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TAX ON UNDISCLOSED DEPOSITS
Residents tempted to gatecrash FCNR party for NRIsWealthy Indians are finding ways to benefit from a new foreign currency deposit scheme. They are sending money to NRI relatives as gifts to...- Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- Rs 14,820 cr tax demand raised under black money law on foreign income: GovernmentFinance Minister Nirmala Sitharaman further informed the House that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 cro...
- Proof of tax paid, 4-year money lock-in must to avail of tax evasion amnesty scheme PMGKYAnyone facing prosecution for corruption, holding benami property, money laundering, foreign exchange violation or drug trafficking won't g...
- Deposits under PMGKDS can be made till April 30The extension of time till April 30 has also been given to banks for uploading details into the RBI's E-Kuber system.
- Supreme Court dismisses plea to pay income tax in old notes under Pradhan Mantri Garib Kalyan YojanaUnder the scheme, a citizen could deposit his old notes with a bank, provided he was willing to lock up 25% of the money in bonds for 4 yea...
- PMGKY: CBDT says Form 1 can be filed by April 10, if deposit made by deadline"Representations have been received from various stakeholders regarding difficulties in uploading of declaration in Form No 1 under the PMG...
- Hard cash being disclosed under PMGKY must exist on payment dateIf hard cash is being disclosed under PMGKY, its existence is necessary on the date of making payment of tax, surcharge and penalty under P...
- Modi govt allows people to deposit unaccounted cash in parts under amnesty schemeAfter November 8 demonetisation announcement, the government allowed the junked Rs 500 and Rs 1000 notes to be deposited in bank accounts.
- Your assets not hidden from us: I-T dept to black money hoardersUnder the PMGKY, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of it in taxes and s...
- Rs 4 lakh crore of cash deposits so far may be suspect; depositors likely to get I-T noticeAn exercise is on to verify the genuineness of the deposits and tally them with tax returns. I-T has already served around 5,000 notices.
- Use old notes to pay taxes, penalty under IDS: Modi govtDeclarations under PMGKY would be subject to a total tax of about 50% and a quarter of the amount declared would be locked in interest-free...
- Jan Dhan deposits fall post Rs 75,000 crore peakAccording to the latest data inflows slowed down substantially after that and over the next two weeks, deposits rose less slowly to Rs 74,6...
- Government allows use of old notes for tax payment under PMGKYUnaccounted cash in Rs 500/1000 notes can now be deposited any of the 29 scheduled bank that are entitled to accept income tax.
- Smart things to know about taxation of investment under PMGKYPradhan Mantri Garib Kalyan Yojana will allow people to deposit previously untaxed money by paying 50% of the total amount.
- Depositing black money in banks will not make it white: FM Arun JaitleyThe Lok Sabha has amended the Income Tax Act to provide for higher tax and penalty on such undisclosed income. The Bill is pending in the R...
- These are the only 4 tax options if you hold black moneyThis analysis will help you understand under which option immunity from other laws would be available and where it would not be.
- Proposed black money tax changes decoded: What you need to knowThe government has offered the carrot – the least tax option of the Garib Kalyan Yojana – and shown the stick: the hiked tax and penalties.
- Unaccounted deposits post demonetisation likely to attract up to 60% taxThe move comes amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the ban.
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