black money Archives - H&R Block| Blog
December 22, 2016

Deposit Limit of Rs. 5,000 for Non-Compliant Accounts

Government had given approximately 50 days to people to deposit their old currency notes in the banks post announcement of Demonetisation scheme. Those who got rid of their old notes are breathing a sigh of relief but the notification spelled trouble for procrastinators. As per […]
December 14, 2016

Demonetisation Gives Birth to Innovative Laundering Methods

From Black Money Act and Income Disclosure Scheme to Demonetisation scheme, government has left no stone unturned to demolish parallel economy. However, hardcore tax evaders have taken this as an opportunity to come up with new and increasingly innovative ways to launder cash. Some of […]
November 23, 2016
Swiss Banks to Share Information with India

Swiss Banks to Share Information with India

Government has given another blow to parallel economy by signing an agreement with Switzerland for automatic exchange of information or AEOI. This agreement will help India in obtaining all information on transactions made by Resident Indians to Swiss banks. Indian government has no official estimation […]
November 23, 2016
Would demonetization of 500 and 1000 rupees note help to reveal the black money?

Would demonetization of 500 and 1000 rupees note help to reveal the black money?

The reigning government has delivered another massive blow on the parallel economy in the ongoing war against it. In an unprecedented move, government demonetized Rs. 500 and Rs. 1,000 notes with effect from November 9, 2016. Black money is like the legendary Greek monster kraken […]
November 22, 2016
Demonetization Myths

11 demonetization Myths – Debunked!

Government is using demonetization as a weapon against parallel economy, corruption and terrorism. Although a lot of information regarding the same is easily available, it has been hard for people to differentiate between truth and myth. Today we will debunk the most common myths about […]
November 14, 2016
Effect on Demonetization

Effect of Demonetization on Indian Economy

Some economists say demonetization will adversely impact India’s economic growth even as others believe the disruption is unlikely to be significant. Here is our take on how demonetization will impact Indian economy. 1) Effect on parallel economy The removal of these 500 and 1000 notes […]
September 28, 2016

Last Month of Income Declaration Scheme – Why Should You Avail Income Declaration Scheme?

The Income Declaration Scheme offers tax evaders an opportunity to disclose their unaccounted assets or income. The scheme allows them to rectify their tax errors by paying the applicable taxes, surcharge, and penalty amounting to 45% of overall undisclosed income and start afresh. Since, the […]