I-T heat on thousands of firms for unusual cash deposits.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Burman did not file the details of foreign account on the ground that he did not have its statements.
When an NRI returns to India, he should be aware of his tax residency status.
Non-reporting of overseas income by employers may be categorised as 'abetment' under the Act.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
The Budget has unveiled measures that should now pave the way for India to progress from Make in India to 'Innovate in India'.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
Changes in threshold not to have a significant revenue impact, say officials
The filing of audit reports was made mandatory in ITR Form 5, 6 and 7 after the tax department noticed discrepancies in filing of some returns along with audit reports.
Under 'Operation Clean Money', the I-T department had sent SMS and e-mails to 18 lakh people
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The reason for the windfall: the soaring value of their stock awards.
The second fortnight of September saw Rs 3 lakh crore of time deposits, something unique, followed by liquidation of Rs 1.2 lakh crpre of these right after.
The draft report of the committee contains 27 suggestions for amendments under the I-T Act and eight for reform through administrative instructions.
In order for somebody to do Big Brother kind of a job, one has to collect lots of data. Aadhaar collects very minimal data whether at the time of enrollment or at the time of authentication.
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
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.
Batting for greater transparency, a Sebi panel said sound corporate governance helped companies generate "significantly greater returns".
There appears to be a growing perception among the political class that faster growth will not create jobs fast enough and, therefore, welfare spending needs to be drastically increased, says T T Ram Mohan.
This would be a practical way of bringing a huge sum of money.
'Their vote bank has shifted to the BJP; the Congress is yet to realise it.'
Special Investigation Team on black money will hold a meeting.
A day before he committed suicide, former Corporate Affair DG B K Bansal had visited the Central Bureau of Investigation headquarters to submit Income Tax certificate showing that his son Yogesh had disclosed over Rs 2.38 crore of unaccounted income to tax authorities.
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
In the previous Budget, the government had come out with a similar scheme.
Armed with automatic information exchange pact with the US, government on Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
This amount is just about 10% of the previous IDS
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.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Kochhar has been issued a showcause notice by the regulator for alleged violation of the code of conduct.
Out of these, no balance has been found in case of 289 accounts
