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Foreign Assets News

18 Jul 2023

Don't Forget This Income Source, Or Face Rs 10 Lakh Penalty While Filing ITR

It must be completed for assessment year 2023-24: 31st July, 2023. Taxpayers will attract a penalty of Rs 10 Lakh, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

13 May 2018

Foreign assets of Chidambaram's family: Congress hits back at Nirmala Sitharam

The I-T department on May 11, 2018, filed chargesheets against Chidambaram's wife Nalini, son Karti, daughter-in-law Srinidhi and a firm under the Black Money Act.

13 May 2018

Sitharaman has been appointed attorney at I-Tax dept: Chidambaram hits back

The BJP on Sunday mounted an attack on the Congress on corruption after chargesheets were filed against family members of P Chidambaram.

13 May 2018

Congress' Nawaz Sharif moment: BJP on chargesheets against Chidambarams

The family of former finance minister P Chidambaram has said the Income Tax department chargesheets against them under the black money law were 'baseless allegations'.

05 Oct 2015

'Problem of black money can be tackled by rationalising taxes'

Finance Minister Arun Jaitley on Monday said the problem of domestic black money can be addressed by rationalising taxes and bringing more people under the banking net besides some other measures.

04 Oct 2015

Bulk of black money is still within India: Arun Jaitley

Stressing that bulk of black money is still within India, he said there is a need to change the attitude to make plastic currency the norm and cash an exception and the government is working with various authorities to incentivise this change.

01 Oct 2015

Black money: Only 638 stash holders declare possession of Rs 3,770 crore

30 Sep 2015

Black money: Today is the last date to disclose your unaccounted foreign assets

The Finance Ministry has warned that failure to declare an undisclosed foreign asset "will entail severe consequences", including higher penalty, prosecution, and may also result in forfeiture of assets under the Prevention of Money Laundering Act.

25 Sep 2015

Black money: Only Rs 2,000 crore declared by 29 people yet

22 Sep 2015

Govt not to extend Sept 30 deadline to disclose foreign assets

Government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, which is the expiry date of the three-month compliance window to avoid punitive action, a senior tax official said Tuesday.

21 Sep 2015

Black money: Declare foreign asset by Sep 30 or face consequences, warns govt

With less than 10 days being left for close of compliance window under the black money law, the government Monday said there will be no harassment to foreign asset holders who declare their wealth by September 30.

20 Jul 2015

Black Money: PMLA action if illegal foreign assets not disclosed by Sept 30

Those holding illegal foreign assets abroad and not disclosing it by September 30 will face action under the stringent anti-money laundering law, the taxman has warned.

06 Jul 2015

Black money: Govt warns of consequences for non-disclosure of foreign assets

The Finance Ministry said that if undisclosed assets are unearthed by the tax department at a future date, then 120 percent tax and penalty would be levied on its fair market value on that date, besides a jail term.

04 Jul 2015

Compliance window last chance to come clean on black money: Govt

Terming the rules for the new black money law "simple and clear", Finance Ministry on Saturday said the ongoing compliance window will be the last chance to come clean on undisclosed foreign assets.

02 Mar 2015

Tax evasion through foreign assets to be a criminal offence

The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a "predicate offence" under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India.

05 Oct 2014

Foreign owned assets in India rises to $839 bn in April-Jun

The ratio of India's international financial assets to international financial liabilities stood at 58.7 per cent in June 2014 (59.1 per cent in March 2014).

India's forex reserves

28 Jun 2014

India's forex reserves rise by $1.38 billion

India's foreign exchange (forex) reserves rose by $1.38 billion to $314.92 billion for the week ended June 20, led by a sharp jump in overseas currency assets, the Reserve Bank of India (RBI) data showed.

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