image

Government aims to take stringent steps to tap black money

The government of India is initiating effective steps to deal with black money and will focus on high-impact cases to prosecute the offenders expeditiously against the tax evasion.

The effective steps to deal with the black money issue includes putting in place robust and effective legislative mechanism and administrative frameworks with focus on building better and efficient mechanism and system.

The initiatives, includes enactment of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The government has also signed multilateral automatic exchange of information (AEOI) for sharing of tax data and has entered an agreement with the US under the Foreign Account Tax Compliance Act (FATCA).

The Special Investigation Team (SIT) on black money is also investigating cases of black money stashed abroad and has already submitted three reports to the Supreme Court.

In conclusion the Government is speedily taking actions on all the policies which are being put in place with regard to the black money laws to bring huge quantum to tax evaders under the control.

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates