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Detection of black money by Government

News and Press Release - Dated:- 20-7-2016 - 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 .....

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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 enables a .....

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5. 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 involving black money stashed away abroad were subjected to more stringent provisions of the Black Money (Un .....

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