Synopsis of Taxation Laws (Second Amendment) Bill, 2016

STATEMENT OF OBJECTS AND REASONS: Evasion of taxes deprives the nation from critical resources. It also puts a disproportionate burden on the honest taxpayers. Concerns have been raised that some of the existing provisions of the Income-tax Act, 1961 could possibly be used for concealing black money. It is, therefore, important that the Government amends […]

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Will demonetisation speed GDP Growth

Almost 86% of cash transactions were made through Rs 500 and Rs 1,000 notes which were recently scrapped by Indian Government. Indian economy is expected to be 95% cash economy. So we can say 80% of economy was run by 500 and 1000 notes and this is in cash. This will put a dent in […]

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Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes

Press Information Bureau Government of India Ministry of Finance Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money Converters and be a Partner in this Crime of Converting Black Money into White through this method and help join the Government in eradicating it. It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for income tax is Rs. […]

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GOVERNMENT’S WHITE PAPER ON BLACK MONEY 16.05.2012

The “White Paper on Black Money” presents the different facets of black money and its complex relationship with policy and administrative regime in the country. It also reflects upon the policy options and strategies that the Government has been pursuing in the context of recent initiatives, or need to take up in the near future, […]

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Calculation of Tax and Penalty on Unaccounted Money:

Dear Friends,   There are so many calculations are rotating on social networking and whats app regarding the black money or unaccounted money if found in the possession of any person or deposited in their bank accounts. The messages rotated are giving the benefits of slab rates on the unaccounted money. This is for the information […]

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Hawk Eye of Income tax Department with tax and penalties and immunity which Department Provides:

Dear Cash Depositor, Following are the situations which can make your nights sleepless if you are depositing unaccounted money in your bank accounts: The person who have not filed his income tax return: 1. Notice under section 142(1). 2. Notice under section 148. 3. Assessment under section 153A i.e. income tax raid. 4. Directions under […]

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