Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act Current Affairs, GK & News

Multi-Agency Group for investigation of Foreign Asset Cases

Indian Government has set up a “Multi-Agency Group for investigation of Foreign Asset Cases”. The Group comprises of representatives from various enforcement Agencies and Organizations. It will involve in the investigation of various categories of foreign asset cases such as Paradise paper leaks, Panama paper leaks, and Pandora paper leaks. The Multi-Agency Group was set ..

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India Switzerland sign agreement to share tax-related information

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, ..

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Income Tax Amendment Bill passed in Lok Sabha

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 ..

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Panel on Black money presents report, silent on estimates, suggest steps

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 ..

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