Page-3 of black money

Union Government introduces Taxation Laws (Second Amendment) Bill, 2016

November 29, 2016

The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 in the Parliament. The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes. It proposes, Taxation and Investment ..

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India, Switzerland sign Joint Declaration for implementing AEOI

November 23, 2016

India and Switzerland have signed a Joint Declaration for implementation of Automatic Exchange of Information (AEOI) in respect of accounts of Indians held abroad. Under the pact, both countries will start collecting data in accordance with the global standards in ..

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Rs. 500, Rs. 1,000 notes no longer legal tender

November 8, 2016

The Union Government has announced that Rs. 500, Rs. 1,000 notes will cease to be legal tender. It was announced by Prime Minister Narendra Modi in a surprise address to nation. The demonetisation drive of these two currency units was ..

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Benami Transactions (Prohibition) Amendment Act, 2016 comes into force

November 2, 2016

The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money and passed by parliament in August 2016, came into effect. The new law amended the Benami Transactions Act, 1988 and renamed as the Prohibition of Benami Property Transactions ..

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Black money worth Rs. 65,250 crore declared under Income Disclosure Scheme, 2016

October 3, 2016

The Central Board of Direct Taxes (CBDT) has received total disclosure of Rs. 65,250 crore black money in the form of cash and other assets under the Income Disclosure Scheme, 2016. The scheme launched in June 2016 has provided a ..

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Union Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes

September 22, 2016

The Union Cabinet has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. It will help to stimulate the flow of exchange of information between India and ..

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Union Cabinet approves revised India-Cyprus Double Tax Avoidance Agreement

August 25, 2016

The Union Cabinet approved a revised Double Tax Avoidance Agreement (DTAA) and the Prevention of Fiscal Evasion with respect to Taxes on Income between India and Cyprus. The revised DTAA provides for source-based taxation of capital gains on transfer of ..

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Parliament passes Benami Transactions (Prohibition) Amendment Bill, 2016

August 3, 2016

The Parliament has passed the Benami Transactions (Prohibition) Amendment Bill after it was unanimously approved by Rajya Sabha. The comprehensive amendment bill seeks to amend and strengthen Benami Transaction (Prohibition) Act, 1988 in terms of legal and administrative procedure to ..

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Lok Sabha passes Benami Transactions (Prohibition) Amendment Bill, 2015

July 28, 2016

The Lok Sabha has passed comprehensive Benami Transactions (Prohibition) Amendment Bill, 2015 to curb domestic black money. The comprehensive amendment bill seeks to amend and strengthen Benami Transaction (Prohibition) Act, 1988 in terms of legal and administrative procedure. Key Features ..

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Union Cabinet approves pact for avoidance of double taxation with Belgium

June 23, 2016

The Union Cabinet has given its approval to the signing of a Protocol amending the Agreement between India and Belgium for avoidance of double taxation. Decision in this regard was taken in the Union Cabinet meeting under the chairmanship of ..

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