The watchdog said the earlier amnesty schemes were premised on the ground that business houses and individuals would learn a lesson, declare income, and pay taxes in future.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
A bench comprising Justices A K Goel and U U Lalit took note of the fresh status report, referred by Attorney General K K Venugopal that efforts to bring Mallya back were on.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
United States President Barack Obama's estimated assets for the last year are valued at $8 million (Rs 43.3 crore), his latest annual financial disclosure forms show and he has up to $1 million (Rs 5.4 crore) in the JP Morgan Chase, the bank which is under the Federal Bureau of Investigation scanner.
There are still bumps in the road ahead for Swiss banks.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Chidambaram mocked her with a tongue-in-cheek tweet.
Today, it holds $131 billion in assets under management.
Union ministers recently declared their assets to the Prime Minister's Office which put it up on its web site for public knowledge. We compared these declarations to the ones that some ministers made when in 2009, and here's what we found.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
The ranking is done on following parameters depending on the asset class.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
The Reserve Bank of India on Friday issued guidelines on accounting standards to be followed by banks for discontinuing operations and impaired assets.
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.
Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
The regulator will now call Chanda and ICICI Bank's representatives for a personal hearing as part of adjudication proceedings launched against them.
The minister said any declaration made under the law will be protected
The tax department is working to ensure that there is no loophole in the compliance window.
This would be a practical way of bringing a huge sum of money.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Undisclosed overseas assets such as immovable property, jewellery, shares and art works will be valued at fair market price for the purpose of tax and penalty under the new black money law.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
Not just candidates, but their spouses and dependents too have to reveal source of income and assets, observes the apex court.
'Institutional ownership, by December 2018, had increased 37.5% from approximately 22% in early 2009,' points out Amit Tandon.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
Lack of uniform valuation and disclosure standards could dampen the enthusiasm of investors in real state mutual funds once they are launched in the country.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
Taxpayers might face several issues while filing returns this year.
