Posted On:  2 months ago


Rationalisation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 as per Budget 2018

Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein.

article author One Roof Consultant

Posted On:  11 months ago


Modus Operandi adopted for conversion of unaccounted old cash during demonetization and how department caught them

Modus Operandi adopted for conversion of unaccounted old cash during demonitization and how department caught them Unexplained cash deposits by bullion traders and Jewellers, Petrol pumps, Traders, Contractors and Real Estate Developers, Professionals, Government Employees, cooperative banks and societies, through Shell companies and Abuse of Exemptions provided for North Eastern states are cited with examples as given by Income Tax Department.

article author CA Chirag Chauhan

Posted On:  1 year ago


Deposit or withdrawal of cash more than 2 Lakhs from bank will attract equal amount of penalty from 1 April 2017

A clampdown on black money was one of the major electoral promises of the National Democratic Alliance (NDA) and the government has taken a number of steps. One of the biggest step other than demonetization is restriction on cash transaction. As part of Union Budget 2017, Union finance minister Arun Jaitley has set the legal limit for cash transactions, Rs 2 lacs. From 1st April onward any transaction above Rs. 2,00,000/- shall be strictly done only through banking channels or will attract penalty of equal amount

article author CA Chirag Chauhan

Posted On:  1 year ago


Budget Speech by Finance Minister Arun Jaitely 1 Feb 2017 FY 2017-18

our Government was elected amidst huge expectations of the people.The underlying theme of countless expectations was good governance.  The expectations included burning issues like inflation and price rise, corruption in day to day transactions and crony capitalism. There was also expectation for a major change in the way the country’s natural resources were allocated, processed and deployed.

article author CA Chirag Chauhan

Posted On:  1 year ago


100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

article author CA Chirag Chauhan

Posted On:  1 year ago


CBDT issues a set of 12 FAQs on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totalling in all to 49.9 percent of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016

article author One Roof Consultant

Posted On:  1 year ago


Pre-Budget consultations with FMs of all States/ UTs

The Union Finance Minister Shri Arun Jaitley holds Pre-Budget consultations with the Finance Ministers of all States/ UTs (with legislature); FM: Various steps taken by the Central Government in recent past to unearth black money will help in curbing corruption and making the Indian economy more cleaner, transparent and efficient; Asks the States to work together for putting India on the path of higher growth

article author One Roof Consultant

Posted On:  1 year ago


How much Gold you can Hold? Limit on domestic possession of gold in India

In current scenario the government is not giving any chance to the black money holders to escape from the black money radar, which can be generated through cash or gold. On 1st December 2016 CBDT clarified the common man regarding the limit of gold every person must own under his custody. The clarification was also earlier provided by the circular No dated 11-05-1994

article author CA Chirag Chauhan

Posted On:  2 years ago


CBI arrests an Income tax officer and Inspector of income tax in a bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer for accepting a bribe of Rs. Three Lakh and an Inspector of Income Tax for accepting a bribe of Rs.5000/- from the Complainant. A case was registered U/s 7 of the PC Act, 1988 against the ITO 30(1)(3) BKC, Mumbai for demanding an amount of Rs.3 lakh for himself and Rs.5000/- for his staff from the complainant for passing a favourable Assessment Order and not imposing penalty in scrutiny of ITR of the complainant for the AY 2014-15. CBI laid a trap and caught the two accused red handed. Searches were conducted at the official

article author CA Nikesh Sheth

Posted On:  2 years ago


Why PM Narendra Modi is behind non tax payers and will prosecute them?

It is remarkably noticed that during last three years single point focus of PM Narendra Modi is on curbing black money and converting unaccounted money into accounted money. It is just to create problems for business community or just to create hype in the market that we are working on bringing black money into the accounted system??

article author CA Nikesh Sheth

Posted On:  2 years ago


Income Declaration Scheme 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have paid not full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totalling in all to 45% of such undisclosed income declared.

article author AMBUJ JAIN

Posted On:  2 years ago


New TCS Tax Collected at Source, PAN quoting and AIR compliance for Cash Transaction of more than 2 Lakhs from 1 June 2016 – Income Tax Section 206C

Professionals and clients both are confused about applicability of new rules for Tax Collected at Source (TCS) for cash transactions, Quoting of PANand Annual Information of Return to be filed. TCS provision are applicable to all Firm, LLP, Companies, Co-op Society. In case of Individual and HUF, TCS provision are applicable only if turnover / sales in preceding year is more than tax audit limit. The article gives a simple layman interpretation which will be helpful for all.

article author CA Chirag Chauhan

Posted On:  2 years ago


Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

Features and Step wise process - Income Declaration Scheme 2016 The Income Tax Department has come up with the Income Declaration Scheme 2016 which gives chance to Individual to come clean and declare their undisclosed investment, income, assets. The Center government has announce the scheme in Budget 2016. The Scheme Requires investment to be revalued as on 1 June 2016 and tax is to paid on fair market value of such assets which may not sound positive for declarants as assets have to be revalued. However confidentiality of declarant and immunity for prosecution, is very positive for declarant. In case the black money is not disclosed in this scheme and the undisclosed income will be liable to pay 300% of Penalty, interest , etc and also tax payer will be prosecuted. So to avoid such circumstances the scheme can be utilized to disclose black income and come clean. The Article introduce with feature and process of the scheme.

article author CA Chirag Chauhan

Posted On:  2 years ago


The Income Declaration Scheme Rules 2016

The Income Declaration Scheme Rules, 2016 as Notifed by CBDT which shall come into force from shall come into force on the 1st day of June, 2016

article author CA Chirag Chauhan

Posted On:  2 years ago


Mauritius tax treaty DTAA Analysis from April 2017 and impact

Investment that were routed through tax heaven like Mauritius through Round tripping, Treaty shopping, will no longer get tax benefit from April 2017. Government of India has finally India has managed to renegotiate its tax treaty with Mauritius and signed Double Taxation Avoidance Agreement (DTAA)

article author CA Chirag Chauhan

Posted On:  2 years ago


Declare Undisclosed Income Pay 45% as Tax from June 2016 to Sep 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

article author CA Chirag Chauhan

Posted On:  2 years ago


Know everything about Panama Papers - Mossack Fonseca - Tax Heaven - Liberalized Remittance Scheme

The 'Panama Papers' are a set of confidential documents leaked from one of the biggest law firms of Panama - 'Mossack Fonseca'. The Panama Papers provide information about thousands of offshore entities, identities of their shareholders and directors. It listed various world leaders, public officials, billionaires, celebrities, sports stars and politicians

article author One Roof Consultant

Posted On:  2 years ago


100 Key Highlights of Union Budget 2016 presented by Arun Jaitely

Union Budget is presented by Arun Jaitely Today. Following are the Key Changes in The Budget from the Finance Minister Speech

article author CA Chirag Chauhan

Posted On:  2 years ago


Black Money Act- Black Money bill, features, provisions, negative effect and penalty.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has raised a lot of dust in Indian financial circles. Many people feel that it is a very harsh law. The government (through its Finance Ministry officials) appears to have steadfastly taken a stand that the law is meant to be harsh and that the special One Time Compliance Scheme (OTCS) is the last opportunity available for offenders to come clean.

article author Dharmesh Jain

Posted On:  2 years ago


Mandatory PAN Provision: Challenge ahead for organised trade!

Notification No. 95/2015 dated 30th December, 2015 issued by CBDT made quoting of PAN on various transaction mandatory. The Serial no. 18 of the amended Rule 114B is real challenge for trade and business. The seller of goods or provider of service is entrusted with various responsibilities similar to existing TDS provisions. Articles decoding the provisions in short.

article author Chetan Oswal