Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
CAG recommended fixing a definite time frame for rolling out simplified GST return forms.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
In a major relief to 25,753 teachers and non-teaching staff of West Bengal, the Supreme Court on Tuesday stayed the order of the Calcutta high court order invalidating their appointment made by the state's School Service Commission (SSC) in the state-run and state-aided schools.
High net worth investors (HNIs) caught in the Rs 405-crore fraud at Citibank's DLF Phase-II branch in Gurgaon, have recovered their money, with the bank refunding the principal amount, pending investigations.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
He is accused of multi-year visa fraud, involving forged and fraudulent documents to get visas such as H1B for over 200 foreign workers.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Govt steps up security to check criminals seeking bank details of taxpayers
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
"The prime minister's post is very dignified and he should not have made personal attacks, but I did not mind. He does not give answers, but only makes promises which are hollow," Rahul said, addressing an election rally.
Flipkart claims that over one billion customers visited its platform during the eight-day-long The Big Billion Festival. Amazon's Great Indian Festival 2022, which will go on for a month, is throwing discounts at customers that can hardly be ignored. But some of the stories that are coming out from these sales are not so great.
I stumbled upon shares worth around Rs 300,000 in my late father's name, which are currently with the Investor Education & Protection Fund, points out Harsh Roongta.
Adani group firms Ambuja Cement Ltd and ACC Ltd on Thursday said no shares of the companies have been pledged by the promoters, who have only provided a "non-disposal undertaking". In a joint statement to stock exchanges, Ambuja Cement Ltd and ACC Ltd termed as "misleading" reports of pledging of shares by the promoters as part of financing their acquisition. "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the statement said.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
The department has warned taxpayers that illegal 'mobile applications' circulating in the webworld for smartphones, especially Android and BlackBerry phones, 'may not be according to the department's data structure' and parameters.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
CBI officer V K Shukla, who is probing the death of Jharkhand Judge Uttam Anand, is among 15 officers of the agency awarded the 'Union Home Minister's Medal for Excellence in Investigation' for the year 2021, officials said Thursday.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
More trouble is brewing for Maytas Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
Don't reveal any information to strangers.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
This non-refundable fee will support the new electronic registration system to make the H-1B cap selection process more efficient for both petitioners and the federal agency, USCIS said.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
The accused, Tapas Ghosh, 49, was arrested on Tuesday night. A Special Investigation Team (SIT) is looking into the matter under the supervision of DCP Vinita Sahu, said Nagpur commissioner of police (CP) Amitesh Kumar.
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
Be cautious when purchasing from little-known Web sites.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
At least 10 companies are currently being probed for possible violation of CIS regulations of Sebi, the official said, while adding that role of Sen and other top executives associated with these entities was also being investigated.
Referring to Supreme Court's order against Sahara group as a benchmark for cases of unauthorized raising of money from public, Sebi has barred seven persons and one company from the markets for ten years for their involvement in the estimated Rs 1,500 crore 'StockGuru' fraud.
The trial of Susan Xiao Ping Su, the president and owner of the fraud-ridden Tri-Valley University, started on Tuesday.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
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