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.
The regulations will only apply to the share purchases that have been done after October 1, 2004
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
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.
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.
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.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Search and seizure operations are necessary in an India that seems more dishonest.
The taxman carried out a total of 677 search, survey and enquiry operations
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
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).
Proposed scheme will not provide immunity to tax defaulters.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Official said the issue of tightening the tax laws is being considered by a committee.
Stock indices slip on fears that income tax department will go after offshore derivatives
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
An I-T probe, sources said, was on to trace the recipient of the reported transfer into a multi-national bank in Singapore.
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.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
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 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 on Thursday proposed reduction in stamp duty on real estate deals to less than five per cent in order to prevent tax evasions.
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.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
This was informed recently by the government to a Parliamentary panel, examining the amendments to the Prevention of Money Laundering Act, officials said.
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 IT Department conducted searches at the residences of BCCI Vice President Lalit Modi
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
New-age tech tools and 'mystery shoppers' are helping the country's top bourse stay ahead of the curve against dabba trading platforms and entities dolling out unsolicited investment tips. In the past one month, the National Stock Exchange (NSE) has issued close to two dozen warnings and advisories against such activities. "We saw a rise of dabba trading or illegal trading platforms after the pandemic.
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.
I-T teams have scanned documents and payment details related to TDS.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
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.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
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