, Apr 08, 2018
Crackdown on black money: Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country. The SIT, official sources said, called cryptrocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications
Black money crackdown: Aadhaar card to be deployed to catch corrupt government employees
Sun, Apr 01, 2018
With Aadhaar being made mandatory for some financial transactions, Chowdary said it would be in a position to get data from a few centralised agencies and use the information for the purpose of determining a transaction made by an individual and to probe Disproportionate Assets (DA).