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Black Money News
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).
Black money alert! Corruption risks may rise this year, says report
Thu, Mar 15, 2018
Compliance professionals across the globe expect bribery and corruption risks to worsen or remain the same this year, says a joint study conducted by Kroll and the Ethisphere Institute. According to the 8th annual Anti-Bribery and Corruption Benchmarking Report (ABC Report), despite the increased
Black money crackdown: Income Tax dept attaches benami properties worth Rs 3,900 cr
Tue, Mar 13, 2018
Black money crackdown: Income tax department has provisionally attached benami properties of over Rs 3,900 crore in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha today.
Electoral bonds to help government check black money in political funding
Wed, Jan 03, 2018
This move is aimed to make the political funding more transparent as presently all the funding are in the name of anonymous cash donations.
Govt moots creation of NFRA to keep a tab on dishonest CAs
Thu, Dec 28, 2017
The move has been necessitated after the role of some accounting professionals in helping business entities hide black money, came to light.
Demonetisation drive was meant to cleanse the system: Adhia
Sun, Nov 26, 2017
The Indian government on November 8, 2016 started the demonetisation drive by banning high denomination Rs 500 and Rs 1,000 currency notes.
No escape for Benami deals; govt may link Aadhar with land transactions
Wed, Nov 22, 2017
Benami Transactions (Prohibition) Act forbids certain types of financial transactions. The 'benami' is defined as any transaction in which property is transferred to a person for certain consideration by another person.
Black money: Swiss Par panel OKs auto info exchange with India
Sun, Nov 19, 2017
The Commission for Economic Affairs and Taxes of the Council of States -- a key panel of the Swiss Parliament's Upper House -- approved the proposed pact with India as also with 40 other countries, but suggested strengthening the provisions for individual legal claims.
Noida Authority hires international agency to audit builders' accounts
Wed, Nov 15, 2017
Prominent builders including Logix, Supertech, Sikka and Aims Gardenia will be audited in the first phase. Noida Authority CEO said the process will complete in 40 to 45 days.
Shell companies under IT scanner; involvement in Benami transactions suspected
Wed, Nov 15, 2017
Banks started scanning all the account details of directors who were disqualified by the Ministry of Corporate Affairs as part of alleged shell companies.
P-notes investment drops to 8-year low of Rs 1.23 lakh crore
Sun, Nov 12, 2017
The total value of P-notes investments in Indian markets - equity, debt and derivatives -- slumped to Rs 1,22,684 crore at September-end after hitting seven-and-a-half year low of Rs 1,25,037 crore at the end of August, according to Sebi data.
1-year of demonetisation: Did India see a cash-less economy?
Wed, Nov 08, 2017
November 08,2017, comes as a very special day for PM Narendra Modi and his government has it marks the one year anniversary of their biggest reform "Demonetisation" or commonly known as notebandi.
Key things Modi pointed out on 1-year of demonetisation
Wed, Nov 08, 2017
About 6,857.82 million notes of Rs 1000 and 17,165.06 million notes of Rs 500 valuing separately Rs 685,782 crore and Rs 858,253 crore respectively were scrapped
Before 'anti-black money' day another ATM dispenses fake Rs 2000 note
Tue, Nov 07, 2017
Before the country observes the one year anniversary of demonetisation on November 8 another case of fake notes being dispensed from an ATM has been noted.