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   What is the black money law?

   • However, under Section 72 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act - commonly known as the black money law - overseas assets acquired years ago can also come under scrutiny. The year the tax office gets hold of the information is taken as the year in which a foreign bank account was opened.

   Use of black money law retrospectively unconstitutional: High Court

   economictimes.indiatimes.com/news/india/use-of-black-money-law-retrospectively-unconstitutional-high-court/articleshow/111195833.cms

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   Why did Karnataka High Court strike down the Black Money Act?

   • In a landmark ruling, the Karnataka High Court has struck down the retrospective application of the Black Money Act, 2015, protecting individuals from prosecution for foreign assets closed before the law's enactment.

   Use of black money law retrospectively unconstitutional: High Court

   economictimes.indiatimes.com/news/india/use-of-black-money-law-retrospectively-unconstitutional-high-court/articleshow/111195833.cms

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   How has the government been tackling ML TF & Black Money?

   • Since 2014, the Government has enacted a series of legislative changes and bolstered enforcement efforts to tackle ML, TF and black money. This multi-pronged strategy has brought these measures in line with international standards and has proven effective, yielding positive results, the Ministry of Finance release said.

   India joins elite group with FATF 'Regular Follow-Up' status

   www.firstpost.com/india/india-joins-elite-group-with-fatf-regular-follow-up-status-13787116.html

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2. ksandk.com › tax › black-money-foreign-income-assetsFeatures and details of the Black Money (Undisclosed Foreign ...

   ksandk.com › tax › black-money-foreign-income-assets

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   Jun 28, 2024 · The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, targets undisclosed foreign income and assets held by Indian residents, imposing a flat 30% tax and severe penalties for non-compliance.

3. www.livelaw.in › high-court › karnataka-high-courtKarnataka HC:Black Money Act Can't Apply Retrospectively for ...

   www.livelaw.in › high-court › karnataka-high-court

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   Jun 25, 2024 · Karnataka High Court has ruled that applying Section 50 of the Black Money Act retrospectively for failure to disclose foreign assets is unconstitutional.

4. economictimes.indiatimes.com › news › indiaUse of black money law retrospectively unconstitutional: High ...

   economictimes.indiatimes.com › news › india

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   Jun 23, 2024 · For the first time, the court has invoked Article 20 of the Constitution to squash law's retrospective use which was enacted in 2015 to allow the taxman to go after offshore bank accounts, properties and companies of resident Indians.

5. www.firstpost.com › india › india-joins-elite-groupIndia joins elite group with FATF 'Regular Follow-Up' status

   www.firstpost.com › india › india-joins-elite-group

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   Jun 28, 2024 · India has achieved 'regular follow-up' status in the 2023-24 FATF Mutual Evaluation marking a significant milestone in its efforts against money laundering and terrorist financing.

6. www.manoramaonline.com › news › indiaകള്ളപ്പണത്തിനെതിരെ നടപടി: ഇന്ത്യയ്ക്ക് നേട്ടം - India in the ...

   www.manoramaonline.com › news › india

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   Jun 28, 2024 · India in the list of countries taking continuous action against black money and terrorism

7. www.abc.net.au › news › 2024/07/04What it's like to think about and want sex all the time — and ...

   www.abc.net.au › news › 2024/07/04

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   4 days ago · Stay on top of the things that matter to you: food, wellbeing, work, money, travel, style, sex and relationships, home and garden, and family. Your information is being handled in accordance with ...

8. www.linkedin.com › pulse › understanding-black-moneyBLACK MONEY IN INDIA: WHAT IT IS AND WHY IT MATTERS? - LinkedIn

   www.linkedin.com › pulse › understanding-black-money

   Jun 16, 2024 · What is Black Money? Black money refers to income that is not declared to the government to evade taxes.