Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
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.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Pakistan's Test and One-day captain Misbah-ul-Haq, along with some other leading players, will be investigated by the Federal Board of Revenue (FBR) for filing incomplete tax returns.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
A Spanish public prosecutor has accused Cameroon striker Samuel Eto'o of conspiring to evade 3.5 million euros in taxes owed on income from his image rights when he was playing for Barcelona between 2006-2009.
'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 Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Festive buying spree unleashed by lower tax rates pushed gross GST collection to about Rs 1.96 lakh crore in October, registering a 4.6 per cent year-on-year growth -- the slowest rate so far this fiscal.
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
In another jolt to the famed Swiss banking industry, the US has started a formal probe against Credit Suisse for allegedly helping wealthy Americans to evade taxes.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
The new office will have its base in the national capital.
User and live accounts test done, software to roll out country-wide in a year.
The Congress party has criticized Prime Minister Narendra Modi's handling of GST reforms, calling them inadequate and demanding an apology for the tax imposed on essential items. They argue that the reforms are merely a 'band-aid' solution and that the government should address the states' demand for extended compensation.
'We support the importance of free press around the world. We continue to highlight the importance of freedom of expression and freedom of religion or belief as human rights that contribute to strengthening democracies around the world. It has strengthened this democracy here in this country. It has strengthened India's democracy'
Uli Hoeness said on Friday he would accept a 3-1/2-year prison term for evading 27 million euros in taxes and resigned as president and chairman of Bayern Munich, the club he made into one of the world's most successful football dynasties.
A three judge bench headed by Justice Altamas Kabir said the main object of Custom and Excise Acts was the recovery of excise duties and not really to punish for infringement of its provisions.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
It also warned of its readiness to use its "existing counter measures" if they fail to enforce transparency measures.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The Indian government as respondent in Sanjay Bhandari extradition case has sought permission from the London high court to appeal against the discharge of the defence sector consultant wanted in Delhi to face charges of alleged tax evasion and money laundering.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
India needs to develop ways to estimate the cost of tax dodging.
Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
Plans for big bang reforms in the GST regime by Diwali, the Putin-Trump summit and S&P upgrading India's sovereign credit rating are likely to instil optimism in the domestic equity market in the week ahead, analysts said. Besides, trends in global markets and the trading activity of foreign investors would also impact domestic investors' sentiment.
The bank charged with helping US taxpayers hide $1.2 bn in offshore bank accounts
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
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