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Tag Archives: black money

Impact of Demonetisation on Black Money, Widening of Tax Base and Direct Tax Collections

The Government of India launched a concerted drive against black money with Demonetisation being an important step in that direction. Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetisation on black money, widening of tax base ...

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India Seeks to Revise Tax Treaties with Foreign Nations: Minister

tax treaty

Indian government is planning to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad, said a statement. Treaty partner countries have been requested to modify the tax treaties to explicitly include provisions that will enable information ...

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IT Raids Unearth Rs.2,600 Cr Since Nov. 8

The Income Tax Department has carried out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016 and unearthed  Rs.2,600 crore in 291 cases across the country. In addition, open enquiries have been effected in more than 3,000 cases. Approximately Rs. 393 Crore including Rs. 316 Crore cash and Rs. 77 Crore worth ...

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Ministry Asks Banks to Show New Currency Deposit Receipts

The Ministry of Finance, Government of India through its Department of Financial Services(DFS) has asked all the Public Sector Banks(PSBs) and the Indian Bankers Association (IBA) to ensure hundred percent(100%) that deposits of new currency is properly reflected in the customers’ counterfoils. In a letter addressed to all the Managing Directors (MDs) & Chief Executive Officers (CEOs)/Chairman cum Managing Directors ...

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