If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Chidambaram said that if the government is of the view that Karti has alleged undisclosed assets he would ask it to make a list in this regard and his son will voluntarily execute any document necessary to transfer such assets to it for a nominal consideration of Rs 1.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
The government can seek details from sellers such as sources of funds while buying.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
Rishi Sunak, one of the finalists in the race to succeed Boris Johnson as leader of the Conservative party and Britain's prime minister, is campaigning hard to win over the Tory faithful who will vote from today, July 28, to August 31 to elect their next leader.
Assocham president Niranjan Hiranandani said his talks with government officials showed dues to industry and states were pending in the form of refunds of income tax, value-added tax, and GST, and compensation, payments to discoms in the power sector, fertiliser subsidies, etc.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
The Income Tax department has issued notice to a firm owned by Robert Vadra as part of its probe to understand the "financial structure" of the company and real estate projects undertaken by it.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
A growth scheme not only leads to lower tax payments than the dividend option. but also allows any income that is not withdrawn to compound, explains Harsh Roongta.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
The Nobel laureate filed an application before the High Court.
Eminent business journalist and author Tamal Bandyopadhyay discussed Budget with rediff.com readers on Tuesday.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.
The Maharashtra Congress has convened a meeting of its legislators on Tuesday in view of the developments in the state that saw a split in the Nationalist Congress Party and Ajit Pawar being inducted as deputy chief minister in the Eknath Shinde government.
After coming out of CBI headquarters in New Delhi, Chidambaram said he had appeared before the CBI and the first information report did not contain any allegations against him.
The income tax department was committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers' charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant.
Polling in Vellore was scheduled on April 18.
Stock indices slip on fears that income tax department will go after offshore derivatives
It would be ludicrous to expect Modi, Erdogan or Biden to pay to keep blue ticks on their respective official accounts. It would be equally ludicrous to expect the Delhi Metro or the Income Tax Department to pay, points out Devangshu Datta.
BJP spokesperson Sambit Patra claimed that the home ministry's decision to cancel the FCRA licences of the Rajiv Gandhi Foundation and the Rajiv Gandhi Charitable Trust for alleged violation of laws has "exposed" their corruption.
Soccer's five-times World Player of the Year Lionel Messi said on Thursday he knew nothing about an alleged tax evasion scheme when he signed contracts related to image rights.
Barcelona captain Lionel Messi has said he considered leaving the club when he was investigated for tax fraud in 2013, saying he felt "badly treated" by Spain.
The properties the government is eyeing to dispose of this year are located in prime locations of cities like Delhi, Mumbai, Surat, Ahmedabad, Bengaluru and Chennai.
'Votes-for-notes no longer only means cash and goodies for fence-sitting voters,' points out Sunil Sethi.
With a new higher tax regime coming into effect from the new financial year, top corporates and wealthy investors are in a rush to restructure their shareholding.
NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings.
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
A total of 406 aircraft are in the fleet of eight scheduled airlines in the country, most of which were suffering losses, Lok Sabha was informed.
A frustrated Lionel Messi said he is tired of being blamed for problems at Barcelona after he was accused by Antoine Griezmann's former agent of making life difficult for the French striker at the La Liga club.
The new measures will lead to tax collection of Rs 9,000 crore
About 45 per cent of those who are part of the workforce, or about 207 million, are estimated to be engaged in agriculture and many of them will be outside the income-tax net and hence may not need a PAN. So, what does allotting PAN to 369 million individuals actually mean, wonders A K Bhattacharya.
