The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.

The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.

The ED, which is probing the DHFL promoters' role in financing funds to gangster Iqbal Memon (alias Iqbal Mirchi), said Kapil Wadhawan, former chairman and managing director of the debt-laden company, played a very crucial role in these "nefarious transactions" by way of money laundering.

The finance ministry has put out an advertisement seeking applications from eligible candidates for the post and gave just two weeks against the usual practice of three months. Further, the tenure of the watchdog is again being extended to five years.

It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.

The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.

The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.

There are about 31,000 pending cases, locking revenue worth Rs 500 crore.

In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.

Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.

What's required is proper implementation of the rules and better coordination between market intermediaries such as stock exchanges and clearing members who play a key role in monitoring brokerages.

The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.

This was a fresh probe based on the inspection of certain derivative contracts both on the BSE and NSE.

Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.

This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.

In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.

The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.

ED has come across two immovable assets - one flat in Dubai and one land parcel in London. It is examining the valuation of both properties, estimated between Rs 150 crore and Rs 200 crore.

It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.

The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.

The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.

While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.

ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.

A rise in import duty could be a reason for increase in illegal consignments, say experts.

Without disclosing reasons, ICRA informed the stock exchanges on Thursday, 'The board, after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Takkar with immediate effect.'

The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.

Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.

The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.

CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.

A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.

Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.

Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.

This move was triggered by a whistleblower complaint sent to Sebi against senior management interference in ensuring good ratings specifically in IL&FS and its subsidiaries.

A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.

Mumbai collected Rs 17,174 crore of advance taxes against Rs 7,356 crore in the same period last year. The tax authorities believe that such a staggering growth rate is a positive sign for the economy.

'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'

Until June 2018, the ICICI Bank board had given a clean chit to Kochhar with full backing and had said there was no question of favouritism, nepotism or conflict of interest on her part in granting loans to Videocon Industries or any other company. However, the stance changed soon after the regulatory and probe agencies initiated enquiry in the matter.

Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.