Detection of black money by Government

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..... Detection of black money by Government - News and Press Release Dated:- 20-7-2016 - News - Recognizing various limitations under the existing legislation [ Income-tax Act, 1961 , etc.], the Government enacted a new law The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 to specifically and effectively tackle the issue of black money stashed away abroad .....

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..... . This has, inter alia, provided for more stringent provisions of penalties and prosecutions in respect of black money stashed away abroad. Further, under this law, for the first time the offence of willful attempt to evade tax, etc. in relation to undisclosed foreign income/assets has been made a Scheduled Offence for the purposes of the Prevention of Money-laundering Act, 2002 (PMLA). This enabl .....

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..... es attachment and confiscation of the proceeds of crime of willful attempt to evade such tax, etc., eventually leading to recovery of such undisclosed foreign income and assets/black money stashed away abroad. The new law came into force w.e.f. 01.07.2015. Thus, the first assessment year (A.Y.) in respect of the new law is A.Y. 2016-17 which began only on 01.04.2016. However, before the cases i .....

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..... nvolving black money stashed away abroad were subjected to more stringent provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, a one-time three months compliance window closing on 30th September 2015 was provided under the new law wherein 648 declarations involving undisclosed foreign assets worth ₹ 4164 crore were made. The amount collect .....

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..... ed by way of tax and penalty in such cases is about ₹ 2476 crore. This information was given by Minister of State for Finance Shri. Santosh Kumar Gangwar in reply to a Rajya Sabha question. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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