Black money: Govt warns of consequences for non-disclosure of foreign assets

Last Updated: Monday, July 6, 2015, 19:35

The Finance Ministry said that if undisclosed assets are unearthed by the tax department at a future date, then 120 percent tax and penalty would be levied on its fair market value on that date, besides a jail term.

Black money law comes into force from July 1

Last Updated: Thursday, July 2, 2015, 20:02

The black money law that provides for stringent penalties and jail term for failing to disclose overseas income has been operationalised from July 1 this year, instead of April 2016, the Finance Ministry said.

Govt opens compliance window for black money disclosure

Last Updated: Wednesday, July 1, 2015, 20:46

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.

Sebi bars 239 entities for making Rs 614 cr illegal gains

Last Updated: Monday, June 29, 2015, 23:39

Cracking the whip, Sebi today barred four companies and 235 other entities from the securities market for making Rs 614 crore illegal gains through suspected money laundering and tax evasion activities.

Standard format for banks to share money laundering, fraud info on anvil

Last Updated: Sunday, June 28, 2015, 15:05

The RBI, banks and law enforcement agencies are working on a standard reporting format for banks to share investigation-related information after central agencies like IB and CBI complained about receiving data in different formats making deciphering difficult.

Mauritius joins global tax convention to fight black money

Last Updated: Wednesday, June 24, 2015, 21:48

In a significant boost for the global fight against black money, Mauritius has become a signatory to the multilateral framework that provides mutual administrative assistance on tax matters with India and other countries.

Evasion spoiling compliance culture, I-T will act tough: CBDT

Last Updated: Tuesday, June 16, 2015, 17:56

The menace of tax evasion is "spoiling" the culture of compliance in the country and the Income Tax department will ensure that chronic evaders are not able to get away without facing court cases, a top CBDT official on Tuesday said.

Tax officials search Chettinad group for third day

Last Updated: Friday, June 12, 2015, 15:02

Interestingly, the IT raids began a day after Ramaswamy, the former chairman and director of Chettinad Cement, alleged that the company owed the government huge amount in sales tax.

EU-Switzerland accord to end banking secrecy, curb tax evasion

Last Updated: Wednesday, May 27, 2015, 21:05

The European Union and Switzerland signed a major accord Wednesday to end banking secrecy for EU residents and prevent them from stashing undeclared income in Swiss banks.

Era of tax haven has come to an end: FM on latest Swiss move

Last Updated: Tuesday, May 26, 2015, 20:50

With Switzerland making public names of some Indians with Swiss accounts, Finance Minister Arun Jaitely on Tuesday said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally.

Yash Birla has 'no individual account' in his name, says group

Last Updated: Tuesday, May 26, 2015, 20:38

With Yash Birla's name being made public by the Swiss government in relation to an information request from the Indian tax authorities, his business group Tuesday said he has "no individual bank account in his name or under his control".

Switzerland begins making public list of black money holders, two Indians named

Last Updated: Monday, May 25, 2015, 22:21

Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.