Untaxed money News

As part of the first phase of the 'Operation Clean Money', launched on January 31 this year.

Stepping up its hunt for black money stashed abroad, India has approached Switzerland for banking details of at least ten persons and entities suspected to have kept untaxed money in Swiss banks.

Offering the last chance to black money holders, the Centre, has unveiled a new scheme under which those with undisclosed income and assets located in India can come clean by paying a tax of around 50 percent.

The Income Tax department today warned black money holders that it has "information" about their illegal deposits and they should avail the soon-to-end PMGKY window to come clean.

Shell companies are characterised by nominal paid-up capital, high reserves and surplus on account of receipt of high share premium.

The Gujarat unit of BJP on Sunday hailed the Centre's decision to demonetise Rs 1,000 and Rs 500 notes saying it is a courageous move to weed out black money.

Government on Thursday said information about those who declare their black money under the compliance window, ending September 30, will be kept confidential.

The Supreme Court on Wednesday refused to entertain a plea seeking investigation into alleged conversion of black money into white by certain companies.

A new report on Indians stashing their black money in tax haven and assets abroad illegally is startling.

To deal with illegal wealth stashed abroad, the government legislated the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Sinha also said 669 prosecutions related to evasion of taxes were launched in 2014-15, up from 641 a year ago.

The Special Investigation Team (SIT) on black money submitted the fourth report on the progress of its probe on Tuesday.

The SIT on black money will closely monitor the source of wealth and its utilization by the Indian Godmen.

Government on Wednesday gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such funds can be paid till December 31.

Facing possible criminal action by India and some other nations over suspected black money, Swiss banks today decided to tighten their due diligence procedures to keep away illicit assets and made it mandatory to identify the beneficial owner of funds parked with them.

Senior BJP leader Subramanian Swamy today said he had written to the Prime Minister Narendra Modi suggesting ways to bring the black money back, and the present measures were not enough.

Centre on Tuesday said it is pursuing cases against people having black money stashed abroad "quite vigorously" and has lot of data about Indians having foreign bank accounts in violation of country's laws.

Under the new law, those found to be stashing illicit funds in foreign locations, including Swiss banks, would face strict penal action.

To check the generation of black money in the country, the Cabinet on Wednesday approved the new Benami Transaction (Prohibition) Bill which provides for stringent measures against violators.