The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
Political funding of elections has led to the rise in black money in the economy.
As part of efforts to tackle the menace of black money, the government has commissioned studies to estimate the amount of unaccounted income and wealth.
FinMin working to ensure all govt transactions are done electronically, says official
Revenue department would come out with more clarifications through FAQs on the Undisclosed Foreign Income and Assets Act.
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There is no doubt that the Modi government has showed greater urgency in unearthing unaccounted money stashed away by some Indians in tax havens and other countries, enjoying the advantages of the latter's banking secrecy laws.
Deputy Chairman of the Supreme Court-appointed Special Investigative Team on black money, Justice Arijit Pasayat, said Rs 70,000 crore of black money has been unearthed so far and the sixth report on it will be submitted to the apex court in April.
Bharatiya Janata Party state president Shamsher Singh Manhas said the menace of corruption has also gripped Jammu and Kashmir.
The government notified the compliance window under the Act.
Bharatiya Janata Party leader L K Advani on Saturday questioned the silence of Congress President Sonia Gandhi on black money, corruption and inflation and asked her to speak on these issues.
Replying to an RTI query, the PMO said a Special Investigation Team (SIT) has already been formed and its investigation is underway.
India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
For 17 years, Mani Bhavan was Gandhi's Bombay home and nerve centre of the freedom movement.
On Wednesday, the Modi sarkar placed a list of names of 627 Indian account holders in HSBC bank, Geneva in the black money case before the Supreme Court. While on the campaign trail, bringing back black money stashed away in foreign banks was one of the biggest election promises made by Narendra Modi. Rediff.com takes a look at some of the prime minister's tall assurances.
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
Aiming to "awaken people about corruption and black money", Yoga guru Baba Ramdev on Tuesday started the 1,00,000-km-long Bharat Swambiman Yatra from Jhansi. "My yatra, 2012 Mahasangram, will awaken people in the entire country on the issue of black money and corruption. The Mahasangram, which started from the land of Veerangana Rani Lakshmi Bai, will reach Parliament one day," he said on the first day of the yatra.
Netflix has announced the continued expansion of the globally popular Money Heist (La Casa de Papel) universe, teasing new content and confirming the franchise's future beyond its existing spin-offs and the upcoming Berlin prequel.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.
A family in Thane, Maharashtra, was allegedly defrauded of over Rs 1.66 crore by a man who exploited their fear of black magic, promising divine remedies through rituals and pilgrimages.
Uttam Ghosh on Narendra Modi's pre-election promise to get back black money stashed in tax havens abroad.
Finance ministry maintains that all KYC requirements will be followed.
This concession will be available only to those who had not received any intimation.
The 97-page document tabled by Finance Minister Pranab Mukherjee made a strong case for setting up Lokpal and Lokayuktas. Though, there was no was mention of government's estimate of black money within and outside the country, it pitched for courts to expeditiously deal with the offence.
The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
It suggested reforms in the real estate sector.
Mahindra Group Chairman Anand Mahindra announced the company would adopt an 'attack mode' strategy, accelerating investment, innovation, and execution to capitalise on opportunities arising from prolonged geopolitical and economic uncertainty.
'Alas, in this scheme there is nothing to stop the black money flows of the future.' 'On the contrary Modi has sown the seeds of more, through the issue of Rs 2,000 notes.' 'But have you heard one politician decrying this aspect of the scheme?' 'They must be secretly rejoicing that while Modi is taking away their past, he has not shut the door on their future,' says banker S Muralidharan.
As real estate is about a tenth of the Indian economy, the extent of black money floating around in the sector is huge.
New CII President B Muthuraman on Wednesday said an amnesty scheme for unearthing black money is feasible provided the government gives a strong message that those not declaring this type of funds will go to jail.
The President, while addressing the concluding ceremony of celebrations for 150 years of the Income Tax Department, also made a strong case for tightening laws to book tax evaders.
Following the disclosure of eight names in the black money case by the Centre, senior Janata Dal-United leader and former chief minister of Bihar Nitish Kumar questioned the Bharatiya Janata Party-led government's action on Monday and launched a scathing attack on the government.
Claiming that black money to the tune of Rs 500 lakh crore (Rs 500 trillion) was stashed by Indians in foreign banks, yoga guru Baba Ramdev has advocated for bringing that money back home.
In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
The UPA government, under severe pressure from the Supreme Court and the Opposition parties over the issue of billions of dollars of Indian wealth parked in tax havens, on Thursday assured the Apex Court that it will make public the names of persons who have stashed money in foreign banks, after a case is registered against them.
Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
After the government toed the UPA government's line in the Supreme Court, Finance Minister Arun Jaitley on Friday blamed the agreement entered into by the Congress government with Germany in 1995 as a constraining factor in disclosing details of black money stashed abroad.
A gang posing as Income Tax officials robbed a contractor's home in Dhar, Madhya Pradesh, stealing gold and cash.
