The department has calculated and arrived at the figure and may raise two separate demands.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Lionel Messi will face trial for tax evasion after a Spanish high court rejected his latest appeal.
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.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
The rejection of the pleas of the top Congress leaders, including Oscar Fernandes, will pave the way for the Income Tax Department to scrutinise their records for the assessment year 2011-12.
Soccer's five-times World Player of the Year Lionel Messi said on Thursday he knew nothing about an alleged tax evasion scheme when he signed contracts related to image rights.
The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion. Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches. The PTI has sent queries on the action to the company and a response is awaited.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Sri Lankan President Anura Kumara Disanayaka assured Prime Minister Narendra Modi that his country's soil will not be used against India's interests, addressing concerns over China's growing influence in Colombo. The two leaders discussed a range of issues, including a defense cooperation agreement, energy ties, and debt restructuring. They also agreed to initiate a ferry service between Rameshwaram and Talaimannar, and to adopt a "humanitarian approach" to the fishermen issue.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
Burman did not file the details of foreign account on the ground that he did not have its statements.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
The Delhi high court on Wednesday asked the Centre and the Delhi government to present their stand on a plea seeking recall of all currency notes above Rs 100, restricting cash transactions above Rs 10,000 and linking assets worth more than Rs 50,000 with Aadhaar to check corruption.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
Sania Mirza has launched a scathing attack on the country's media, saying a certain sections of it choose to highlight the negative news.
In what is being described as the 'biggest ever seizure of cash' by an enforcement agency, unaccounted cash -- one report said more than Rs 177 crore (Rs 1.77 billion), another said Rs 257 crores (Rs 2.57 billion), a third said Rs 194.45 crores (Rs 1.94 billion) -- was unearthed from perfume trader Piyush Jain's home in Kanpur.
The income tax department has widened its tax evasion probe against actor Sonu Sood as it raided multiple premises in Mumbai, Nagpur and Jaipur on Friday, official sources said.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
It has conducted searches against four bureaucrats based in Uttar Pradesh and Uttarakhand over the last three days.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
GST collections in March grew 13 per cent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 per cent. March also saw over 91 per cent of the GST registered businesses filing returns and paying taxes - reflecting greater compliance and improving economic activity. Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
PAN could be used by the probe agencies.
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4, is likely to pronounce its verdict on the matter on the said date.
A firm, which managed Prime Minister Narendra Modi's hugely successful Lok Sabha campaign, has come under the scanner of revenue authorities for alleged service tax evasion.
India has already signed the OECD's global standard for automatic exchange of information between tax authorities two years back and once the new format is implemented, the country will follow the new protocols envisaged in it.
Database planned to capture more individual purchases, reduce tax evasion
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
An Oxford, and Stanford University alumnae, Sunak is famously married to Akshata Murty, the daughter of billionaire Narayana Murthy.
'Efforts to roll out GST from next fiscal'
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