Black Money Act

Black Money Act

The Black Money Act, often referred to as the Black Money (Undisclosed Overseas Income and Assets) and Imposition of Tax Act, was launched by the Indian government in 2015 to address the issue of undeclared overseas income and assets held by citizens. More specifically, this historic piece of law seeks to assure tax compliance, increase transparency, and curtail the flow of illicit money.

Our team also makes an effort to inform taxpayers of their obligations in light of the rising corruption and to further develop a vision of a world free from corruption. We mostly provide services to Indians and individuals residing in Dubai, Canada, and Australia.

Benefit of this Service

Overall, the Black Money Act marks a new phase in India's struggle against undeclared riches and tax evasion. Therefore, we at Anill Mehta and Partners support our customers who are dealing with tax evasion or other black money-related issues abiding by the rules and regulations of the Black Money Act, as well as by enacting tough criminal penalties and encouraging voluntary disclosure.

Both Indian citizens and non-citizens who have unreported foreign income and assets are subject to the Black Money Act. Additionally, the Act includes a variety of asset types, including foreign-held stocks, jewellery, bank accounts, and immovable assets like real estate. It also empowers the tax authorities to send out notices, carry out investigations, and take other required steps to collect the undeclared assets and income.

The prevalence of black money, or undisclosed income/assets, has been a long-standing concern in India. And, such unaccounted wealth not only hampers the country's economic growth but also perpetuates inequality. However, many factors lead to the creation of black money in society; some of which include-

  • High Taxes
  • Corruption
  • Foreign Banks
  • Donations or Funds
  • Election Campaigns
  • Curbing Black Money Circulation
  • Bringing Hidden Wealth into Tax Net
  • Strict Penal Provisions
  • Encouraging Voluntary Disclosure
  • International Cooperation
  • Increased Transparency and Accountability
  • Restoring Trust in Financial Systems
  • Reducing Dependency on Illicit Funds
  • Promoting Fairness in Society
  • Strengthening the Economy

To preserve peoples' confidence and integrity in the nation's financial system, Anill Mehta and Partners places a major emphasis on resolving the following problems, which are some effects of black money:

  • Loss of Revenue to the Government and running of a parallel economy in the Country.
  • Decrease in the Quality of Public Goods & Services
  • Higher Taxation and Inflation
  • Difficulty in the Formation of Monetary and Fiscal Policy
  • Increased Criminal Activities in the Society
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