Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act Current Affairs, GK & News
In a move aimed at combating black money stashed abroad, India has signed an agreement with Switzerland that would allow automatic sharing of tax-related information from 1 January, 2018. The agreement was signed by CBDT chairman Sushil Chandra and Swiss ambassador to India Andreas Baum at the North Block in New Delhi on December 21, ..
Topics: Administrative territorial entities • Black markets • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Central Board of Direct Taxes • Chairperson • Chairperson, Central Board of Direct Taxes • Countries • Government of India • Switzerland
Lok Sabha has passed the Taxation Laws (Second Amendment) Bill, 2016 in the Lok Sabha. The Bill was introduced as some of the existing provisions of the Income Tax Act, 1961 can possibly be misused for concealing black money. The new bill attempts to impose a higher rate of tax and penalty in respect of ..
Category: Government Schemes Current Affairs
Topics: Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Economy of India • Income declaration scheme • Income tax in India • Law in India • Pradhan Mantri Garib Kalyan Yojana • Tax • Taxation in India • The Income-tax Act
The government came out with a 66-page report elaborating ways to forbid generation of illicit funds. The Central Board of Direct Taxes (CBDT) panel on black money submitted its report suggesting ways to forbid the generation of illicit fund. The panel was established in 2011 to examine ways to beef up laws to check the ..
Topics: Black markets • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Continents • Corruption in India • Countries • Economy • Indian black money • Investment • Mauritius • Participatory note