According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
The move is a continuance of the government steps to clamp down on black money.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Demonetisation is not the end but the beginning of a "long, deep and constant" battle against black money and corruption and will benefit the poor and the common man, Prime Minister Narendra Modi on Tuesday said as the BJP parliamentary party passed a unanimous resolution endorsing his "great crusade".
Sebi's independence and credibility is important to keep our financial markets attractive for global investors, which in turn is critical to drive economic growth.
The 69-year-old leader, who is in the custody of the Enforcement Directorate, was taken to ESI hospital at Joka on the southern outskirts of Kolkata for a medical-check up during the day.
Opposition parties think they have until New Year's Eve to build nationwide narrative against demonetisation.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
Signing of the pact will hopefully end stock market uncertainty that came with the mention of the M-name
A bench headed by Chief Justice H L Dattu agreed to hear the CBI's two petitions on reopening of the court after the Dussehra break.
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.
The Special Investigation Team has suggested an upper limit of Rs 15 lakh on cash holding.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
Officials said the three were arrested on Monday under provisions of the Prevention of Money Laundering Act after they were called for questioning by the ED in Chennai.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
The Election Commission will for the first time keep a watch on the spending on social media by the political parties in the upcoming Lok Sabha elections.
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 top court had granted bail to Chidambaram in the case lodged by the CBI saying he is neither a 'flight risk' nor is there a possibility of 'his abscondence from the trial'.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
In the past 18 months, the department of revenue intelligence has seized 50 containers of cigarettes, valued at nearly Rs 200 crore
Under the scheme coming into effect from April 1, 2018, a donor could purchase bonds from authorised banks against cheques or digital payments. These would be redeemed only in the designated account of a registered political party.
The 90-day compliance window has been provided for people to pay tax and penalty of 60 per cent on undisclosed overseas assets and come clean.
Months before 8/11, MP, Haryana probed note ban
"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY," Revenue Secretary Hasmukh Adhia said.
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
The investigating officer of the case had grilled him for over four hours on Friday and about eight hours on Saturday as part of the probe.
SBI plunged over 3% after posting a 34.57% fall in net profit to Rs 2,538 crore for the quarter ended September 2016 on rise in provisions for non-performing loans.
While making his first appearance on Friday, after he arrived by air from Bengaluru, the Kanakapura MLA had said he will cooperate with the ED probe.
Tax evasion needs to be made a serious 'criminal offence' to force foreign countries to reveal names and account details of Indians stashing illicit wealth abroad, the Special Investigation Team on black money has said.
'This year's Budget didn't give into populist measures everyone was expecting after demonetisation, so I think that was a positive step.' 'Hopefully the Budget will continue in the way it has been.'
The prescription came through an application under the Rights to Information Act by an activist from down-south Kerala state.
In a joint letter to the prime minister, the opposition leaders, including some chief ministers, have also demanded providing foodgrains to the needy, and giving Rs 6,000 per month to the unemployed.
He says current arrangement is working fine.
Aaditya, son of Shiv Sena president and Chief Minister Uddhav Thackeray, dubbed the searches by the I-T department on Kanal as 'invasion by Delhi' ahead of Brihanmumbai Municipal Corporation (BMC) elections.
Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount
Assam Chief Minister Himanta Biswa on Tuesday said that the Centre is likely to sign a peace accord with militant organisations from the state's Adivasi communities within September.
The total amount of money stashed away in tax havens has been estimated at a whopping $11.5 trillion.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
