TaxTMI 
TaxTMI 
Question- What are the proposed measures in Finance Bill 2015 to curb black money under Income tax provisions ?
Measures to curb Black Money under Income tax provisions
28 Feb 2015 
1 Reply 
1661 Views Asked by
Cash restrictions in property transactions require immovable property advances and repayments to be made only by cheque or bank transfer.
Amendments prohibit acceptance or repayment of loans, deposits or specified advances in relation to immovable property transfers otherwise than by account payee cheque, account payee bank draft or electronic clearing system through a bank account where amounts meet the statutory threshold; specified advance covers any sum in the nature of an advance for such transfers. Consequential penalty provisions are provided for failure to comply, with the amendments operative from the stated effective date. (AI Summary)
Amendments prohibit acceptance or repayment of loans, deposits or specified advances in relation to immovable property transfers otherwise than by account payee cheque, account payee bank draft or electronic clearing system through a bank account where amounts meet the statutory threshold; specified advance covers any sum in the nature of an advance for such transfers. Consequential penalty provisions are provided for failure to comply, with the amendments operative from the stated effective date. (AI Summary)