The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
According to estimates of KPMG Advisory Services, around $1 trillion is laundered globally, of which $23 billion is remitted to India. The firm's Executive Director Arpinder Singh said that 40 per cent of this amount is routed through the parallel banking system.
Tax exemption for donations to Greenpeace may be withdrawn.
In a bid to check money laundering, the government on Thursday allowed Financial Intelligence Unit
The designation seek to deny Dakhil the resources to plan and carry out terrorist attacks.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
The agency's probe till now found that huge monies were transferred through RTGS transfers to some shell companies including a case where the director of such a firm was a petty labourer
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
The probe is expected to take about three months.
While the two-phased assembly polls voting has concluded in Assam, in West Bengal two phases have completed while four more remain.
The comment was in response to a June 19 Reuters story citing sources with knowledge of the matter as saying that India planned to clear some oil payments to Iran through the United Arab Emirates central bank.
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
LeT commander Abdul Rehman al-Dakhil was named as a Specially Designated Global Terrorist (SDGT) by the Department of State.
The Income Tax department has sent a detailed questionnaire to about 50 individuals and entities figuring in the list of those allegedly holding offshore assets in tax havens.
The Trump Administration called on the Pakistani government to deny sanctuaries to 'dangerous' individuals and organisations.
Deveshwar wondered whether the countries FUNDING the anti-smoking NGOs had pictorial warnings.
To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
Switzerland may tighten its anti-money laundering laws after a report by a government-appointed group found the country was still subject to financial crime.
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
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.
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 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 US has slapped additional tough sanctions on Russia's financial services and energy sectors for the failure of Moscow to taken enough steps to address the volatile political situation in Ukraine.
Tax wing scanning cash deposits between Rs 5-10 lakh
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
The searches at the Tamil television channel were conducted over alleged tax evasion.
The government in Budget 2017 has already mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.
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