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Black money bill News

16 Aug 2015

Black money: CII lauds govt's efforts to fight menace

A day after Prime Minister Narendra Modi in his Independence-Day speech talked about the steps taken to unearth black money, industry chamber CII Sunday hailed the government's efforts to fight the menace while advocating 'stringent punishments' for offenders.

31 Jul 2015

Black money abroad declaration form can be filed online

The government has notified the form for declaring income and assets abroad as well rules for their calculation under the Undisclosed Foreign Income and Assets Bill and these can also be filed online, parliament was told on Friday.

02 Jul 2015

Black money law comes into force from July 1

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.

01 Jul 2015

Govt opens compliance window for black money disclosure

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.

15 May 2015

Black money: India presses Switzerland for info on Indian accounts

This was conveyed by Finance Minister Arun Jaitley when the visiting Swiss Economic Affairs Minister Johann N Schneider-Ammann met him this evening.

14 May 2015

Modi's reform push: 5 key Bills passed in Parliament during Budget Session 2015

In terms of number of Bills passed by both the Houses during the Budget sessions, the highest number of 24 Bills were passed by both the Houses during this Budget session, the best in the last five years.

13 May 2015

Anti-black money bill: Salient points

Salient points of the anti-black money bill passed by the Rajya Sabha on Wednesday, the last day of parliament`s budget session. The Lok Sabha passed the bill on Monday.

14 May 2015

Black money bill passed; govt warns those having illegal assets

Jaitley made it clear that the new law will not cover those having amounts equivalent to Rs 5 lakh in bank accounts abroad, which may belong to students or those working there.

13 May 2015

Parliament passes Black Money Bill; to be applied to resident tax payers, says FM Jaitley

The Bill will put in strong deterrent for those who do not come clean in a one-time window being provided under the law and declared unaccounted foreign wealth.

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13 May 2015

Black Money Bill: All you need to know

Black Money Bill penalizes the concealment of foreign income, and provides for criminal liability for attempting to evade tax in relation to foreign income.

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13 May 2015

Black Money Bill likely to cross Rajya Sabha hurdle today

The Companies Bill and the Black Money Bill will be taken up by the Rajya Sabha on Wednesday, the last day of the Budget Session.

11 May 2015

Not opposed to black money bill but scrutiny necessary: Cong

Congress Monday said the party was not opposed to the black money bill but pitched for referring it to the Standing Committee when it is taken up in Rajya Sabha claiming that it was basically a criminal law bill having TADA like provisions.

12 May 2015

LS clears Black Money Bill, limited time to be given to declare undisclosed income

Before the new law comes into effect, a limited period window will be provided to people to declare their till now undisclosed income and assets, pay 30 percent tax and a similar amount as penalty and escape prosecution.

11 May 2015

Black money bill passed in LS; does not deal with domestic illegal money, says govt

In a move that will make the fight against tax evasion and money laundering cases faster and easier, the Lok Sabha on Monday passed the Black money bill.

11 May 2015

Arun Jaitley moves Black money Bill in Lok Sabha, seeks Opp support

Finance Minister Arun Jaitley Monday moved in Lok Sabha a bill which provides for penalty and tax up to 120 percent along with criminal prosecution for those who have parked black money abroad.

11 May 2015

Govt tables Black Money Bill in Lok Sabha, promises tough punishment for tax evaders

The finance minister said that it would soon become difficult for people to hide ill-gotten wealth. “The Bill doesn't deal with domestic black money,” Jaitley said.

10 May 2015

Black money bill likely in Lok Sabha on Monday

With barely three days to go for the budget session of the Lok Sabha to end, the government is set to move the Undisclosed Foreign Income and Assets Bill, or the black money bill, on Monday.

06 May 2015

Loopholes in black money bill can lead to harassment: Assocham

Stating that there are several loopholes in the proposed black money law, industry chamber Assocham has asked the government to provide for an "immunity" to those wanting to avail the one-time window of compliance.

02 May 2015

Black money Bill to be taken up in Parliament next week: FM Jaitley

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty. Jaitley said the government has been taken steps to unearth black money stashed abroad.

19 Apr 2015

'Compliance window on black money will be for a few months'

Asked how long the compliance window would be, he said: "It has to be a matter of a few months. It's a matter on which the government is yet to take a decision."

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