Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
The Special Investigation Team (SIT) on black money today rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
Special Investigation Team on black money will hold a meeting.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
Liquor baron takes on to Twitter again to lash out at the media for trying to hunt him; asks them not to waste their efforts
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
For some assessees, the range may not have changed.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
A number of tax department officials PTI spoke to said the circular does not state that such a document has to be a 'sworn affidavit' or a 'notarised document'.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
Database to contain taxable financial transactions and history of any tax-paying individual.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
ICDS is silent on the prudence aspect of accounting standards.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
Ramon Magsaysay winner Anshu Gupta, whose non-governmental organisation Goonj has been leading the relief efforts in Nepal which was ravaged by a devastating quake in April this year, speaks to Ankita Mishra.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
The entire HSBC list features names of 1,668 Indians
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
Debashis Basu lists various reasons why laundering through the stock market thrives.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
Andhra Pradesh has been demanding a Special Category State status from the Centre ever since the state's economic powerhouse Hyderabad, which housed several IT and pharmaceutical companies as well as PSUs, went to Telengana in the bifurcation
Truckers on Thursday proceeded on a nationwide indefinite strike.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
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