Black Money Penalty

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  Interim Stay On Show-Cause Notice To Anil Ambani Under Black Money Act To Continue: High Court

  The Bombay High Court today continued till further orders an interim stay on show-cause notice and penalty demand issued to industrialist Anil Ambani by the Income Tax department under the Black Money Act.

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  Cash Transactions: Here Are The Limits And Penalties Under The Income Tax Rules

  The government has set various limits on cash transactions to combat black money. Know the cash transactions that may invite serious penalties.

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  No Estimate Of Black Money In Foreign Accounts In Last 5 Years: Centre In Parliament

  No official estimate on black money lying in foreign accounts over last 5 years, however, Rs 2,476 crore has been collected as tax and penalty under the compliance window during 2015, government said in Parliament on Tuesday.

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  'Come Clean' Says Taxman To Black Money Holders As March Deadline Looms

  The tax and penalty against those who hide their black money could go as high as 137 per cent of the cash deposits made, a senior officer at the Income Tax department said.

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  Penalty Of Equal Amount For Receiving Cash Over Rs 3 Lakh: Centre

  In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of Rs 3 lakh, beginning April 1, to settle any transaction. A ban on cash transaction of more than Rs 3 lakh has been proposed in the Budget for 2017-18.

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  Penalty Of Equal Amount For Receiving Cash Over Rs 3 Lakh

  The Revenue Secretary said the Budget proposes to levy penalty on a person who receives Rs 3 lakh and above.

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  Income Tax Department Begins Action Under Benami Act; Issues 87 Notices

  Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.

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  Post Raids, Black Money To Attract Over 137% In Tax, Penalty

  Not declaring undisclosed cash or deposits under the scheme but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty.

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  Hyderabad Cab Driver Questioned Over 7 Crore Deposit In His Account

  A cab driver in Hyderabad was questioned by Income Tax officials after Rs 7 crore was deposited in his account in 500 and 1000 rupee notes. The driver has claimed that the money belongs to him and he is willing to pay both tax and penalty on it. But IT officials said he hasn't been able to explain the source of the funds.

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  People Converting Black Money Into White Not To Be Spared: Government

  In a stern warning to black money hoarders, the Finance Ministry today said those indulging in money laundering activities and converting their ill-gotten money into white will not be spared as law-enforcement agencies are already chasing such trails.

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  Government Returning 50 Per Cent Black Money To Hoarders: Rahul Gandhi

  Congress vice-president Rahul Gandhi today accused the government of helping black money hoarders with the amendment to the income tax law, saying half of the unaccounted cash would now be returned to them.

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  Penalty Under Search, Seizure To Be Up 3-Fold At 30% In Income Tax Act

  The government proposed to raise penalty under Income Tax Act for search and seizure cases by 3-fold to 30 per cent, a move aimed at deterring black money holders from misusing the provisions for turning their unaccounted cash into white.

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  Demonetisation: 50% Income Tax On Unaccounted Deposits Or 85% If Caught

  Providing a window to black money holders, the government proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.

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  Black Money Tax: Government's New Income Declaration Scheme In 10 Points

  With the ban on 500 and 1,000-rupee notes now more than two weeks old, the government has proposed new rules to tax black money that is being unearthed. The bill was submitted on Monday for parliament's review by Finance Minister Arun Jaitley as the government is being attacked by a united opposition over its sudden withdrawal of 86 per cent of the...

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  Unaccounted Deposits In Old Notes To Attract 50 Per Cent Tax, 4-Year Lock-In Period

  A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in parliament shortly.