The regulations will only apply to the share purchases that have been done after October 1, 2004
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.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Search and seizure operations are necessary in an India that seems more dishonest.
Tax returns of 100,000 entities under scanner, as preparation for DTC, say officials.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
The taxman carried out a total of 677 search, survey and enquiry operations
The raids that were launched at 22 premises of the group and the brokers on September 28 are underway, the statement by the Central Board of Direct Taxes said.
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
Proposed scheme will not provide immunity to tax defaulters.
Official said the issue of tightening the tax laws is being considered by a committee.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Stock indices slip on fears that income tax department will go after offshore derivatives
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
The premises of Uttar Pradesh-based liquor baron and businessman Ponty Chadha were on Wednesday searched by the income tax department in the state and at locations in Delhi in connection with alleged tax evasion.
The tax evasion battle between the tech giants and various governments is not just a fight about tax revenues but also for moral supremacy.
The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations.
The government on Thursday proposed reduction in stamp duty on real estate deals to less than five per cent in order to prevent tax evasions.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
As 'spot-fixing' charges haunt Pakistani cricketers, Indian sleuths probing alleged tax evasion in the multi-million IPL are now tracking trail of crores of rupees being pumped into betting syndicates in the country.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
The IT Department conducted searches at the residences of BCCI Vice President Lalit Modi
This was informed recently by the government to a Parliamentary panel, examining the amendments to the Prevention of Money Laundering Act, officials said.
Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
I-T teams have scanned documents and payment details related to TDS.
The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
