Black Money Law

Kodakara black money : BJP should change party symbol to sack, says CPI(M)

The ruling CPI(M) in Kerala on Saturday took a dig at the BJP, which is in a tough situation following a former party functionary's revelations about the 2021 Kodakara black money case, by saying that it should "change its party symbol from lotus to a sack". Kerala PWD Minister P A Mohamed Riyas also attacked the opposition Congress by accusing it of being silent on the lack of any action in the black money case by the Enforcement Directorate (ED). "Many things have been made clear by the new revelations and one of them is that BJP should change its party symbol from lotus to a sack," the minister told reporters. While the minister attempted to show there was an arrangement between the BJP and the Congress as the grand old party was silent on the lack of ED action in the case, Youth Congress state president Rahul Mamkootathil claimed that there was actually a deal between the saffron party and the CPI(M). Mamkootathil, the UDF candidate in Palakkad assembly bypoll, said that the ca

Elvish Yadav appears before ED for questioning in money laundering case

YouTuber Siddharth Yadav alias Elvish Yadav appeared before the Enforcement Directorate here on Tuesday for questioning in a money laundering case linked to suspected use of snake venom as a recreational drug in parties he hosted and related financial transactions, official sources said. The agency will record his statement at its zonal office located at Ashok Marg here. The central agency had registered a case in May and pressed charges under the Prevention of Money Laundering Act (PMLA) after taking cognisance of an FIR and charge sheet filed against him and linked persons by the Gautam Buddh Nagar (Noida) district police in Uttar Pradesh. Elvish Yadav was summoned by the agency in the second week of July but he sought deferment of the summons owing to his scheduled foreign travel and professional commitment. Rahul Yadav alias Rahul Fazilpuriya, a singer from Haryana allegedly linked to Elvish Yadav, was questioned by the ED in the said case, they said. Alleged generation of ...

Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

After SC verdict on Benami law, experts weigh in on the Black Money law

The Black Money law penalises the concealment of foreign income and imposes criminal liability for attempting to do so

London or Londongrad? What makes the UK a hub for global 'dirty money'

According to reports, the 'questionable funds' in the UK amount to over $125 billion every year. What makes London a hub for money laundering? Find out here

Rs 14,820 crore tax demand raised under black money law, says govt

On questions on money deposited in Swiss banks by Indians, Sitharaman said: "There is no official estimate of amount of money deposited by Indian citizens and companies in Swiss banks".

HC grants more time to Vadra for reply to I-T notices under black money law

The court listed the matter for further hearing on August 10.

ITAT ruling to help tax department recover black money stashed abroad

Swiss account holder to cough up tax on Rs 200 cr, rules ITAT

I-T notice in 422 cases involving undisclosed income of Rs 12,600 cr: Govt

The Income Tax department has issued notices under foreign black money law in 422 cases involving undisclosed assets and income of over Rs 12,600 crore till December 2019, Parliament was informed on Tuesday. Minister of State for Finance Anurag Singh Thakur said the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since it came into force on July 1, 2015. "As a result, as on December 31, 2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over Rs 12,600 crore," he said in a written reply to the Rajya Sabha. With regard to deposits made in unreported foreign bank accounts in HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore levied. About 204 prosecution complaints have been filed. "Sustained investigations conducted in the cases revealed by ...

SC stays HC order disallowing black money law to operate retrospectively

The bench issued notice to Khaitan and asked him to file his response to the government's petition within six weeks