After Ministry of Corporate Affairs, the Income Tax department too has launched a probe to trace the source of funding of various firms that invested in Bharatiya Janata Party president Nitin Gadkari's company Purti Power and Sugar Limited.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
Mahindra Satyam has reportedly requested Khurshid to take up the issue of taxation with the Finance Ministry as it would be unjust to tax income that was never there.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
The auditor will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department.
Apart from shell companies, 'vanishing' companies are also on the ministry's radar. As many as 400 companies are not traceable, despite being listed on the bourses.
Bharatiya Janata Party president Nitin Gadkari is reportedly upset about the fact that he has been left high and dry by party leaders in the wake of the corruption allegations made against him by activist Arvind Kejriwal and by certain media reports. Senior party leaders who had promised to come to his defence have now backed out, leaving the BJP president fuming.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
The BBC said on Tuesday that it is "fully cooperating" with the Income Tax authorities who are at its offices in New Delhi and Mumbai and hoped that the situation will be resolved "as soon as possible".
The step had been taken to lend the required 'authenticity' to electronic communications.
Company says faults, which were noticed soon after system upgrade on March 27, have been rectified
MCA portal clocks 5 mn views in 8 months; ministry to integrate company records portal with DGFT, I-T dept this year
Cos can apply for PAN card number online through e-Biz portal.
Exporters can make payment of fees through debit/credit cards.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
Congress President Sonia Gandhi, her son Rahul, Motilal Vora, Oscar Fernandes, Suman Dubey and Sam Pitroda are accused in the case.
Close to 9 lakh registered companies are not filing annual returns with the ministry of corporate affairs and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
Jet has come under regulatory scrutiny twice this year.
An online system generates import-export code.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
Fifty other entities, including the Congress, have been served notices
After initiating stern action against 331 companies, the market regulator seems willing to revoke its stringent restrictions for some entities.
Besides INC's documents for the year 2010-2011, the court also summoned AJL's documents for the same assessment year.
Metropolitan Magistrate Lovleen rejected Swamy's application while giving him the last opportunity to submit the list of complainant witnesses in the case in which he has accused the Gandhis and others of conspiring to cheat and misappropriate funds by paying just Rs 50 lakh through which Young Indian Pvt Ltd obtained the right to recover Rs 90.25 crore which AJL owed to the Congress.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
The new Diageo management had asked Vijay Mallya to step down.
Constantly evolving rules and anomalies over tax treatment have constrained corporate programmes in the first year that the government's CSR mandate has been in force.
Rama Mohana Rao's son became director of 7 companies after he became chief secretary.
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