Income Tax Dept steps-up actions under Prohibition of Benami Property Act

By Accommodation Times Bureau NEW DELHI Due to intensive efforts were undertaken by the Income Tax Department, the provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include

Salient features of Benami transaction Act, 2016

benami-act

The Benami Transaction (Prohibition) Amendment Act received the assent of President on the 10th August, 2016. The act defines "Benami property" as any property “which is the subject matter of a Benami transaction and also includes the proceeds from such property.” Here "Benami transaction" means, “(a) A transaction or an arrangement, where

Cabinet approves The Benami Transaction Bill in Monsoon Session

By Accommodation Times News Service The amendment removes conflict between provisions of the IDS that provided immunity from Benami Act condition to transfer of property to actual beneficial owner. The Union Cabinet yesterday approved the Benami Transactions (Prohibition) Amendment Bill 2015 in the ongoing monsoon session of Parliament.  The Bill marks the

Monsoon Session may see Benami Transactions Amendment bill passes out

By Accommodation Times News Service Benami Transactions (Prohibition) Amendment Bill is likely to be passed in the monsoon session of the Parliament, a top government official said today. "It was referred to the Finance Standing Committee of Parliament and report has been received and in the monsoon session of Parliament it is

Cabinet okays appointment of  Adjudicating Authority, Tribunal for speedy disposal of  Benami cases

By Accommodation Times Bureau NEW DELHI The Union Cabinet on October 24 approved the appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act (PBPT), 1988. Salient Features: - Appointment of an Adjudicating Authority, along with the three additional Benches and to establish the Appellate Tribunal under the

Now get reward up to Rs 1 crore under Benami Reward Scheme

By Accommodation Times Bureau NEW DELHI The Ministry of Finance in a release on Friday said, a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department. It was found in many cases that black money was invested in properties in the names of others,