Income Tax : The scheme allows eligible taxpayers to declare undisclosed foreign income or assets with payment of prescribed dues and limited i...
Income Tax : The Finance Bill, 2026 proposes immunity from prosecution for undisclosed foreign assets below ₹20 lakh, excluding immovable pro...
Income Tax : Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attra...
Income Tax : Learn about the taxation of undisclosed foreign income & assets under the Black Money Act, 2015, including penalties and legal pro...
Income Tax : Explore conflicting rulings on whether bonafide mistakes in disclosing foreign assets under the Black Money Act can avoid penaltie...
Income Tax : A summary of government agencies' efforts to curb black money, including search operations, tax assessments under the Black Money ...
Corporate Law : CBDT starts a campaign for AY 2024-25 to assist taxpayers in accurately reporting foreign assets and income in ITR under Black Mon...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : From October 1, 2024, the Black Money Act, 2015 will be included in tax clearance certificate requirements for Indian residents le...
Income Tax : Explore Income Tax Department's advisory on reducing cash transactions. Learn about societal, individual, and national factors dri...
Corporate Law : The Supreme Court ruled that Section 7 of the Prevention of Corruption Act covers attempts to obtain undue advantage through subor...
Income Tax : ITAT found that the taxpayer's foreign investment was funded through disclosed banking channels and tax-paid funds. Since there wa...
Income Tax : The Delhi High Court held that the scope of Section 311 Cr.P.C. is wide and extends to documentary evidence in addition to oral te...
Corporate Law : The High Court denied bail, holding that serious allegations of loan diversion through shell entities were supported by bank recor...
Income Tax : The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linke...
Income Tax : The CBDT has amended its instruction on the Black Money Act raising the exemption for prosecution to ₹20 lakh for certain foreig...
Income Tax : KSCAA urges Union Finance Minister to reform Black Money Act (BMA) penalties. Sug-gestions include amnesty, proportional fines, hi...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Corporate Law : Explore 2023 updates to Prevention of Money-laundering (Maintenance of Records) Rules. Learn how these changes impact trust, contr...
Income Tax : CBDT notifies Special Courts in Odisha vide Notification No. 127/2022-Income Tax | Dated: 26th December, 2022 under Black Money ...
The Supreme Court ruled that Section 7 of the Prevention of Corruption Act covers attempts to obtain undue advantage through subordinates or third parties. The key takeaway is that public officials cannot avoid liability by using intermediaries.
ITAT found that the taxpayer’s foreign investment was funded through disclosed banking channels and tax-paid funds. Since there was no deliberate concealment, the penalty was deleted.
The Delhi High Court held that the scope of Section 311 Cr.P.C. is wide and extends to documentary evidence in addition to oral testimony. The provision can be used whenever the evidence is essential for a just decision.
The High Court denied bail, holding that serious allegations of loan diversion through shell entities were supported by bank records and witness statements. The petitioner failed to satisfy the twin conditions under Section 45 of the PMLA.
The case involved a penalty for alleged non-disclosure of a foreign bank account. The Tribunal held that ambiguity regarding linked currency accounts required fresh verification before sustaining the penalty.
The issue was whether an assessment under the Black Money Act can survive once the foundational notice is held invalid. The Tribunal held that an invalid Section 10(1) notice nullifies all subsequent proceedings.
The scheme allows eligible taxpayers to declare undisclosed foreign income or assets with payment of prescribed dues and limited immunity under the Black Money law.
The Finance Bill, 2026 proposes immunity from prosecution for undisclosed foreign assets below ₹20 lakh, excluding immovable property. The key takeaway is reduced criminal exposure for minor and inadvertent lapses.
The Tribunal held that overseas shares acquired from reinvested dividends cannot be taxed as undisclosed assets when the source is known and accepted. Mere omission of dividend income does not trigger the Black Money Act’s harsh provisions.
Resident taxpayers must report foreign assets and income under Schedule FA, even if tax isn’t affected. Non-disclosure can attract penalties under the Black Money Act, making accurate reporting essential.
