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 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.
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.
The regulations will only apply to the share purchases that have been done after October 1, 2004
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
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.
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.
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.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
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.
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
Tax returns of 100,000 entities under scanner, as preparation for DTC, say officials.
Search and seizure operations are necessary in an India that seems more dishonest.
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).
Searches conducted by the Enforcement Directorate (ED) under the anti-money laundering law rose by 86 times while arrests and attachment of assets jumped by around 25 times in the 10 years since 2014 compared to the preceding nine-year period, according to official data.
The taxman carried out a total of 677 search, survey and enquiry operations
Proposed scheme will not provide immunity to tax defaulters.
Official said the issue of tightening the tax laws is being considered by a committee.
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 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.
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 Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
It is not clear whether the two judgements will be concurring or dissenting.
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.
This was informed recently by the government to a Parliamentary panel, examining the amendments to the Prevention of Money Laundering Act, officials said.
The IT Department conducted searches at the residences of BCCI Vice President Lalit Modi
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 about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
I-T teams have scanned documents and payment details related to TDS.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
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