It is strange that the wealthy evade taxes even though the marginal utility of the money saved amounts to little and tax rates in countries, including India, have dropped
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore (Rs 55 billion) in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.
Greater focus on international transactions.
A complaint has been lodged with the Election Commission against Trinamool Congress Lok Sabha member Mahua Moitra for allegedly filing false election affidavits and tax evasion.
One of the publications, the French investigative portal Mediapart, said Ronaldo and his Portuguese compatriot Mourinho had benefited from a tax optimisation system developed by their agent Jorge Mendes, who owns Gestifute.
In its drive against tax evasion, the finance ministry is planning to add to the list of high-value transactions required to be reported to the revenue department in annual information returns (AIRs).
After the massive tax evasion of GST by cryptocurrency service provider WazirX, the Directorate General of GST Intelligence has come down heavily on cryptocurrency exchanges operating in the country, said sources. "Around half a dozen offices of cryptocurrency service providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI," sources told ANI. Crypto wallet and exchange are platforms where merchants and consumers can transact with digital assets like bitcoin, ethereum, ripple, etc.
The Income Tax department is likely to include eight other related firms for its investigation into the possible tax evasion by Satyam.
Acknowledging that the investigation wing of the Income Tax Department was exempted from the purview of Right To Information Act, the CIC said such blanket ban would 'dis-enthuse' whistle-blowers which may not be in the 'best interest of state revenues'
Violation of provisions of Sebi Act, Securities Contracts regulation, Prohibition of Fraudulent Trade (PFTUP) norms were not observed in respect of these 114 entities.
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
The government said it has identified a few more cross-border merger and acquisition cases, including Barclays-Intelnet deal, for possible tax evasion after slapping Rs 11,000-crore (Rs 110 billion) tax notice on Vodafone for Hutchison Essar deal.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
Police in Surat are investigating an alleged interstate hawala-linked political funding network involving Aam Aadmi Party (AAP) functionaries, with Rs 1.25 crore reportedly routed from Delhi to Surat ahead of Gujarat local body polls. The AAP has dismissed the claims as a conspiracy by the ruling BJP.
CBDT is the apex policy making body of the IT department.
Renegotiated tax treaty to relax banking secrecy laws.
Barcelona forward Lionel Messi and his father Jorge testified separately in court on Friday to answer charges of tax evasion on income earned from the sale of the player's image rights.
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
Four-time world player of the year Lionel Messi would soon face trial for alleged tax evasion; a Spanish judge has ruled and might face a six year jail term if convicted.
The suggestion is made by BSE in a letter to the Finance Minister.
May adopt dtrict action including prosecution and property attachment.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
Lalit Modi, the founder of the Indian Premier League, has criticised Lucknow Super Giants Owner Sanjiv Goenka for publicly berating his captain and suggested he should be banned from the league.
The Central Vigilance Commission has detected tax evasion of about Rs 1,000 crore by government departments and private companies in carrying out Commonwealth Games-related works.
A Brazilian judge threw out a tax evasion case against Barcelona forward Neymar on Thursday because Brazil's inland revenue has yet to finish its own deliberations in the case.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
A questionnaire sent to Price Waterhouse was not answered.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
The IT personnel had also seized currency and cash and jewellery worth Rs 6 crore (Rs 60 million) from Delhi-based Suncity Projects during searches, initiated on September 25, that lasted 30 hours, official sources said. According to the Income Tax department, the company had allegedly shown investments in other companies, which were later found to be of the same group.
The Supreme Court on Thursday expressed displeasure over the tardy pace of probe by the Income Tax department into the tax evasion cases linked to 2G spectrum case, saying it wanted "results".
A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
An Indian doctor and his wife have pleaded guilty to charges of federal tax evasion and to illegally distributing weight loss medicines to patients, agreeing to pay nearly USD 5.2 million in restitution.
'Daswand' -- or the receiving of donations of one-tenth of a devotee's earning -- has landed self-styled spiritual guru 'Nirmal Baba' in trouble with a notice having been slapped on him for alleged Service Tax evasion of Rs 3.5 crore.
Soccer's five-times World Player of the Year Lionel Messi should be acquitted on tax evasion charges against him, Spain's public prosecutors' office said on Friday as the trial drew to a close. Neither Messi nor his father Jorge Horacio Messi attended the hearing in a Barcelona court where closing arguments were given. Both are accused by the Spanish tax office of defrauding the government of 4.2 million euros ($4.8 million) between 2007 and 2009 but have denied any wrongdoing. Speaking on whether or not Lionel Messi was aware of the alleged fraud, state prosecutor Raquel Amado said: "There is no evidence that anyone explained it to him ... the prosecutor sustains that Lionel Andres Messi should be acquitted."
A German court convicted Uli Hoeness of tax evasion on Thursday and sentenced the soccer manager who turned Bayern Munich into one of the world's most successful clubs to three-and-a-half years in jail.
'What we are witnessing is a massive anti-incumbency wave that has cut across all social and political divides.'
Bayern Munich president Uli Hoeness was charged with tax evasion on Tuesday after months of investigations into the high-profile affair were concluded, a Munich court said.
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