The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
The Delhi high court on Monday refused to quash an Enforcement Directorate money laundering case against media baron Raghav Bahl, saying the plea was "premature".
Section 276CC provides for prosecution and makes tax evasion punishable with rigorous imprisonment of three months to seven years along with a monetary penalty depending on the amount dodged.
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
Union minister Anurag Thakur said that "one should take complete information and sometimes many issues come up that are far from truth..."
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
The probe into alleged tax evasion and holding of directorship in multiple firms against the former banker pertains to a time period between 2015-17, they said.
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
Finnish handset maker Nokia became the centre of a tax scandal as a team of Indian Income-Tax officials on Tuesday raided its factory near Chennai on charges of alleged tax evasion worth Rs 3,000 crore (30 billion).
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
About 250 income-tax sleuths conducted searches at 20 hospitals in Chennai alone
A Delhi court on Tuesday summoned Congress leader D K Shivakumar and others in a money laundering case lodged against him in 2018 after taking cognisance of the charge sheet.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
The issue of alleged tax evasion by Indians through banks and other entities in offshore locations, specially Switzerland, has been matter of a political debate in India.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
Black money is difficult to deal with.
Black money is difficult to deal with.
Income Tax department officials on Monday carried out raids at the residences and offices of actresses Priyanka Chopra and Katrina Kaif for suspected tax evasion.
The trouble for Ashok Lavasa's family began a few months back when his wife, Novel Singhal Lavasa, came under the scanner of the income tax department on charges of alleged tax evasion.
The US has been widely criticised for using pressure tactics to secure information from other countries, without reciprocity.
I-T sleuths are raiding 130 premises of the business houses in the cities of Chennai, Hyderabad, Thrissur and other locations in Kerala, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Delhi and West Bengal, I-T sources said.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
It is important to clarify that availing of an exemption is neither evasion nor tax planning.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
Barcelona defender Javier Mascherano accepted a one-year prison sentence for tax evasion on Thursday as part of a plea bargain, Spanish media reported, although he is unlikely to serve time in jail. The 31-year-old Argentina international, who joined Barca in August 2010, pleaded guilty last year to defrauding the Spanish tax authorities of more than 1.5 million euros by concealing earnings from his image rights by using companies set up in the United States and Portugal.
PricewaterhouseCoopers, an advisory and consulting firm whose sister company audited the accounts of Hyderabad-based Satyam Computer Services, has a chequered past with Indian tax authorities, having admitted its "mistake" in at least two cases of tax evasion.
Ramkrishna is in the news after a recent Sebi order said she was steered by a yogi, dwelling in the Himalayan ranges, in the appointment of Anand Subramanian as the exchange's group operating officer and advisor to the managing director (MD).
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
The department has calculated and arrived at the figure and may raise two separate demands.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
