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BLACK MONEY ACT
Updated return vs black money law: Drafting gap may trigger 30% tax and 300% penalty under Finance Bill 2026Pay additional tax, file an updated return—and still face 30% tax and 300% penalty under the Black Money Act? Unless Finance Bill 2026 reso...06 Mar, 2026, 07.07 AM IST- ₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assetsBudget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas...05 Mar, 2026, 05.14 AM IST
- 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...01 Feb, 2026, 03.34 PM IST
- Black Money act under review; panel may revisit harsh clausesIndia's stringent Black Money Act is being reviewed. An internal committee will examine its interaction with the Income Tax Act. The review...13 Oct, 2025, 12.34 AM IST
- Simplified I-T Act likely to take longerReform of dispute resolution mechanisms, simplification of litigation management, overhaul of rules dealing with transfer pricing and tax d...27 Nov, 2024, 12.23 AM IST
- 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...25 Aug, 2024, 05.53 AM IST
- 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...26 Jul, 2024, 11.36 AM IST
- 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...23 Jul, 2024, 05.34 PM IST
- Nepalese citizens' plea puts I-T in dock for invoking Black Money ActTwo Nepalese citizens have challenged the Indian Income Tax Department's invocation of the Black Money Act against them, arguing that they ...16 May, 2024, 12.46 AM IST
- Temporary stay on show-cause notice to Anil Ambani under Black Money Act to continue: Bombay HCThe IT department issued a notice to Anil Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds of mor...05 Apr, 2023, 02.17 PM IST
- Black Money Act: Income Tax department clears the air on appealsClose to the fiscal closing, tax authorities have cleared the fog over the appeal process under one of the toughest laws in the country. Th...31 Mar, 2021, 07.38 AM IST
- 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...01 Mar, 2019, 10.24 AM IST
- Black money case: High Court reserves order on pleas by Chidambaram's familyOpposing the arguments, the additional solicitor general submitted that a revised return filed by the petitioners after issuance of notices...27 Jun, 2018, 10.20 PM IST
- 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...12 May, 2018, 08.36 AM IST
- Income Tax department books meat exporter Moin Qureshi under new Black Money ActOfficials said the taxman has recently issued fresh notices to Qureshi under the new Black Money (Undisclosed Foreign Income and Assets) an...06 Nov, 2016, 04.10 PM IST
- 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...10 Feb, 2016, 10.22 PM IST
- Rs 2 lakh penalty from next financial year for not answering tax authorities queriesThe Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000.31 May, 2015, 02.23 PM IST
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