Tax experts said many would use this to bring black money and cash stashed in tax havens into the country.
Attacking the United Progressive Alliance government on the issue of black money and price rise, Samajwadi Party on Tuesday alleged that the government indulged in corruption.
The court on September 3 asked the SIT to submit its fresh report.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen and bureaucrats to divert their ill-gotten funds into shell companies, an eminent Jawharlal Nehru University professor has said.
In a move that could help India track black money, Switzerland on Tuesday relaxed norms for sharing information on secret bank accounts of overseas tax offenders by allowing varied modes of identification.
Scores of National Students' Union of India activists on Tuesday staged a protest outside the residence of Union Home Minister Rajnath Singh in Delhi over the issue of black money stashed away in foreign banks.
Taking forward its efforts to track and unearth black money, India has now ratified its Double Taxation Avoidance Agreements with SAARC nations and the revised treaties will come into effect from next fiscal.
India has been probing hundreds of black money cases.
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
Modi lamented that there was a time when people stood for values and the times changed where people started making compromise on corruption
Government on Monday said Rs 4,147 crore or Rs 41.47 billion has been disclosed under the black money compliance window.
The a/c holder will have to mention the date of opening of foreign a/c.
India can now sign treaties with five more countries in its pursuit to bring back black money stashed abroad with the Cabinet on Friday approving such pacts.
Sukumar Mukhopadhyay, former member, Central Board of Excise and Customs, and Govindrao Adik, MP and General Secretary, NCP, debate the pros and cons of offering amnesty to tax evaders.
Why not stream all the data in real time to multiple recipients? It would make the investigation of aviation incidents much easier and far more transparent, recommends Devangshu Datta.
Dharmendra got his He Man image with Phool Aur Patthar, which was so strong that he never managed to fully shrug it off.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money.
The list includes 1,195 Indians with funds totalling $4.1 billion.
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.
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
Govt to introduce comprehensive law on black money
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
When Hitesh Harisinghani and Jahnavi Patel hit the streets of Mumbai after Modi's demonitisation announcement, here's what they found.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
Identity of 427 account holders abroad has been established and 250 of them have admitted to having accounts, Finance Minister Arun Jaitley revealed on Wednesday.
Tehelka magazine said two years ago the German government had passed on the names and bank account details of 18 Indians who had invested their wealth in the LGT bank in Liechtenstein, a well-known tax haven.
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
The amnesty scheme is a 'practical and pragmatic' approach to bring back the black money stashed abroad, the chairman of Assocham's Legal Affairs Council R K Handoo said on the sidelines of the release of a study on black money in New Delhi on Friday.
The minister said any declaration made under the law will be protected
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The cumulative illicit money moving out of India over a ten-year period rose to $439.59 billion
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
Government may bring a new law on black money during the ongoing Parliament session.
The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
The government on Tuesday faced the ire of the Supreme Court for opposing formation of a Special Investigating Team to probe the case of black money as the court said it was needed because the agencies involved in the three-year probe have not gone into the source of the money.
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