The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
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.
Demonitisation will facilitate transparency in the real estate industry, which has had a notorious reputation as a safe locker for black money, says Saket Mohta.
Himachal Pradesh Chief Minister Virbhadra Singh was on Friday questioned for the second consecutive day in connection with an alleged disproportionate assets case against him.
If you are making any drastic changes, make sure there is adequate documentation
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
The Central Board of Direct Taxes is set to rationalise I-T rules.
Finance Minister Arun Jaitley should not drop the ball on continuing the battle against black money and move towards digital transactions to reduce the preponderance of cash in the economy, says A K Bhattacharya.
As people wait in long queues outside banks, they appear happy that the ban on Rs 500 and Rs 1,000 notes will unearth black money and root out corruption.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
The company releases documentary showing top executives of dozens of realty firms offering to launder black money.
The concept of gold as an asset capable of getting anytime money is evaporating.
'The entire explanation of the episode is difficult to digest.'
Only the hardcore Mohanlal fans will like Mr Fraud which is otherwise an uninteresting film.
The longer it takes for RBI and the government to stabilise monetary conditions in the economy, the more severe and long lasting will be the damage caused to various sectors of the economy, especially to the informal sector, says Rajeswari Sengupta. Rajeswari Sengupta discusses the impact of this move on money supply, output and prices, in the short- and medium-term.
CBI sources said Singh appeared before the probe team on Tuesday morning and was questioned.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
The maximum fall on total market valuation will be in Mumbai (Rs 2,00,330 crore) followed by Bangalore (Rs 99,983 crore) and Gurgaon (Rs 79,059 crore).
It is possible that this experiment might see a rise in the Union government's cost incurred on tax concessions, without any increase in the tax base or coverage, says A K Bhattacharya.
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
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.
PMO asked income-tax department to submit report on action taken against identified benami owners
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Political funding of elections has led to the rise in black money in the economy.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
'In difficult times as now, the call of the village is all that these migrants can hear,' observes Vijaya Pushkarna.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
The ED is investigating Lodha after it booked him on criminal charges for his alleged involvement in two high-profile black money cases of illegal conversion of old notes post demonetisation.
In an interview to ANI, Union Home Minister Rajnath Singh spoke on various issues, including the Balakot air strikes to the status of Kashmir to the party's manifesto.
If the fight against black money seems half hearted, the same is not the case with gau raksha, says Subir Roy.
In areas bordering Bangladesh, some have received strikingly high deposits in Jan Dhan accounts, said sources.
Months before 8/11, MP, Haryana probed note ban
Amid concerns of bullion trade being used for routing of black money, Switzerland's gold exports to India have risen further and is fast approaching Rs 1-trillion mark for the entire 2014.
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.
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
