Govt announces steps taken to curb black money
The Dollar Business Bureau The government on Tuesday announced the steps and decisions it has taken in the last two years to curb the menace of black money in India and outside the country.Listing out the initiatives, the Ministry of Finance said it had enacted a new Black Money Act with strict penalty provisions. It has formed a Special Investigation Team (SIT), which has, in the past, formulated a new Income Disclosure Scheme for domestic black money. The SIT has also unearthed tax evasion of about Rs. 50,000 crore of indirect taxes and Rs.21,000 crore of undisclosed income through enhanced enforcement measures. It has also seized goods used for smuggling activities worth Rs 3,963 crore over the past two years. The ...
'Anti black money law needs more clarity'
Sai Nikesh | The Dollar Business Government of India and its tax authorities seem to be struggling to clarify various issues related to the anti black money law, even though it has been enforced for more than a year. On July 6, 2015, the government had come out with a set of clarifications on compliance window, penalties related to the law and is likely to come up with second set of clarifications soon. An official announcement in this regard was made by the Revenue Secretary Shaktikanta Das on Friday, who informed that his 'department was likely to issue a second set of clarifications on the new black money Act, after a number of queries by various quarters.’ Experts hope that the new announcements will bring more clarity ...
