The black money law provides for tax and a penalty of 120 per cent of assets' value.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
Former Central Board of Direct Taxes chief K V Chowdary and Information Commissioner Vijai Sharma were on Monday appointed Central Vigilance Commissioner and Chief Information Commissioner, posts which have remained vacant for over nine months on which the government drew some flak.
Senior most Information Commissioner Vijai Sharma is tipped to be new Chief Information Commissioner, while former Central Board of Direct Taxes chief K V Chowdary is understood to be in the running for the Central Vigilance Commissioner's post.
In a nation divided by many things, the 12-digit unique identity number is holding lives to ransom.
Sanjay Jalona, CEO & MD of LTI says the push would be to increase digital business and look at outcomes in projects for customers.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The 90-day compliance window to declare overseas wealth ends on September 30.
'Debt mutual funds are a good option now because interest rates are coming down.' 'Retail investors must put a majority portion of your money in short-term debt funds (1 to 3 years) and only a small portion in actively managed dynamic funds.'
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
More than 900 entities have been banned from the capital markets by Sebi
L&T Infotech hits the refresh button, rebrands itself as LTI With a new name, colour palette and business focus, L&T Infotech looks to break free of its past
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Road Transport and Highways Minister Nitin Gadkari promised pan-India electronic toll system by December to address their concerns but ruled out complete scrapping of the toll system.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
A new CBDT directive actively makes India-dedicated funds comparatively unattractive for institutional investors. It makes no sense, says Akash Prakash.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
The Central Board of Direct Taxes is set to rationalise I-T rules.
Clarifies 'profit-split' will not be only method to compute tax
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
To begin, the Budget has no doubt attempted to address uncertainty.
The forthcoming budget is an excellent opportunity for the Government to fulfill its promise of high economic growth.
Indian economy about to take-off
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