Press Information Bureau 
Government of India
Ministry of Women and Child Development
02 AUG 2018

The WCD Ministry has requested Ministry of Finance for amendment to section 64 of the Income Tax Act,1961: WCD Minister

The Ministry of Women and Child Development has also requested Ministry of Finance for amendment to section 64 of the Income Tax Act,1961 for not including income arising from the asset transferred for inadequate consideration by an individual to his wife or son’s wife.

As informed by the Central Board of Direct Tax (CBDT), Department of Revenue, under the existing provisions of the Income Tax Act,1961, any sum of money received by a person without consideration is liable for taxation if the aggregate value of such sum exceeds Rs.50,000. Similar provisions exist for taxation of receipt of an immovable property or specified property without consideration or inadequate consideration. However, these provisions are not applicable to receipts of any sum/ immovable property/specified property by an individual from following relatives:-

(i)            spouse of the individual;

(ii)           brother or sister of the individual;

(iii)           brother or sister of the spouse of the individual;

(iv)          brother or sister of either of the parents of the individual;

(v)           any lineal ascendant or descendant of the individual;

(vi)          any lineal ascendant or descendant of the spouse of the individual;

(vii)         spouse of the person referred to in (ii) to (vi) above.

Therefore, receipt by women of any sum/immovable property/specified property without/inadequate consideration from the relatives under the existing provisions of the Income tax Act, 1961 are not taxable.

The above Information was given by Minister of State for Women and Child Development, Smt. Maneka Sanjay Gandhi in reply to an Starred Question in the Rajya Sabha, today.

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NB/PS

 

 

Press Information Bureau 
Government of India
Ministry of Finance
31 JUL 2018

Unearthing of Black Money

The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process.  Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable. 

Moreover, recognizing the limitations of the Income-tax Act, 1961 etc. in dealing with black money stashed abroad, the Government of India enacted a comprehensive and a more stringent new law namely ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ that has come into force w.e.f. 01.07.2015. It provides for separate taxation of undisclosed foreign income and assets. Most importantly, apart from providing more stringent provisions for penalty and prosecution, for the first time, this law has included the offence of wilful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). 

The details of prosecution proceedings initiated by the ITD under the relevant provisions of the Income Tax Act, 1961, during the last three F.Y.s are as under:- 

Financial Year	No. of cases in which prosecution complaints filed	Cases compounded	No. of persons convicted
1	2	4	5
2015-16	552	1019	28
2016-17	1252	1208	16
2017-18	4527	1621	68

The details of search & seizure and surveys conducted by the Income Tax Department in the last three F.Y.s are as under: 

Search and seizure:

Financial Year	Number of groups searched	Total assets seized (In Rs. crore)	Undisclosed income admitted u/s 132(4) of the Income-tax Act, 1961 [in Rs. crore]
2015-16	447	712.32	11226
2016-17	1152	1469.62	15497
2017-18*	581	997.17	15755

*Figures are provisional

Surveys:

Financial Year	No. of surveys conducted	Undisclosed income detected (in Rs. crore)
2015-16	4428	9700
2016-17	12520	13690
2017-18	13547	9638

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

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DSM/RM/KA

 

 

Click here to read and download Notification No. 34/2018 dated 25.07.2018

 

F.No. 225/242/2018/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes (ITA.II division)

North-Block, New Delhi, the 26^th July, 2018

Order under Section 119 of the Income-tax Act, 1961

For certain categories of taxpayers, the 'due-date' of filing income-tax return for assessment-year 2018-2019 is 31.07.2018. Upon consideration of the matter, the Central Board of Direct Taxes, in exercise of its powers under section 119 of the Income-tax Act, 1961 ('Act'), hereby, extends the 'due-date' of filing income-tax return, as prescribed in section 139(1) of the Act, from 31^st July, 2018 to 31^st August, 2018.

 

 

Ministry of Finance

Identification of Benami Properties

24 JUL 2018

Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016 seeks to prohibit the Benami Transactions irrespective of the method by which the Benami Property is acquired. Such Benami Transactions include transactions in respect of movable as well as immovable properties.

As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores.

The Government of India has taken various steps to identify Benami Properties.  The Income-tax Department (ITD) has set-up 24 dedicated Benami Prohibition Units (BPUs) across India. These BPUs are involved in gathering information and matching the same with the data available for identifying the Benami Properties and taking effective action as per the provisions of Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in Written Reply to a question in Rajya Sabha today.

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DSM/RM/KA

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