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BLACK MONEY PENALTY
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...- Top cases on the United States Supreme Court's docketThe U.S. Supreme Court is reviewing significant cases. These cases cover voting rights, presidential authority, immigration policies, and g...
- Changing jobs? This 401(k) mistake could cost you big — read before you cash outMany workers in the US are facing problems with 401(k) retirement savings because they change jobs often. The system is old and not well co...
- Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it worksA one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting fo...
- Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rulesWhether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift...
- How a Gurgaon man paid ₹20,000 for a Thailand dream but instead woke up in a jungle guarded by gunsHe was a 21-year-old Gurgaon student who just wanted a job. A Telegram message promised ₹80,000 a month in Thailand. Instead, he crossed ju...
- Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled itAn Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal,...
- Rs 10 lakh penalty for genuine taxpayers making inadvertent reporting errors; why Black Money Act needs changesThe Black Money Act's strict penalties, including a Rs 10 lakh fine, are unfairly penalizing honest taxpayers for inadvertent reporting err...
- 'May' isn't 'shall' penalty not the norm in black money law: ITATIn a groundbreaking decision, the Income Tax Appellate Tribunal has opened doors for taxpayers, clarifying that penalties for unreported of...
- Foreign black money law: Govt files 163 prosecution complaints; raises Rs 35,105 cr tax, fine demandThe government has levied over Rs 35,105 crore in tax and penalties and filed 163 prosecution complaints under the Black Money Act by March...
- 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...
- Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi governmentIn cases where tax evasion is admitted, 60% levy will be charged (30% tax plus 30% penalty). In every other case, the levy will be 90% (30%...
- I-T department will not ask for source of bank deposits: Revenue Secretary Hasmukh Adhia"The deterrent provisions were necessary so that people have the fear of hoarding black money," Adhia said.
- Demonetisation row: Penalties, prosecution that tax department can slap on black money holdersHere is a list of various penalties that can be imposed on you for different defaults and the provisions which can help you get immunity fr...
- Was the black money disclosure scheme a success?The scheme was a moderate success. Aggregate disclosures amount to Rs 65,250 crore, on which 45% is payable as tax, surcharge and penalty, ...
- Budget 2016: Black money to attract double payout after 4-month windowThe window will begin on June 1 and provides an opportunity to avoid prosecution with payment of 30 per cent tax and 15 per cent penalty.
- Difficult declaration terms make black money law a Catch-22 choiceIf anyone makes an incorrect declaration, then the entire declaration will be treated as null, and the tax and penalty paid will not be ref...
- Compliance window last chance to come clean on black money: GovernmentCentral Board of Direct Taxes (CBDT) had yesterday issued the rules under the black money law for valuing overseas income and assets for th...
- 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.
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