Might use it to counter Opposition campaign on land issue.
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Companies were consulting law firms and consultants to understand the Bill.
Black money Bill: Govt may widen disclosure window to 3-6 months.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
Last week, the government had introduced the black money Bill.
The Bill could be referred to the Parliamentary Committee for scrutiny
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Enforcement agencies will be empowered to confiscate assets
The Supreme Court has sought responses from the Centre and state governments on a Public Interest Litigation (PIL) advocating for the confiscation of movable and immovable property belonging to individuals and their family members involved in exam question paper leak cases. The plea also calls for invoking various anti-corruption and financial crime acts against perpetrators and suggests consecutive sentencing for such offences.
The SIT on black money has widened its probe.
Making UPI payments fee-based for some transactions could enhance mental reservations against digital payments -- which have largely been overcome -- once more. Do we want to regress?, asks R Jagannthan.
The Dravida Munnetra Kazhagam on Thursday said that it will move the Supreme Court against the delimitation bill, if it is passed in the Parliament.
'Even with the restrictions of depositing more than Rs 2.5 lakh in a bank, people will find new methods to convert this cash hoard into legal tender.'
RJD chief Lalu Prasad took out a march on the main roads in Bihar capital on Sunday to protest against the Modi government's failure to bring black money.
Government may bring a new law on black money during the ongoing Parliament session.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Government will provide a short window of a "few months" to income tax assesses to come clean by declaring their money and assets stashed abroad.
West Bengal Chief Minister Mamata Banerjee criticised the BJP after the central government failed to pass a Constitution amendment bill for women's quota in legislatures, accusing the BJP of using the bill as a political ploy to divide the country and Bengal.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
Arun Jaitley has promised a compliance window under the new black money law for persons with overseas funds to come clean.
he government will allow holders of black money abroad to declare their wealth.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
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.
The Central Board of Direct Taxes is set to rationalise I-T rules.
The black money bill got the nod of the Rajya Sabha on Wednesday.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
The comments assume significance in view of the charges faced by HSBC
The 90-day compliance window to declare overseas wealth ends on September 30.
Hence, the claims by the Government that this will end the menace of black money and corruption are simply outlandish. Also, the simultaneous introduction of Rs 2,000 note undermines their claim and it simply does not fit the storyline of an attack on black money and corruption.
Govt to introduce comprehensive law on black money
The a/c holder will have to mention the date of opening of foreign a/c.
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
Mumbai has spent four centuries building folklore around its monsoon: The potholes, the delayed trains, the office debates about whether it will 'break' this week or next. It turns out the rain was always a market. Nobody had built the exchange for it until now!
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
Manish Sabharwal tackles 5 criticisms of demonetisation.
Indians having undisclosed property abroad will have to pay tax and penalty.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
