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In a bid to avoid embarrassment in future, professionals who used to work overseas declared <keyword id="124708" type="UNKNOWN" weightage="20" keywordseo="unaccounted-wealth">unaccounted wealth</keyword>. The total sum declared by doctors, engineers and managers amounted to Rs 4,147 crore. 
 
However, the amount was still less that the expectations of the government. 
 
The declared money was more than the number of filings made by companies, trusts, etc. 
 
Experts pointed out that these professionals declared assets out of fear and wanted to be safe in all aspects. 
 
Tax advisors said Indians who have come back declared income and investments made when they were abroad. 
 
They also pointed that the profile of assets had changed that was declared. 
 "In 1997, under the <keyword id="782168" type="ENTERTAINMENT" weightage="20" keywordseo="voluntary-disclosure-of-income-scheme">Voluntary Disclosure of Income Scheme</keyword> (VDIS), a lot of people had declared gold, cash and even property. This time around, most people declared money in bank accounts and shares of companies they held," said an expert. 
 
Total 638 people declared Rs 4,147 crore of previously undisclosed foreign assets during the three-month compliance window, which ended on September 30. 
 
Reportedly, the highest declared amount by an individual was Rs 200 crore. 
 
The government has warned those who didn't declare their unaccounted assets during 90-day period should be ready to face the consequences. This includes penalties and prosecution. The law makes wrongdoers liable for rigorous imprisonment of up to 10 years. 
 
(Image: Thinkstock)

You won’t believe the kind of people who just declared their black money. And, they’re not businessmen or million dollar firms

The much talked about <keyword id="3309646" type="UNKNOWN" weightage="20" keywordseo="panama-papers">Panama Papers</keyword> list also featured more than 500 Indians, including who’s who of the elite society. 
 
Coming down heavily on the entire episode, <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> said Indians having unaccounted wealth will have to face dire consequences. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Papers-List-Here-are-the-names-of-powerful-Indians-who-have-hidden-assets/articleshow/51679110.cms">Panama Papers List: Here are the names of powerful Indians who have hidden assets</a> 
 
“Those who did not take advantage of the compliance window last year to declare illegal assets abroad will find such adventurism extremely costly,” said Jaitley. 
 
The minister said global initiatives to deal with the menace of unaccounted wealth abroad will be in place by 2017, and then it would become extremely difficult for individuals to hide assets. 
 
"With G20 initiatives, FATCA and bilateral transactions in place with effect from 2017, the world is going to be a far more transparent institution and therefore, this kind of an adventurism will prove to be extremely costly for those who have indulged in it," Jaitley said. 
 
READ ALSO: <a href="http://www.businessinsider.in/One-of-the-largest-data-leaks-in-history-reveals-how-world-leaders-and-aides-hide-their-cash/articleshow/51676270.cms">One of the largest data leaks in history reveals how world leaders and aides hide their cash</a> 
 
In his Budget 2015, Jaitley had announced a <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money compliance window</a>. 
 
"I had come in for adverse comment including some of my friends here when in 2015 Budget we had announced a strong penal law against illegal assets abroad. At that stage I had said that those who committed mistakes in the past are getting last opportunity with a compliance window in place,” he said, adding some availed and some didn’t. 
 
"I think it is a stern reminder to all of us," said Jaitley. 
 
(Image: Indiatimes)

#PanamaPapers: Jaitley says tax adventurism will cost Indian defaulters extremely costly

A top lawyer of Delhi sent shocking waves in the legal fraternity as well as in the <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">income tax department</keyword> after he declared unaccounted income worth Rs 125 crore. 
 The lawyer, who practices in the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> and <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>, made the surprising revelation after tax department officials searched his south Delhi residence. 
 
The well reputed lawyer owns a Rs 100 crore worth bungalow in central Delhi. 
 
The tax department is cracking down on consultants and lobbyists. 
 
The searches on the lawyer's premises comes after the last day of declaring income got over on September 30. 
 
Indications are that the I-T department will move on high-profile targets who are suspected to have huge amounts of undeclared money but failed to avail of the window offered by the I-T department.

A top Delhi lawyer just declared unaccounted income worth Rs 125 crore and this has shocked legal fraternity

Normal life was disrupted after Prime Minister Narendra Modi, all of a sudden, announced demonetisation and scrapped old banknotes of Rs 500 and Rs 1000. 
 
Since the time of the announcement, the whole nation went into tizzy as the Indian government the public very little time to exchange old currency with new bank notes. 
 The step taken to fight <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> and hoarding of unaccounted wealth has caused huge discomfort to people, especially those who do not have bank accounts. 
 
Even the banks and ATMs are failing in meeting demands of people. The government and the Reserve Bank of India (RBI) are doing everything they can to minimise the inconvenience. 
 
Here are the 8 latest developments in the demonetisation story so far 
 
 
(Images: Reuters/Indiatimes)

8
latest developments in demonetisation so far

The next time you plan on buying <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword> or silver jewellery, don’t forget to take your <a href="http://www.businessinsider.in/searchresult.cms?query=PAN+&amp;sortorder=effectivedate">PAN </a>or <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhaar+card&amp;sortorder=effectivedate">Aadhaar card</a> or quote the numbers of the respective cards, if the purchases are above Rs 50,000. 
 According to chartered accountant <keyword id="192203" type="PERSON" weightage="20" keywordseo="Bhargav-Vaidya">Bhargav Vaidya</keyword>, who provides consultancy services to the gems and jewellery sector, and the secretary of one of the country's largest bullion association, predicts that the <a href="http://www.businessinsider.in/searchresult.cms?query=KYC+requirements&amp;sortorder=effectivedate">KYC requirements</a> for bullion and jewellery will be revised lower from the present Rs 2 lakh in the upcoming budget. 
 
"I think the KYC (compliance) will be cut to Rs 50,000 from Rs 2 lakh at present in the Budget for <a href="http://www.businessinsider.in/searchresult.cms?query=FY18&amp;sortorder=effectivedate">FY18</a>," Vaidya, proprietor of BN Vaidya &amp; Associates, told ET. 
 
Currently, only purchases above Rs 2 lakh require know-your-customer-compliance in the gold market. 
 
If the move is implemented, it will be a continuation of the government's crackdown against black money hoarders as post demonetisation, entities holding unaccounted wealth in the form of scrapped Rs 500 and Rs 1,000 notes converted these largely into jewellery, bullion and real estate.

Planning on buying jewellery? You’ll have to take your PAN/Aadhar card along

With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him.et et 
 
The case that recently took place in Kolkata has stunned authorities of the I-T investigations wing after the said business entity produced, during searches, a bonafide receipt of declaring about Rs 3 crore worth of black money under the Income Declaration Scheme (IDS) that ended on September 30. 
 
The entity, however, had concleaed about Rs 30 crore illegal wealth which only came to light when the department conducted a "routine search" base on "actionable information" of tax evasion few days back. 
 
While official sources did not disclose the identity of the entity citing IDS confidentiality clauses, they said the taxman will undertake strict action of penalty and prosecution against the entity as he hid his actual income and made a partial declaration under the IDS. 
 
In yet another similar case, a Delhi-based lawyer recently disclosed Rs 125 crore of black money to the taxman after searches were conducted against him, post the closure of IDS. 
 
In this case reported from the national capital, the person concerned did not avail the IDS opportunity but got caught soon after the taxman came calling at his doorsteps. 
 
Tax officials said there have been few more cases in the southern part of the country where tax evasion worth crores has been found after searches were carried out by the department, after the IDS window closed. 
 
Officials said taking into cognisance such cases, I-T sleuths are now expected to intensify their search and seizure operations to unearth as much black money as possible within this fiscal. 
 
They said while there is no target to achieve in this regard, these recent disclosures indicate that some more people who had used the IDS to declare their illegal wealth to the government could only have parted with only some portion of it and not in full even as some had totally concleaed their tainted wealth. 
 
A huge sum of Rs 65,250 crore in black money was declared through the one-time domestic black money declaration window also known as IDS, marking the biggest-ever disclosure of hidden wealth that will rake in about Rs 30,000 crore in taxes to the exchequer. 
 
Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes. 
 
The government had earlier made it clear that those who hide their black wealth after the closure of these two opportunities will have to face legal consequences emerging out from the action of tax and financial enforcement agencies.

No more relaxation for black money

The pursuit of the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+government">Indian government</a> to bring back <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> has tensed banks overseas and are asking tough questions about people and entities from the country who looking to open accounts with them. 
 
Apart from exercising caution about those who possess unaccounted wealth and are liable for punishment, banks are weary of the fact that those found guilty of helping them move that money will also face harsh action under the new law. 
 
A number of <a href="http://www.businessinsider.in/searchresult.cms?query=tax+havens">tax havens</a> like the Isle of Man and the British Virgin Islands have begun to share data on bank accounts held there. 
 
This comes in the backdrop of countries signing global agreements and tax treaties, which include provisions for cooperation on evasion. 
 
In the backdrop of reduced global tolerance for evasion, banks are likely to face closer scrutiny relating to customers' tax residential status, legal and beneficial ownership of accounts, and their use of power of attorney. 
 
Such intermediaries are asking for <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+return">income tax returns</a>, sources of funds and other related information to ensure all foreign transactions are above board, a banker familiar with the development told Economic Times. 
 
“The new law has caused concerns amongst intermediaries such as banks and consultants... especially considering that the law does not provide for detailed guidelines on what could be considered abetment and what precautions would be necessary for such intermediaries," Rajesh H Gandhi, partner, tax, Deloitte Haskins &amp; Sells LLP told ET. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Central+Board+of+Direct+Taxes">Central Board of Direct Taxes</a>, the apex direct taxes body, will soon issue detailed guidelines on what it considers abetment and the action that will be taken, said a finance ministry official. 
 
Under the Undisclosed Foreign Income and Assets (Imposition of Tax) Act 2015 imposes civil and criminal liabilities on any person who helps or induces another to make a wrong declaration relating to tax. This will be punishable with rigorous imprisonment ranging from six months to seven years. This provision also applies on banks and financial institutions aiding the concealment of foreign income, assets of resident Indians or falsification of documents. 
 
The law makes hiding wealth overseas a criminal offence attracting up to 10 years of rigorous imprisonment.

Foreign banks are spooked by India’s new black money law, taking caution before opening accounts

Post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department (I-T) has been really busy and stepped up its drive against those converting "black money" into "white". It has issued over 5,000 notices and detected undisclosed income of close to Rs 4,200 crore since November 08. 
 
After November 8th, about 1,000 surveys and search and seizure operations were conducted across the country. 
 
Between December 22 and 28, over 200 such operations were undertaken, data available with the department showed. 
 
While surveys involve scrutiny of books, cash and other assets, search and seizure are referred to as raids in common parlance. 
 
Rs 105 crore out of Rs 458 crore cash seizures, is a tad under a quarter, was in new currency notes of Rs 500 and Rs 2,000, indicating the widespread use of banking and cash mules to convert old currency into new ones, which is stored as cash in offices and homes. 
 The move mounted through field offices is meant to identify those who used various tools - from depositing in banks to buying gold and jewellery soon after PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced demonetisation on November 8 - to try and protect their unaccounted wealth which was stashed away in the form of cash. 
 
Cash holdings are only a part of the black money with purchase of benami property and investments in gold and real estate being other tools. 
 
The tax department has deployed a multi-pronged approach, which involves detailed splicing of data received from banks and other sources and then sharing the numbers with the field offices.

I-T department issued over 5,000 notices, recovered Rs 4,200 crore cash since demonetisation

<ul><li>The government is considering a tax on cash withdrawals above ₹1 million, according to a report.</li><li>The proposal also considers to make Aadhaar identification mandatory for high-value transactions.</li><li>The move is aimed at discouraging cash transactions and curbing the accumulation of black money (unaccounted wealth).</li></ul>The Narendra Modi government is considering a tax on cash withdrawals above ₹1 million in any one financial year, according to a <a href="https://timesofindia.indiatimes.com/business/india-business/govt-mulling-tax-on-cash-withdrawal-of-rs-10-lakh-a-year/articleshow/69718027.cms" data-type="tilCustomLink" target="_blank">report</a> citing sources. The financial year in India is calculated from April 1 to March 31. The tax could be anywhere between 3% to 5%, which would mean a tax of ₹30,000 to ₹50,000 if you withdraw ₹1 million from the bank in any given year, according to another report citing Finance Ministry sources from another news agency IANS. The proposal has emerged ahead of the first budget to be presented by the new government that has been voted in to power for the next five years. This is in sync with the policies of the Modi administration in the first term from 2014 to 2019 when it announced the demonetisation of 86% of the country's currency in circulation in a bid to reduce cash usage and to corner the unaccounted income, popularly known as black money in India. The government is also reportedly considering a proposal Aadhaar identification mandatory for high-value transactions. In India, cash is ubiquitous and many small businesses especially in remote areas rely solely on cash. Past experience A similar tax on cash transactions was brought in a few years ago but it had to be withdrawn after public uproar. During 2005-2008, the UPA government imposed tax on withdrawals of more than Rs 50,000 from current accounts for detection of unaccounted money in the absence of alternative methods. This tax was applicable only on cash and not on payment by cheques. The current cash threshold for the proposed tax is much higher than the previous one. Currently, companies have to pay wages of over ₹10,000 either through cheques or online bank transfer. The Finance Act 2017 prescribed imposing a penalty equal to the transacted amount on those who violated the rule restricting cash transactions. It provides that no one can deal in cash in excess of Rs 2 lakh in a single day, in respect of a single transaction or transactions relating to one event or occasion barring a banking company, post office savings bank and cooperative bank. Demonetisation did bring down cash usage in the economy and boost digital transactions temporarily. However, the cash in circulation in India has steadily surged back to the old levels. "At 11.59% of Gross Domestic Product (GDP) India had a high cash in circulation in 2012," said <a href="https://www.business-standard.com/article/news-ians/cash-deeply-embedded-in-payment-systems-in-india-rbi-119060701351_1.html" data-type="tilCustomLink" target="_blank">a recent RBI report</a> adding that "Although cash is deeply embedded in the payment systems in India, planned efforts post-demonetisation have shown that a shift from cash to digital can be achieved." What is a high-value transaction? 1. Purchase &amp; sale of all immovable property exceeding ₹3o lakh must be reported to the income tax authorities. 2. Cash paid and received in excess of ₹2 lakh for sale of any goods or services. 3. Cash deposits in banks adding up to ₹10 lakh or more in a financial year in one or more accounts that belong to the same person. 4. Term deposits in banks or at the Post Office adding up to ₹10 lakh or more in a financial year in one or more accounts that belong to the same person. 5. Cash deposits in Current Accounts adding up to ₹50 lakh or more in a financial year in one or more accounts that belong to the same entity. 6. Any cash payment of ₹10 lakh or more in a financial year for purchase of bank drafts or pre-paid instrument. 7. Credit card bill payments of more than ₹1 Lakh per annum paid in cash; the same limit is ₹10 lakh through cheques or bank transfers. 8. Investment of ₹10 lakh or more in bonds, debentures, shares of a company or mutual funds received from an investor in a financial year. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/one-and-a-half-years-after-demonetisation-indians-are-hoarding-cash-again/articleshow/64542026.cms" data-type="tilCustomLink" target="_blank">One and a half years after demonetisation, Indians are hoarding cash again</a>

India may propose tax on cash withdrawals above ₹1 million in a year to promote digital transactions in the upcoming budget: Report

<ul class="summary-list"><li>Under Ferdinand Marcos' dictatorship, 34,000 people were tortured and over 3,200 more were murdered.</li><li>The Marcos family also illegally amassed over $10 billion during Marcos' 20-year rule.</li></ul>Ferdinand Marcos, Jr., the son of former Philippines dictator Ferdinand Marcos, is the frontrunner in the country's upcoming presidential election, <a href="https://www.bloomberg.com/news/features/2021-06-28/finding-the-hidden-10-billion-fortune-of-philippines-president-ferdinand-marcos">sparking concern</a> that searches for the family's illegally-amassed wealth — believed to be as much as $10 billion — will be squelched if he wins.Marcos Jr. — or Bongbong as locals call him — is on track to win the May 9 presidential election, per <a href="https://www.reuters.com/investigates/special-report/philippines-election-marcos-fortune/">Reuters</a>. In mid-April, Bongbong was 33% points ahead of his closest competitor, Leni Robredo — despite being the son of former dictator Ferdinand Marcos and first lady Imelda Marcos, the notorious political couple who <a href="https://www.esquire.com/uk/culture/film/a30280747/imelda-marcos-the-kingmaker-documentary-philippines-stolen-wealth/" target="_blank" rel="noopener">stole billions from the Filipino people</a> during their 20-year rule.Before their downfall in 1986, the Marcos "earned" their wealth by <a href="https://www.bloomberg.com/news/features/2021-06-28/finding-the-hidden-10-billion-fortune-of-philippines-president-ferdinand-marcos">embezzling government funds</a> and <a href="https://documents1.worldbank.org/curated/en/846731468338347772/pdf/438540WP0Box327377B0Star01PUBLIC1.pdf">financial aid</a>. They were not shy about flaunting their wealth and lived a lavishly extravagant lifestyle, investing in <a href="https://www.nytimes.com/1986/01/30/world/4-new-york-buildings-called-marcos-gifts-to-wife.html">four Manhattan properties</a> worth more than $300 million at the time. They also owned <a href="https://www.telegraph.co.uk/news/worldnews/asia/philippines/12020774/Investigators-appeal-for-public-help-in-search-for-Imelda-Marcos-missing-masterpieces.html" target="_blank" rel="noopener">more than 200 artworks</a>, including masterpieces by Picasso, Van Gogh, and Michelangelo, many of which are still missing.According to Bloomberg, the family's assets are believed to be between $5 billion and $10 billion. In addition to Marcos' financial crimes, he was also a violent ruler who imposed <a href="https://asia.nikkei.com/Spotlight/The-Big-Story/The-Marcos-revival-How-late-Philippine-dictator-s-son-went-from-exile-to-election-favorite">martial law</a> in 1972. Over nine years, tens of thousands of Filipinos were detained, tortured, and killed, according to human rights group <a href="https://www.amnesty.org/en/latest/news/2022/04/five-things-to-know-about-martial-law-in-the-philippines/" target="_blank" rel="noopener noreferrer">Amnesty International</a>.<div type="image" title="Former first lady Imelda Marcos is seen in her apartment in Manila, 27 June 2007, with a gallery of paintings including a Picasso, seen at upper right. Imelda Marcos says she has nothing to be ashamed of, 08 October 2007." height="2142" width="2856" msid="91368505" hostid="261"></div>When Marcos was re-elected again in February 1986, <a href="https://www.bbc.com/news/av/magazine-35526200">millions took to the streets</a> to protest against his corruption and brutality, and the family fled the country. The Marcoses lived in exile in Hawaii, bringing along stacks of gold, gems, jewelry, and multiple boxes of cash, per <a href="https://www.latimes.com/archives/la-xpm-1986-03-25-mn-74-story.html" target="_blank" rel="noopener">The Los Angeles Times,</a> citing a US Customs Service inventory of seized items. The seized assets were valued at $7.7 million at the time.To date, the Marcos family still has access to most of its stolen <keyword id="11897957" type="UNKNOWN" weightage="60" keywordseo="fortune" source="Orion">fortune</keyword> as the family ignored court orders and appealed against rulings to hand over their assets, according to a <a href="https://www.reuters.com/investigates/special-report/philippines-election-marcos-fortune/" target="_blank" rel="noopener noreferrer">Reuters review</a> of court filings, government documents, and legal depositions by Bongbong.The Presidential Commission on Good Government, a Philippines quasi-government agency whose sole purpose is to hunt and retrieve the illegally-amassed wealth of the Marcoses, told Reuters that they only managed to retrieve $5 billion worth of assets. As of 2021, they are still trying to <a href="https://www.rappler.com/newsbreak/iq/breakdown-billions-recovered-marcos-ill-gotten-wealth-by-pcgg-more-to-get/">recover $2.4 billion</a> from the family.In 1991, the Marcos family returned from exile, and Bongbong began building his family's image once more. He served as a senator from 2010 to 2016, per <a href="https://time.com/6162028/bongbong-marcos-philippines-president-popular/">Time</a>. He ran for vice <keyword id="2540" type="UNKNOWN" weightage="60" keywordseo="president" source="Orion">president</keyword> in 2016 but lost. In 2021, he returned to the political stage to announce his bid for president. With Bongbong in the lead, some watchdog groups are concerned that the hunt for Marcos's unaccounted wealth will end if he becomes president.Ruben Carranza, a former PCGG commissioner, told <a href="https://www.reuters.com/investigates/special-report/philippines-election-marcos-fortune/">Reuters</a> on May 3 that a Bongbong win could put a wrench in the 36-year-long battle to retrieve the family's wealth. Bongbong will be sure to protect "whatever ill-gotten wealth" the family has kept, Carranza added.Carranza's concern is warranted: Bongbong and his siblings have refused to pay a $3.9 billion — with penalties — tax bill for years. In 2018, Bongbong's mother, Imelda Marcos, was convicted on seven graft charges for funneling an estimated <a href="https://www.wsj.com/articles/imelda-marcoss-graft-conviction-deals-blow-to-philippine-dynastys-newfound-popularity-1541766665" target="_blank" rel="noopener noreferrer">$200 million through Switzerland companie</a>s. The 92-year-old remains out on bail while she appeals her conviction. Imelda Marcos is known for her notorious shopping habit, famously <a href="https://www.vice.com/en/article/59n8ab/what-ever-happened-imelda-marcos-3000-pairs-shoes-philippines">amassing more than 3,000 pairs of designer shoes. </a><div type="image" title="Supporters of Ferdinand Marcos Junior, a vice-presidential candidate and son of the late dictator Ferdinand Marcos, flash the &quot;V&quot; sign as they shout slogans during a protest at a park in Manila on May 11, 2016. -" height="2285" width="3046" msid="91368507" hostid="261"></div>Despite his family's legacy, many Filipinos see Bongbong as separate from Marcos's history of corruption."Many Filipinos like him, regardless of what his parents did. We believe that he will not make the same mistakes as his parents and trust that he will do his best for his people," Cristina, a 42-year-old farmer from Clark, Philippines, who asked to be identified by her first name, told Insider."Half of the treasures have already been confiscated by the Aquino government. Plus, previous presidents are also corrupted," Cristina's 67-year-old mother, Lucita added.Voting for the next Philippines president has started, and results will be announced on May 9.

The son of former dictator Ferdinand Marcos might be the Philippines' next president, leaving watchdog groups concerned his win would halt the search for his family's ill-gotten wealth

The Indian Government passed the <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">I-T amendment bill</a>, making the laws stricter but it is yet to see how strongly the laws will be enforced. 
 
According to <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">new laws</a>, many unexplained expenditure, credits and deposits such as wealth inheritance from grandparents, wedding expenditure, etc will have to be explained. In case the person fails to give a ‘satisfactory’ reply to the taxmen on the source of funds received or give, he/she will have to cough up as much as 83% tax. 
 
"We have discussed the matter among ourselves. It's a strong provision in the (Income Tax) Act and the department would find it handy in mobilising tax from black money. But there are chances that it may be misused," a senior tax official in Mumbai which accounts for the highest direct tax collection told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/people-with-unaccounted-cashheres-how-the-i-t-department-is-watching-you/articleshow/56717177.cms">People with unaccounted cash: Here's how the I-T department is watching you </a> 
 
The relevant parts of the I-T Act are: Section 68 (dealing with unexplained cash credit, which is applicable to loans, gifts and share capital); section 69A (unexplained money, jewellery or valuable items); 69B (unexplained investment); and section 69C (unexplained expenditure.) Once section 115BBE is invoked, then the income (which is under question) cannot be set off against any other loss for the year or carried forward. 
 
The laws have gotten more teeth but can be misused too as the person only has to tell a right source of funds. Very few people maintain account books. 
 
“If one is able to establish unexplained deposits, loans, or investments, can the Assessing officer still not be satisfied? While every effort will be made by AO to determine identified credits as unexplained, assesses will try to prove otherwise by adequate evidences, by establishing the identity, capacity and genuineness,” Mitil Chokshi Senior Partners Chokshi and Chokshi told ET.

Tax laws have more teeth now but they can be misused too. Here’s how

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Darren StaplesBritain's Labour Party leader Jeremy Corbyn.</div></div></div><ul><li>Jeremy Corbyn, the leader of Britain's opposition party Labour, wants to tax firms like Amazon, Google, Facebook, and Netflix to help pay for the BBC.</li><li>He said the companies should pay their way in the UK for extracting "huge wealth from our shared digital space."</li><li>Tech firms are unlikely to welcome the tax on their UK operations, and it's unclear whether even the BBC would be open to the idea.</li></ul> Jeremy Corbyn, the leader of Britain's opposition party Labour, has floated the radical idea of effectively taxing America's tech giants to help pay for the BBC.Theresa May's most powerful adversary will raise the proposal in a speech on Thursday at the Edinburgh International Television Festival, where he will say that firms like Amazon, Google, Facebook, and Netflix should pay their way in the UK for extracting "huge wealth from our shared digital space."The BBC is currently funded to the tune of £3.8 billion ($4.9 billion) by the licence fee, paid by TV-owning British households. Corbyn's plan is to supplement this with what he will call a "digital licence fee.""In the digital age, we should consider whether a digital licence fee could be a fairer and more effective way to fund the BBC," he will tell an audience of the UK's most senior TV and media executives."A digital licence fee, supplementing the existing licence fee, collected from tech giants and Internet Service Providers, who extract huge wealth from our shared digital space, could allow a democratized and more plural BBC to compete far more effectively with the private multinational digital giants like Netflix, Amazon, Google and Facebook."<div class="KonaFilter image-container display-table"><div><div class="image on-image">WPA Pool/Getty ImagesBBC director general Tony Hall.</div></div></div>Making the idea a reality could be fraught with difficulty. Tech firms and ISPs are unlikely to welcome what would effectively be a tax on their operations in the UK.Indeed Tech UK, a trade body that represents tech firms in the UK and counts the likes of Apple and Google among its members, immediately trashed the idea. "It is good to see Mr. Corbyn engaging on these issues, however we need better ideas than just another proposal to tax tech companies," it said in a statement.It's unclear whether the BBC would even welcome such a move, which could be seen as a threat to its independence. And then there's the fact that Corbyn's party is not in power, and that the BBC's funding arrangements and operating agreement, or charter, is set in stone until 2027.What is clear, however, is that the BBC regularly complains of being under threat from firms like Apple and Netflix. <a href="https://www.theguardian.com/media/2018/mar/04/tony-hall-bbc-fight-us-tech-firms-protect-british-values" target="_blank" rel="noopener">In a speech in February</a>, BBC Director General Tony Hall said the "Fang" companies - Facebook, Amazon, Netflix and Google - are doing a smash and grab job on the UK television industry and will "skilfully mine every ounce of personal data to drive growth and profit."Corbyn will say that "we need bold, radical thinking on the future of our media" because trust is waning and control is being concentrated in the hands of a "few tech giants and unaccountable billionaires."Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/machine-perfectly-pours-concrete-gutters-curbs-power-curber-paver-2018-7">This machine perfectly pours concrete</a></h3> <div> </div> </div>

You Searched For "unaccounted wealth" and got 12 results

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Tax laws have more teeth now but they can be misused too. Here’s how

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Jeremy Corbyn: Amazon, Google, Facebook, and Netflix should pay for the BBC

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