Database planned to capture more individual purchases, reduce tax evasion
'Efforts to roll out GST from next fiscal'
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.
While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code proposes to reduce penalties substantially.
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.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
Barcelona's five-time soccer World Player of the Year Lionel Messi went on trial on Tuesday along with his father on accusations of defrauding the Spanish state of millions of euros (dollars).
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.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
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 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.
Jailed journalist Mahesh Langa, already facing multiple charges, has been booked in a fresh case for allegedly extorting Rs 40 lakh from a real estate agent by threatening to malign his image and implicate him in a false case. This is the fifth FIR registered against him since his arrest in October 2023 for an alleged Goods and Services Tax (GST) scam. The latest case was registered based on a complaint by Janak Thakor, a real estate agent, who alleged that Langa threatened to write negative articles about him and trap him in a false case unless he paid the money. Langa has been in jail since his arrest in October and is facing charges in four previous cases registered by Ahmedabad, Gandhinagar, and Rajkot police.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Gross GST collections in August grew 10 per cent to about Rs 1.75 lakh crore, reflecting higher domestic consumption. As per the government data released on Sunday, gross GST revenues from domestic transactions grew 9.2 per cent to about Rs 1.25 lakh crore. Revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
Police raided the Frankfurt headquarters of Germany's football association (DFB) on Tuesday and searched the homes of officials to investigate suspected tax evasion linked to the awarding of the 2006 World Cup, prosecutors said.
It suggested reforms in the real estate sector.
Tax officials saidsome instances of "asset transfers" are also under their scanner
According to the officials, the funds to the Congress were sent by Hyderabad-based Megha Infrastructure and Engineering.
I-T department is investigating 20 listed companies suspected to have falsely claimed long-term capital gains tax exemption
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
'We crossed Rs 1.7 trillion in three months this financial year.'
Noting that tax evasion is not a criminal offence in Switzerland, a senior Swiss official has acknowledged differences with India on what can be made public about Indians having unaccounted money parked in Swiss banks.
This is the first time that this important nodal national agency for economic intelligence has obtained data on suspected offshore stash of Indians as, till now, such information was only received by the exclusive wing of the Central Board of Direct Taxes.
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.
Formula One supremo Bernie Ecclestone has taken legal action against British tax officials after facing a demand for payment of more than 1 billion pounds ($1.57 billion) in relation to a family trust.
Swiss govt's latest response comes against the backdrop of P Chidambaram shooting off another letter to his Swiss counterpart.
This is Chidambaram's third letter to Swiss Finance Minister Eveline Widmer Schlumpf within four months on this matter.
In coordinated raids, more than 300 Income Tax sleuths swooped down on premises linked to two prominent Congress leaders in Karnataka -- the former deputy chief minister and former MP R L Jalappa's son J Rajendra.
The salaried will not face regular income tax scrutiny this year.
It is expected that her statement will be recorded under the Prevention of Money Laundering Act and she would be confronted with documents and statements made by Shivakumar with regard to a trip to Singapore he made with his daughter in 2017.
In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.
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.
An Oxford, and Stanford University alumnae, Sunak is famously married to Akshata Murty, the daughter of billionaire Narayana Murthy.
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.
CBDT sets up committee to detect leakages in tax-exempt sectors.
The bank has been at the centre of the black money and tax evasion scandal.
The regulations will only apply to the share purchases that have been done after October 1, 2004
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Concerned over rising incidents of tax evasion, a Parliamentary Committee on Thursday asked the government to keep a close watch on high spending individuals and also take steps to reduce tax arrears.
