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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 is an Act of the parliament of India. It aims to curb black money, or undisclosed foreign assets and income and imposes tax and penalty on such income. The Act has been passed by both Houses of the Parliament.
Tax Settlement Commission, a quais judicial body, was set up under section 248B of Income-tax Act 1961. It has been set up as a result of recommendations made by the Direct Taxes Enquiry Committee (Popularly known as the Wanchoo Committee). The objective of setting up this commission is to settle the tax liabilities in complicated cases avoiding endless and prolonged litigation resources of the Income-tax Department. This commission comprises persons of integrity and outstanding ability, having special knowledge of and experience in, problems relating to direct taxes and business accounts.
The Benami Transactions (Prohibition) Bill, 2011 was introduced on August 18, 2011, in Lok Sabha replacing the existing Benami Transactions (Prohibition) Act 1998. The magnitude of the problems posed by black money made the central government to pass the Benami Transactions (Prohibition) Amendment Act 2016. This amendment put in place the necessary rules and regulations to deal with the Benami Properties, the money generated through corruption found its way into the property.
H.C Jain & Associates are the best legal tax consultants in Mumbai providing you all legal assistance over Tax filling, Gst filling, and company license along with providing financial advisory services. H. C. Jain & Associates are a group of experienced lawyers and tax consultants that help you get what you want. With our diverse portfolio we handle all your worries related to tax and other legalities.
H. C. Jain & Associates are a group of experienced lawyers and tax consultants that help you get what you want. With our diverse portfolio we handle all your worries related to tax and other legalities.We are dedicated to serving you. We help you solve your legal puzzle. H. C. Jain is a market leader in tax consultants. We have the skill and the experience that you need to succeed.
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