Gold Sukh Trade India Private Limited

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The act defines a 'benami' transaction as any transaction in which property is transferred to one person for gold sukh trade india limited consideration paid by another person. Such transactions were a gold sukh trade india limited of the Gold sukh trade india limited economy, usually relating to the purchase of property real estateand were thought to contribute to the Indian black money problem.

The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation. The act came into force on 5 September Although benami transactions are now illegal, the act had limited success in curbing them. Updated versions were therefore passed in andseeking to more comprehensively enforce the prohibitions. In an attempt to curb black money, in JulyModi government decided to amend the original act which was subsequently passed by the Parliament of India as "The Benami Transactions Prohibition Amendment Act, ".

Thereafter, the Government notified the provisions of the act to come into force from 1 November Mint newspaper reported that the Benami act along with the Black Money Undisclosed Foreign Income and Assets and Imposition of Gold sukh trade india limited Act,will help the Government in its fight against black money both within and outside the country. The Act also has safeguard mechanisms such as the adjudicating authority and the appellate mechanism for appeals.

Several benami transactions have been identified since the coming into effect of the amended law. Show cause notices for provisional attachment of benami properties have been issued in cases involving properties of the value of about Rs. Out of these, provisional attachment has already been effected in cases. The benami properties attached include deposits in bank accounts and immovable properties.

Today This Week This Month. Taxmen to snoop social networking sites to trace black gold sukh trade india limited Project Insight', likely to be launched next month, will use big data analytics to match information from social media sites to deduce mismatches between spending pattern and income declaration. A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.

The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money, an official said. The government has also made linking of Gold sukh trade india limited with Aadhaar mandatory to get a degree view of a person's income and assets.

Project Insight has been initiated by the income tax department for data mining, gold sukh trade india limited, collation and processing of such information for effective risk management with a view to widen and deepen the tax base.

It will help the taxmen monitor high value transactions, and curb the circulation of black money. This is part of the steps the government has taken to unearth and tax undeclared or illegal wealth. The steps include launch of 'Operation Clean Money' after demonetisation of old higher denomination currency for collection, collation and analysis of information on cash transactions, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions.

The information technology-based Project Insight will strengthen the information driven approach for improving gold sukh trade india limited compliance, the official said. Comment Quote Like 0. It will enable sharing of specific information such as Permanent Account Number PAN data in respect of corporates, Income Tax returns ITRs of corporates, financial statements filed with the Registrar by corporates, returns of allotment of shares, audit reports and statements of financial transactions SFT received from banks relating to corporates.

The information shared will pertain to both Indian corporates as well as foreign corporates operating in India. In addition to regular exchange of data, CBDT and MCA will also exchange gold sukh trade india limited each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the two agencies. Govt makes names of 55, directors public Earlier this month, the government had said more than 1. Gold sukh trade india limited Trust of India, New Delhi Intensifying its crackdown on shell companies and their operators, the government has made public names of over 55, directors linked to such firms to ensure they do not get associated with similar roles again.

More such names will be published soon as the government has already identified over 1. More than two lakh such companies have already been struck off the register of the companies with various ROCs Registrar of Companies. As per the public notices issued by different ROCs, the names have been made public so far for more than 24, such shell companies from the Chennai region, as also of over 12, each from Ahmedabad and Ernakulam.

Besides, similar lists of thousands of directors have been made public by the ROCs in Cuttack, Goa and Shillong, among others. Several of these names could also be linked to various political and corporate groups, but it could not be ascertained immediately as most of the lists only contain the names of directors and their DINs Director Identification Numbers and not any specific personal details.

However, addresses were also mentioned for some. Earlier this month, the government had said more than 1. The move came close on the heels of the corporate affairs ministry cancelling the registration of 2.

The names of these firms have been struck gold sukh trade india limited under Section of the Companies Act, which gold sukh trade india limited that the ROC may take action against them if a company has failed to commence its business within one year of its incorporation; or it has not carried out any business for two financial years or has failed to file its financial statements for three years.

The action against directors of such firms can be taken under Section 2which provides that such persons will not be eligible to be re-appointed as a director of that company gold sukh trade india limited appointed in any other company for five years from the date of default gold sukh trade india limited the company concerned.

In most cases, gold sukh trade india limited directors whose names have been made public will not be eligible for any directorship till October as the action has been initiated with effect from November Signalling that more regulatory action is expected, the ministry is already analysing further data gold sukh trade india limited 2. Further, money laundering activities under the aegis of these companies are also under the scanner, it had said. The ministry, which is implementing the companies law, has also identified gold sukh trade india limited, chartered accountants, company secretaries and cost accountants associated with the defaulting companies.

There are nearly 11 lakh companies with active status after deregistration of over 2. The minister is also monitoring the situation emerging out of cancellation of registration of the companies and is holding regular meetings with officials of the ministry and various related organisations.

The ministry expects to be gold sukh trade india limited by month-end with full relevant details of all defaulting directors of such firms.

Here is how the reward can be yours. The Centre is planning to give out cash rewards to the tune of Rs one crore to secret informers who provide tip offs to investigative agencies in connection with Benami Properties.

The initiative is likely to be announced by next month. According to the official, the information will have to be acute and identity of the informer will be kept secret. The department will never disclose the identity as this could endanger the informer. The Benami Property Law introduced last year lacked this provision. It is a common practice by the Enforcement Directoratethe Income Tax department and Directorate of Revenue Intelligence to reward informers.

The reward, however, is not so lucrative. If we have an attractive award prize for informers then our task will become easy and we will start cracking Benami property holders nationwide, he further added. This policy is now with Finance Ministry. An announcement is expected to be made by October end or first week of November. Benami property secret informers to get reward up to Rs 1 cr http: In a first of its kind gold sukh trade india limited, income tax officials have attached 24 benami properties worth around Rs 30 crore in Punjab.

Action was taken by the benami prohibition unit BPU of Punjab and Jammu Kashmir which is headed by Ludhiana-based principal directorate of income tax investigation.

Officials told TOI that 22 of the attached properties belong to colonizers and real estate developers and were bought in the names of their employees or acquaintances. As many as 21 properties are in Ludhiana and are owned by a Ludhiana-based real estate developer group which has a project in Manakwal. The biggest property attached is a acre plot in Hoshiarpur which belongs to a real estate company and is priced at approximately Rs 15 crore.

TOI has also learnt that the department has identified 50 more benami properties of which 40 are in Amritsar. The process of attaching the properties has started.

Sources told TOI that the owners of the properties attached in Ludhiana are five partners who had allegedly used black money to buy close to kanal of land near Manakwal to develop a colony. They opened bank accounts in their gold sukh trade india limited names and operated them. After a tip-off by BPU, I-T officials found out that the financial condition of some of the employees in whose names properties were amassed was so miserable that they could not even afford a two-wheeler.

When the five partners were confronted by the department, they refused to admit that properties belonged to them. Gold sukh trade india limited a small mistake by them gold sukh trade india limited costly. The investigation wing was able to get hold of the application form of the accused which they had submitted to Punjab Urban Development Authority PUDA for getting their colony approved and had shown themselves as the owners of the gold sukh trade india limited.

The department has forwarded the details of attachment to the adjudicating authority in Delhi which will now take a call on confiscating the properties. In the case of the property attached at Hoshiarpur, the woman in whose name benami property was purchased has given her statement to the department that she is not the real owner. This makes it easier for the department to get it confiscated. The nature Benami is a Gold sukh trade india limited term, which means something that does not have a name.

However, in case of the law, benami stands for proxy. In this case, the said asset is benami, A is benamidar while B is the proxy or the ostensible owner. Pretty much in practice, such transactions are used by individuals to escape government taxes. This results in major revenue loss for the government.

The new prohibits such transactions and provides for confiscating them. It has to be noted that properties held under the names of ones spouse or children or properties jointly owned by siblings or other relatives does not fall under benami property.

Properties held by someone in fiduciary capacity involving trust do also not fall in this category. It must also be noted that that asset transactions of all kinds, movable and immovable, could be termed as benami transactions. The punishment In case a person is proved guilty, he will be subject to gold sukh trade india limited rigorous imprisonment IT of one to seven years, while he might have to pay as much as 25 per cent of the market value of the property as fine.

An offender may be subjected to both, too. On the other hand, there is a provision of an RI of 6 months to seven years for providing false information. Such offenders will be liable to pay 10 per cent of the market value of the property as fine. The authority Under the new law, there will be four authorities to probe cases regarding benami transactions.

These would include an initiating officer, an approving authority, an administrator and an adjudicating authority. On the other hand, cases related to benami transactions will be handled by an appellate tribunal. To challenge an order passed by an appellate tribunal, one will have to approach the state high court. Some session courts will also be appointed to act as special courts to try cases pertaining to benami transactions. How does the law impact real estate?

For high-net worth individuals, immovable assets are the most popular means to park their unaccounted money. This is the reason why a great number of benami transactions take place in India every year. On the other hand, they also earn bad name to the sector. Comment Quote Like 1.

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