https://www.taxtmi.com/news?id=16409 Government strategy to address undisclosed domestic and foreign wealth combines legislative reform, stepped up enforcement and enhanced information exchange. Key actions include enactment of a Black Money law, amendments to money laundering and benami statutes, constitution of investigative bodies (SIT, MAG), IT enabled intelligence (Project Insight), treaty renegotiation and participation in automatic exchange frameworks. Enforcement through searches, surveys and prosecutions has substantially increased detections, while the Income Declaration Scheme, 2016 offers a time limited window for taxpayers to declare and regularise undisclosed income by paying tax, surcharge and penalty. en-us Sat, 23 Jul 2016 12:28:42 +0530 Sat, 23 Jul 2016 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16409 Government strategy to address undisclosed domestic and foreign wealth combines legislative reform, stepped up enforcement and enhanced information exchange. Key actions include enactment of a Black Money law, amendments to money laundering and benami statutes, constitution of investigative bodies (SIT, MAG), IT enabled intelligence (Project Insight), treaty renegotiation and participation in automatic exchange frameworks. Enforcement through searches, surveys and prosecutions has substantially increased detections, while the Income Declaration Scheme, 2016 offers a time limited window for taxpayers to declare and regularise undisclosed income by paying tax, surcharge and penalty. News - Sat, 23 Jul 2016 12:28:42 +0530 https://www.taxtmi.com/news?id=16409