Govt announces tough measures against black money

     Written by : SMTV24x7 | Sat, Feb 03, 2018, 06:14 PM

Govt announces tough measures against black money

NewDelhi Feb 3: The Finance minister on Thursday has presented the budget and the FM has introduced some measures to crack the whip on Black Money. The FM has announced the following measures

# restrictions on the scope for adjustment while processing tax returns.
#widened powers to investigating officers of deputy director level probing foreign tax evasion under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
# Powers granted to attach swiss Accounts
#increase the penalty for not furnishing financial statements from Rs 100 to Rs 500 and from Rs 500 to Rs 1,000 (for failing to file despite extension of deadline), for each day of continuing default
#rationalise tax provisions relating to prosecution for failing to furnish I-T returns
#PAN mandatory for any entity entering into a financial transaction of Rs2.5 lakh or more with effect from April 1.
# Govt to introduce Unique ID for every company similar to Aadhar

The government has also rationalized some tax provisions and has provided clarity to ensure tax evasion doesn't take place.