Black Money and Income tax return: The CBDT has launched a Compliance-Cum-Awareness Campaign for Assessment Year 2024-25 to support taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their Income Tax Returns (ITR). Compliance with Schedule FA and FSI is compulsory under the Black Money (Undisclosed … Read more
The Central Board of Direct Taxes (CBDT) on Tuesday clarified that all Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries. The statement was issued after an amendment was made to the Income Tax Act 1961 through the Finance Bill 2024, wherein the Black Money Act has been … Read more
The Income Tax department has made elaborate arrangements to curb the use of black money in the upcoming Assembly elections in Uttar Pradesh, a top official said on Thursday. A control room with toll-free number 18001807540, which will remain operational round the clock, has been set up in Lucknow. People are encouraged to call this … Read more
In one of the first high-profile cases under the new Black Money law, Yashovardhan Birla has won the first round in his tussle with the Income tax (I-T) department. The money at stake was ₹8,400 crore — comprising ₹2,400 crore tax demand and ₹6,000 crore penalty — computed from peak balances in multiple offshore accounts … Read more
New Delhi/Berne: India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government’s fight against black money allegedly stashed abroad. India is among the 86 countries with which Switzerland’s Federal Tax Administration (FTA) has … Read more