Page-5 of black money Current Affairs, GK & News

Benami Transactions (Prohibition) Amendment Act, 2016 comes into force

The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money and passed by parliament in August 2016, came into effect. The new law amended the Benami Transactions Act, 1988 and renamed as the Prohibition of Benami Property Transactions (PBPT) Act, 1988. The amendment act also to strengthen the parent Act in terms of ..

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Black money worth Rs. 65,250 crore declared under Income Disclosure Scheme, 2016

The Central Board of Direct Taxes (CBDT) has received total disclosure of Rs. 65,250 crore black money in the form of cash and other assets under the Income Disclosure Scheme, 2016. The scheme launched in June 2016 has provided a one-time opportunity to those who had not paid full taxes in the past. It had ..

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Union Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes

The Union Cabinet has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. It will help to stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax avoidance and tax evasion. Key features ..

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Union Cabinet approves revised India-Cyprus Double Tax Avoidance Agreement

The Union Cabinet approved a revised Double Tax Avoidance Agreement (DTAA) and the Prevention of Fiscal Evasion with respect to Taxes on Income between India and Cyprus. The revised DTAA provides for source-based taxation of capital gains on transfer of shares instead of one based on residence. Thus, it is considered as a major step ..

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Parliament passes Benami Transactions (Prohibition) Amendment Bill, 2016

The Parliament has passed the Benami Transactions (Prohibition) Amendment Bill after it was unanimously approved by Rajya Sabha. The comprehensive amendment bill seeks to amend and strengthen Benami Transaction (Prohibition) Act, 1988 in terms of legal and administrative procedure to curb domestic black money. Key Features of Bill The Bill seeks to (i) Amend the ..

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