The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
A firm, which managed Prime Minister Narendra Modi's hugely successful Lok Sabha campaign, has come under the scanner of revenue authorities for alleged service tax evasion.
The revenue department had sent notices to FIIs demanding 20 per cent MAT
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
India's global requests for obtaining classified tax information, in the face of a number of high-profile tax evasion and scam cases, has also seen a 59 per cent jump -- with a total of 646 requests -- as compared to a total of 386 similar letters during the 2011-12 fiscal.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
Democracy does not begin and end with elections and the integrity of election process is pivotal for sustaining the democratic form of government, the Supreme Court said on Thursday while striking down as unconstitutional the electoral bonds scheme for political funding.
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
'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.'
What should one choose to do, asks Ajit Balakrishnan.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
A senior Central Board of Direct Taxes official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years.
West Bengal Chief Minister Mamata Banerjee on Saturday accused NIA officials of attacking villagers in Purba Medinipur district, the BJP hit back at her saying that the attack on the NIA officials is Sandeshkhalli 2.0 orchestrated by the state.
The government has signed Bippas with 72 nations.
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
Following the demonetisation move, the recast in direct tax moves is expected to give a boost the economy.
Crypto exchanges have been asked to furnish details this month itself.
The norms pertain to the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
The company, which is one of the strategic partners for WEF annual meeting at Davos, hosted one of the first company receptions for this year's meeting on January 22.
Bharatiya Janata Party President Nitin Gadkari, who was asked by the Income Tax department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.
DIAL is a joint venture consortium of GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad.
If you are a service provider, especially a real estate agent or a tour operator and not registered with the tax authorities, the service tax department has begun compiling data of such entities and will soon crack down on tax evaders.
The new measures will lead to tax collection of Rs 9,000 crore
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
The three-year-old US law seeks to improve tax compliance involving foreign financial assets and offshore accounts.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
