Regularisation of assets held abroad by a person resident in India under Foreign Exchange Management Act, 1999

Black Money, RBI Notifications/ Circulars/ Press Release

The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) on May 26, 2015 to address the issue of undisclosed assets held abroad. It provides for separate taxation of income and assets acquired abroad from income not disclosed but chargeable to tax…

Now deaf and dumb are also entitled to Transport Allowance exemption upto INR 3200/- per month

Income Tax, Income Tax Circulars/ Notification

Earlier only blind people were entitled to Transport Allowance exemption upto INR 3200/- per month and other were entitled to exemption upto INR 1600/- per month. Now CBDT vide notification no. 75/2015/F. No.142/02/2015-TPL dt. 23rd Sep-2015 has increased the limit of exemption upto INR 3200/- per month for deaf and dump people also. Exemption Table…