Handling of Black Money, INDIAN BUDGET 2015-2016

The information provided here is part of Import Export Training course online

Customs duty tariff rate changes as per Indian Budget 2017-18


Central Excise Duty changes as per Indian Budget 2017-18


Service Tax rate tariff Changes under Indian Budget 2017-18



(Updating soon after Budget 2017-18 on 1st February,2017 under text format and pdf format)


Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17 

 

Measures to handle Black Money, under Indian Union Budget 2015-2016

 

Indian Budget 2015-16, Click here to read Import customs Duty and Excise duty changes.

 

Generation of black money and its concealment to be dealt with effectively and forcefully.

budget23 copyInvestigation into cases of undisclosed foreign assets has been given highest priority in the last nine months.

Major breakthrough with Swiss authorities, who have agreed to:

Provide information in respect of cases independently investigated by IT department;

Confirm genuineness of bank accounts and provide non-banking information;

Provide such information in time-bound manner; and

Commence talks for automatic exchange of information.9

New structure of electronic filing of statements by reporting entities to ensure seamless integration of data for more effective enforcement.

Bill for a comprehensive new law to deal with black money parked abroad to be introduced in the current session.

Key features of new law on black money:
Evasion of tax in relation to foreign assets to have a punishment of rigorous imprisonment upto 10 years, be non-compoundable, have a penalty rate of 300% and the offender will not be permitted to approach the Settlement Commission.

Non-filing of return/filing of return with inadequate disclosures to have a punishment of rigorous imprisonment upto 7 years.

 Undisclosed income from any foreign assets to be taxable at the maximum marginal rate.

 Mandatory filing of return in respect of foreign asset.

 Entities, banks, financial institutions including individuals all liable for prosecution and penalty.

 Concealment of income/evasion of income in relation to a foreign asset to be made a predicate offence under PML Act, 2002.

 PML Act, 2002 and FEMA to be amended to enable administration of new Act on black money.

Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.

Acceptance or re-payment of an advance of ` 20,000 or more in cash for purchase of immovable property to be prohibited.

PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh.

Third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions.

Provision to tackle splitting of reportable transactions.

Leverage of technology by CBDT and CBEC to access information from either’s data bases.

 

The above information is a part of Online Training Course on howtoexportimport




Click below for more details:    

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise  


Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

 

Discuss your views about the above changes of Black Money.

Learn Exports and Imports free  Click here to read.

 

Also read;


Click here to know GST rate on Goods and Services

GST Exemption list of goods and services

Find HSN number or Service tariff code for GST

GST registration guidelines

Indian GST Laws

How to export your goods?


How to export your product?
How to import your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Dispute settlement in international business



Related posts about import export trade tutorial:


Unclean Bill of Lading/Claused bill of lading/foul bill of lading/Dirty Bill of Lading       USDA hold by US customs for import cargo       Methods to import Wood and articles of wood, wood charcoal       Import procedures of Fur skins and artificial fur      Difference between standard dry container and Open Top Container   
 Importation of salt, earth stone, lime cement       How to import Tobacco and Tobacco Substitutes     Tips to importers of Prepared Animal Fodder        How many types of shipping bills in export      How to add Line number in Import General Manifest in Custom in India  General Manifest (IGM)       Why prefer exports?       How does a Running bond work? How does Bill of Lading work in DP payment terms?        Types of Export Containers      Dimension of Cargo Containers Difference between general dry cargo container and Tank Container      How to import Vinegar,Beverages      Foreign Trade Policy 2014-19 (FTP 2014-19) delayed       Method to import Organic chemicals        How to import Perfumery, toilet preparations, oils     Procedures to Import Clocks, Watches      Why, best attention while preparing Export Invoice?      Why to insure export goods?      What is the earliest date can be mentioned on Bill of Lading. Can BL date and let export date be same day?      How to obtain Phyto sanitary certificate. What is phytosanitary certification      What is THC - Terminal Handling Charges     What is the difference between BAF and CAF       What is Tail Gate exam hold in US import clearance

 

 

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers