Black Money Act
Latest news, explainers and analysis on Black Money Act. Tracking 3 stories on Arth Vani.
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Latest on Black Money Act
BreakingITAT Rulings: Unreported Foreign Accounts Can Lead to Black Money Act Action
Recent Income Tax Appellate Tribunal (ITAT) rulings highlight that failing to disclose foreign bank accounts in Income Tax Returns (ITRs) can trigger proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This underscores the importance of accurate and complete disclosure of all overseas financial interests.
BreakingIncome Tax Dept Launches Foreign Assets Report: How to Check Your Overseas Holdings
The Income Tax Department has introduced a new 'Foreign Assets Information' report on the e-filing portal to help taxpayers track overseas financial data. This tool allows individuals to verify information received from foreign jurisdictions under automatic exchange agreements before filing their returns.
BreakingFiling ITR-2: Mandatory Rules for Indians with Foreign Assets or Overseas Income
Resident Indian taxpayers holding foreign bank accounts, stocks, or properties must file ITR-2 by July 31. Failure to disclose these assets under the mandatory schedules can lead to heavy penalties under the Black Money Act.
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