"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
Sanjay Bhandari, an accused arms dealer wanted in India on money laundering and tax evasion charges, is pursuing a separate legal battle of his own in France over an alleged unpaid cut from a large Indian defence contract dating back over 10 years, according to a UK media report.
The White House said it would push US states to create registers of the true ownership of American companies.
Hours earlier, a Spanish court issued a preliminary ruling in favor of the 75-year-old tycoon's extradition to the United States to face tax-related criminal charges.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unearth tax evasion and flow of blackmoney.
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion). The government made it compulsory for companies to file their returns online from 2006.
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
The disclosure comes hours after Cameron admitted that he could have handled the tax row arising out of the Panama Papers leak "better", saying he will imminently publish details of his personal tax affairs.
According to I-T department sources, the need for increased scrutiny comes following the department's own report for last fiscal which mentions that 'educational institutions' among other 'various sectors' have indulged in huge 'tax evasions'. The I-T department exempts educational trusts and institutions enjoying 'tax benefits' from the Act.
On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements with other countries to bring Article on Exchange of Information at par with international standards.
It was not immediately known if the residential premises of the industrialist were also being searched by the sleuths.
Are the political parties in India fooling us on the issue of illicit wealth parked abroad by winking at the obvious.
The EOW conducted searches at the house of PC Singh, the bishop of the Church of North India Jabalpur Diocese, on Thursday morning following registration of a case of cheating against him.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
The Income Tax department is mulling to arm its soon-to-be-appointed 'special agents' who will be tasked to crack high-profile tax evasion and money laundering cases in the country.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
He says current arrangement is working fine.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
The Enforcement Directorate on Wednesday carried out searches at the Pune residence as also the office of Sunil Shinde, the chartered accountant of businessman Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
The government has initiated an inquiry into US-based Kraft Food Inc's takeover of Cadbury India for alleged tax evasion and flouting of buyout norms.
More than half the transactions under four of eight categories tracked under a scheme to reduce tax evasion lack a "valid" identification number issued by the Income-tax (I-T) Department.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
Under attack from Bharatiya Janata Party, former Union Minister Virbhadra Singh on Tuesday brushed aside allegations of income tax evasion, money-laundering and forgery as "false and fabricated" and threatened action against those behind the "malicious" campaign ahead of Himachal assembly polls.
As many as nine crore people would be out from the state of abject poverty in next 5 years if India could stop inequality from rising and levy a nominal tax on the super riches to narrow the rich and poor divide, a report said.
Last month, the DRI had claimed to have busted over Rs 1,000 crore hawala racket in Punjab.
The former Karnataka minister said the ED has asked him to appear before it in Delhi on Friday by 1 pm and he was considering all legal options.
The provision, made in Budget 2009-10, is applicable from today and is aimed at plugging the loopholes leading to tax evasion and compelling more and more people to obtain PAN.
Hassan Ali Khan is a Pune-based stud farm owner, but says that he is a scrap dealer with an annual income of Rs 30 lakh (Rs 3 million).
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