The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
Notification, FAQs likely after FM Jaitley returns from the US
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
Filing with inadequate disclosure of assets will be liable for prosecution
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Lionel Messi's much-hyped visit to the Salt Lake Stadium in Kolkata on Saturday lasted 22 minutes, just enough to underline everything that is wrong in Indian football and the state administration's mismanagement.
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.
Noted advocate and Bharatiya Janata Party member Ram Jethmalani on Thursday created a flutter in the Rajya Sabha when he made certain remarks against persons having money stashed away in Swiss banks.
In the last 11 years, India and the world witnessed what he stood for, what he promised and did not deliver, and what he actually stood for and practised without fearing how history would judge him. Modi's tenure has been punctuated with headline-grabbing decisions, symbolic gestures, and stage-managed moments that continue to define his leadership and India's politics, points out Ramesh Menon.
It claimed doctors were being paid 'for referring medical tests'.
The NCP also asked the Income Tax department and the Enforcement Directorate to find out the source of "black money" involved.
Her black bag had "National Herald Ki Loot" emblazoned over it in red colour.
The Delhi high court on Wednesday asked the Centre and the Delhi government to present their stand on a plea seeking recall of all currency notes above Rs 100, restricting cash transactions above Rs 10,000 and linking assets worth more than Rs 50,000 with Aadhaar to check corruption.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
Years before the Supreme Court struck down as 'unconstitutional' an opaque political funding tool that allowed individuals and companies to donate money to political parties anonymously and without any limits, the then finance minister Arun Jaitley -- the prime mover of electoral bonds -- had termed them legitimate and transparent.
'Once filed, it cannot be revised or rectified.'
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
Clearly, rich Indians have little confidence in India. Perhaps we are also chronically dishonest.
New head of the Confederation of Indian Industry speaks.
Bill Aitken came to India nearly 60 years ago. He never returned. An Indian citizen since 1972, he tells Rediff.com's Archana Masih how India changed his life forever.
Australian captain Sam Kerr who has Indian ancestry, has pleaded not guilty to one count of racially aggravated harassment.
Reddy dared the saffron party to prove its claim that the Congress government in the southern state did not fulfil its poll guarantees.
When the Chair asked Chowdhury to raise a point of order, Goyal stood up and said that he would not allow the Congress leader to speak in protest against the disruption of the external affairs minister's statement earlier in the day on India's foreign engagements since the Budget session.
Finance Minister Arun Jaitley counter Rahul Gandhi's attack over issues related to the JNU, intolerance, inflation and foreign policy.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
Penalties for undisclosed foreign income and assets extend up to 300%.
After Finance Minister Arun Jaitley moved the amended Finance Bill for consideration by the Lok Sabha, Deepender Hooda (Congress) said this was a "historic" occasion as never in the past had the Rajya Sabha amended the Finance Bill.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
Out of these, no balance has been found in case of 289 accounts
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
The Alliance of Digital India Foundation (ADIF), an industry body for startup ecosystem and app developers, on Monday filed a complaint with the Competition Commission of India (CCI) against technology major Google for alleged anti-competitive practices in online advertising. The complaint outlined Google's dominant position and alleged abusive behaviour in both the online search and online display advertising.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
What is the wider political strategy behind Mr Modi's concerted attack on black money, asks Subir Roy.
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