Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Indirect Tax »
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST

No passing off black money as current income, warns Income Tax department
July, 01st 2016

Immunity from Benami Transactions (Prohibition) Act is subject to the condition that the property will be transferred to the declarant (being the person who provided the consideration for the property) latest by September 30, 2017," the I-T department said.

The Income Tax Department has warned black money holders of prosecution if they tried to pass off such wealth as current income instead of disclosing it in the one-time compliance window.

In its third set of FAQs, the I-T department assured full confidentiality of information even from other law enforcement agencies and no enquiry of source of income.

It said the Income Disclosure Scheme (IDS)-2016 provides immunity under the I-T Act, 1961, Wealth-tax Act, 1957 and the Benami Transactions (Prohibition) Act, 1988.

"Immunity from Benami Transactions (Prohibition) Act is subject to the condition that the property will be transferred to the declarant (being the person who provided the consideration for the property) latest by September 30, 2017," the I-T department said.

The third set of Frequently Asked Questions (FAQs) released by the I-T department covers 11 queries raised by stakeholders regarding the IDS.

"The information contained in the declaration shall not be shared with any other law enforcement agency. The information will also not be shared within the Income Tax Department for any investigation in respect of a valid declaration," the FAQ said.

To a query on whether undisclosed income can be passed on as current income in the return of income to be filed for Assessment Year 2017-18, the I-T department said "declaration of past undisclosed income in the current year amounts to false verification of return of income which shall attract prosecution under the I-T Act".

It said that if a taxpayer attempts to declare past undisclosed income in the current year, he will have to explain the source of income and substantiate the manner of earning the said income.

In case of disclosure under the IDS, there is no need to explain the source of income, the Central Board of Direct Taxes (CBDT) added.

The IDS-2016 provides a four month window for domestic black money holders to disclose their assets and come clean by paying 45 per cent tax and penalty.

The compliance window closes on September 30 and tax is to be paid by November 30, 2016.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions