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Map of tax havens, using the 2007 proposed "Stop Tax Haven Abuse Act" In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, and tax ...
The Central Board of Indirect Taxes and Customs has notified the Amnesty Scheme effective 1 November 2024 and has issued the clarification on interest and penalty or both in respect of demands under section 73 of the CGST Act pertaining to financial years 2017-18, 2018-19 and 2019-20.
Under normal income tax act, taxpayers are subject to deduction but while computing for such undisclosed foreign assets and income no such deductions will be applicable. [7] While computing, if the assets/income are movable then value computed will be used to calculate the tax but if it is taxed prior then that value would be subtracted from ...
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Many people don’t realize that a tax credit is the equivalent of free money. Tax deductions reduce the amount of taxable income you can claim, and tax credits reduce the tax you owe and, in many ...
Prevention of Money Laundering Act, 2002 (ISO: Dhana-Śōdhana Nivāraņa Adhiniyama, 2002) is an Act of the Parliament of India enacted by the Indian Government to prevent money laundering and to provide for confiscation of property derived from money laundering. [1] [2] PMLA and the Rules notified thereunder came into force with effect from 1 ...
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Hasan Ali Khan (c. 1951 – 23 February 2023) was an Indian businessman. [1] In 2007, Indian authorities began investigating Khan on suspicion of money laundering. [2] [3] He had a Swiss bank account with $8 billion in deposits. [4]