December 2016 Current Affairs

November 2016 Current Affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS

October 2016 Current Affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current Affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current Affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS

Benami Transactions Amendment Act to curb black money comes into effect

Benami Transactions Amendment Act to curb black money comes into effect
02 November 2016 Current Affairs: The Benami Transactions (Prohibition) Amendment Act, 2016 came into effect on 1 November 2016. The Act was formulated to curb black money.

An official release of Central Board of Direct Taxes said, after coming into effect, the existing Benami Transactions (Prohibition) Act, 1988 will be renamed as the Prohibition of Benami Property Transactions (PBPT) Act, 1988.

The new legislation provides for seven years imprisonment and fine for those indulging in illegal transactions. The previous Act provided for up to three years if imprisonment or fine or both. It says that properties held as Benami are liable for confiscation by the government without payment of compensation.

The act has amended the definition of benami transactions and establishes adjudicating authorities and an Appellate Tribunal to deal with benami transactions.

Highlights of Benami Transactions (Prohibition) Amendment Act : It expands the definition of benami transaction by including following

Transaction is made in a fictitious name

Owner is not aware of and denies knowledge of the ownership of the property

Person providing the consideration for the property is not traceable

Earlier, it defined benami transaction as a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person.

Exemptions : Specific cases will be exempted from the definition of a benami transaction. These include cases when a property is held by

 A member of a Hindu undivided family, and is being held for his or another family member’s benefit, and has been provided for or paid off from sources of income of that family.A person in a fiduciary capacity.

A person in the name of his spouse or child, and the property has been paid for from the person’s income.

Section 58 empowers government to exempt the genuine properties of religious organisation like a church or a mosque or a gurdwara or a temple from the action.  But the exemption to such entities cannot be a pretext for tax evasion.

Four Authorities for conducting Inquiry : The Act establishes four authorities to conduct inquiries or investigations regarding benami transactions and they are

Initiating Officer

Approving Authority

Administrator

Adjudicating Authority

Penalty :  Rigorous imprisonment from one year to seven years, and a fine which may extend to 25% of the fair market value of the benami property. The previous penalty under the Act for entering into benami transactions was imprisonment up to three years, or a fine, or both. Specifies the penalty for providing false information to be rigorous imprisonment of six months up to five years, and a fine which may extend to 10% of the fair market value of the benami property.Certain session courts would be designated as Special Courts for trying any offences which are punishable under the Act.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2016 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.