Appeal before High Court Under Income Tax Provisions Part CC of Chapter XX of the Income Tax Act, 1961 (‘Act’ for short) provides the procedure for filing appeal before the High Court. Who can file appeal? Section 260A(1) of the Act provides that an appeal shall lie to the High Court from every order passed […]
New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits The government is likely to introduce an amendment in the income-tax law in next week under which people can voluntarily deposit cash that can’t be accounted for in banks will face a tax of 50% and have a fourth […]
Know what is Benami transactions Bill The demonetisation effort being led by PM Modi in India is that idea that Rs. 500 and Rs. 1,000 notes should be declared no longer legal tender, to be replaced by other notes of different designs and in one case, denominations. The aim is to wash the stock of […]
Wrong Way by which Black Money Holders are trying to convert their Black Money into New Currency All of Black money Holder are Worried to Convert their Black Money into the New Currency after Demonetization adopting the wrong way.
Tax department can slap on black money holders by Penalties, prosecution Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice […]
Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.
Will black money crackdown once declaration scheme ends ? CBDT has directed field formations to be ready to use the information, leaving out those who have declared under the Income Disclosure Scheme (IDS).