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BLACK MONEY ACT
Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...- Supreme Court seeks Centre's reply on plea for time-bound probe and speedy trial in drug-trafficking casesThe Supreme Court has sought responses from the Centre on strengthening drug trafficking efforts. It called for time-bound probes and trial...
- Tax filers scramble to fix foreign asset disclosures: I-T portal data & SMS alerts prompt review of overseas holdings before July 31Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax department has uploaded foreign asset d...
- 7 big income tax changes for 2026-27 that may reduce penalties for small mistakesNew income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from Octo...
- ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report themIndia's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percen...
- ITR 2026: Common income tax return filing mistakes that cost employees lakhsA careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensur...
- Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure SchemeThe CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrativ...
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate ...
- RBI steps up scrutiny of Corporate India's foreign investmentsIndian banks are now mandated to disclose their anti-money laundering measures concerning international business partners. Corporations wit...
- ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this caseResident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax retur...
- ED tells Delhi Court Robert Vadra allegedly exercised 'ultimate control' over London propertyAppearing before the Court, the ED submitted that the present filing is a supplementary prosecution complaint and that cognisance in the ca...
- Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...
- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakesReturning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from t...
- Relaxation in conditions for prosecution under the Black Money Act for these taxpayers: Budget 2026 announcementThe Black Money Act, 2015, imposes penalties and prosecution for wilful non-disclosure of foreign income and assets. Amendments are propose...
- Supreme Court to see if Black Money Act can be used retrospectivelyThe Supreme Court decided to examine the retrospective application of a provision in the Black Money Act, 2015, permitting criminal prosecu...
- Planning to move abroad? Check this Budget measure and get this certificate firstThe Union Budget 2024 has introduced a new rule for Indian citizens planning to shift their base, which requires them to clear all tax dues...
- Budget 2024: Not reporting these foreign assets in ITR won’t attract the Rs 10 lakh penalty under Black Money ActBudget 2024: It is proposed to amend the provisos to sections 42 and 43 of the Black Money Act to provide that the provisions of the said s...
- Posted overseas? Not disclosing foreign bank accounts can lead to prosecution under Black Money ActThe Calcutta High Court in a recent ruling has upheld the initiation of prosecution proceedings under the Black Money Act against a taxpaye...
- Black money act: 4 chargesheets against Karti Chidambaram & familyThe prosecution complaints have been filed before a special court in Chennai under Section 50 of the Black Money (Undisclosed Foreign Incom...
- Blackmoney: RBI invites applications for regularisation of declared wealthA person resident in India who has declared any asset under Black Money Act & intends to hold them is required to make an application to RB...
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