Penalty On Black Money
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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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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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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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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.
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200% Penalty On Unexplained High Deposits May Be Slapped Before Tax Filing
Income Tax Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual tax returns are filed, Finance Ministry said.
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Deposits Above Rs. 2.5 Lakh To Face Tax, 200% Penalty On Mismatch
The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000 denominations between November 10 and December 30.
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Government Extends Date For Payment Under Black Money Scheme
The government on Thursday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year.
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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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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...
-
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.
-
200% Penalty On Unexplained High Deposits May Be Slapped Before Tax Filing
Income Tax Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual tax returns are filed, Finance Ministry said.
-
Deposits Above Rs. 2.5 Lakh To Face Tax, 200% Penalty On Mismatch
The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000 denominations between November 10 and December 30.
-
Government Extends Date For Payment Under Black Money Scheme
The government on Thursday extended the deadline for payment of tax and penalty under the black money disclosure scheme and allowed declarants to pay the amount in three installments by September 30 next year.
